FIG trader_

Why Volatility and Beta Matter

You seem to be looking for data to fit the theory. Price data used to calculate beta (Bloomberg data for example) goes back only five years. Turnover of average portfolio is probably somewhere between 3 and 5, probably materially lower for high beta tech and growth portfolios. Buffett's holding periods is minimum decade, in most cases substantially more (major holdings AXP, KO, WFC,). I can't imagine what assumptions you use to get his portfolio to fit your model. It makes no sense. Sure volatility and beta matter..............., especially for young turks and masters of Universe types, 2 and 20 crowd who play that game for that bonus every quarter, and sell it to the even more ignorant pension funds. But as history and WEB proves (and you don't); long term consistent returns (on capital and equity) will produce better results. The voting and weighing machine analogy is most appropriate here