E. Chirkova, National Research University Higher School of Economics, 9/11, Myasnitskaya Str., Moscow, 101000, Russian Federation (firstname.lastname@example.org)
The paper offers a new explanation of the Warren Buffett’s phenomenon. This explanation is complimentary to the suggestion expressed by the adopters of the value investing approach who derive Buffett’s success from a winning investment strategy, and it rejects the idea of a pure luck, which the advocates of the efficient market hypothesis insist upon.
Warren Baffett, investment, value investing, efficient market hypothesis, excess market returns
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