You know, it saddens me to see people writing something like this:After employing sophisticated adjustments for risk, we find that Berkshire's high returns can not be explained by high risk. Quite aside from any theoretical argument (there are lots of elegantdisproofs of CAPM), it's just plain demonstrably false empirically:The paper being quoted provides a demonstration that CAPM is empirically false, in this case using Berkshire as the empirical demonstration. So I don't understand your sadness.Elan
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