Hi Brett, thanks for your perspective. I think the question if Warren Buffett generated alpha depends on the definition. We took the academic definition of alpha, which mans unexplained returns, but we can explain his outperformance via exposure to certain factors like Value and Low Volatility.

However, we would naturally agree that he is highly skilled in portfolio construction. The folks at AQR call that craftmanship alpha, which probably a good way of describing Warren Buffet's skill and alternative alpha definition.