lol these studies always assume perfect market, which never exist in real world.
there is no rule in human emotion & greed, there is no rule in politic, there is no rule in corruption, manipulation, insider tradings etc.
look at how SEC operate, they never go after the naked shorters from institutes. they always go after the powerless retails.
look at LTCM, full of phds and nobel price winners yet they went bankrupt.
throw these studies away. they are more like propaganda to brainwash the herd.
the perma-bullish market since 70s has already ended in 90s for japan and 2000 for US.
look japan index, 0 gain for 28 years.
look at s&p500, no gain for 12 years.
buy and hold is dead.
bottom line, buffett's formula only works in 70s-2000.