Warren Buffett has had extraordinary success as an investor, but there is no agreement as to why. Some academic researchers attribute his performance to mere luck. Frazzini et al. (Financ Anal J 74(4):35–55, 2018), concluded that his alpha is due to leveraging safe, high-quality, and cheap stocks. However, there has been no analysis to date of Buffett’s performance from a behavioral perspective. We argue that Buffett’s success is partly due to qualitative and psychological factors, including tenacity, patience, avoidance of overconfidence, organizational culture, and the reputation effect. Using information from shareholder letters, writings, interviews, and speeches by Buffett and his colleague Charlie Munger, we demonstrate how such psychological factors, together with the quantitative findings of Frazzini et al., render a more complete and satisfying explanation of Buffett’s alpha.

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巴菲特的阿尔法：从行为价值投资的角度进一步解释

沃伦巴菲特作为投资者取得了非凡的成功，但对于原因尚无定论。一些学术研究人员将他的表现归因于运气。弗拉齐尼等人。(Financ Anal J 74(4):35–55, 2018)，得出结论认为他的阿尔法是由于利用了安全、优质和廉价的股票。然而，迄今为止，还没有从行为角度分析巴菲特的表现。我们认为巴菲特的成功部分归因于定性和心理因素，包括坚韧、耐心、避免过度自信、组织文化和声誉效应。利用巴菲特及其同事查理芒格的股东信函、著作、采访和演讲中的信息，我们展示了这些心理因素以及弗拉齐尼等人的定量研究结果如何，