August 8th, 2020 
based on the “Buffetts Alpha” article.
Here are the specific questions:
1 Working from the introduction of the paper, compose a 2 paragraph summary of the papers main points and interpretations as to the nature and sources of Buffetts success. Wherever possible, be specific about the evidence that supports the points.
2 Describe the key takeaways from Table 1, supported by specific references to numbers. Especially focus on the information ratio evidence, and be sure to demonstrate that you understand what information ratio is all about.
3 Explain Table 2 in some detail. Be sure to discuss performance overall, style portfolio, long-only style portfolio, and also Berskire, private, and public holdings. What is the big picture message and what do your specific discussions of these items add to the big picture?
4 Explain how the authors assess/measure Buffetts use of leverage, how they assess his cost of leverage in Table 3, and what the numbers tell us.
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