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Excerpt from The Economist -- "Berkshire Hathaway has beaten the market over the long run by investing in relatively low-risk stocks the market was underpricing, according to 'Buffett’s Alpha', a study by three economists, Andrea Frazzini, David Kabiller and Lasse Pedersen. The study found that when it comes to outperforming the market on a sustained basis (see chart), Berkshire Hathaway is arguably without equal."

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