"TAP não sobrevive se se mantiver pública", garante Pinto Luz

[Supermann]

Existe até um serviço que nos livra do trabalho de ir aos forms da SEC dos melhores fundos e hedge funds, de maneira a vermos quais as "melhores ideias" dos top hedge funds e dai tiramos por exemplo as 10 acçoes mais detidas, assim como outro tipo de investidores como o Buffett por exemplo.

Dá para inclusive fazer backtesting, de seguir esses mesmo portfolios, mesmo com delays de 30-40 dias que acontecem no discolsure dos forms, no entanto para investidores de longo prazo, como os Tigers, o Seth Klarman, Buffett entre outros, esse delay parece nºão ter qualquer efeito.

www.alphaclone.com

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[LTCM]

We analyze Berkshire Hathaway's equity portfolio over the 1976 to 2006 period and explore potential explanations for its superior performance. Contrary to popular belief, we find Berkshire Hathaway invests primarily in large-cap growth rather than "value" stocks.

Over the period the portfolio beat the benchmarks in 27 out of 31 years, on average exceeding the S&P 500 Index by 11.14%, the value-weighted index of all stocks by 10.92%, and a Fama and French characteristic-based portfolio by 8.56% per year. Although beating the market in all but four years can statistically happen due to chance, incorporating the magnitude by which the portfolio beats the market makes a luck explanation extremely unlikely even after taking into account ex-post selection bias.

We find that Berkshire Hathaway's portfolio is concentrated in relatively few stocks with the top five holdings averaging 73% of the portfolio value. While increased volatility is normally associated with higher concentration we show the volatility of the portfolio is driven by large positive returns and not downside risk.

The market appears to under-react to the news of a Berkshire Hathaway stock investment since a hypothetical portfolio that mimics the investments at the beginning of the following month after they are publicly disclosed also earns significantly positive abnormal returns of 10.75% over the S&P 500 Index.