Buffett alpha analysis

Question #1

    Annual alpha from a 1-factor market model; Annual alpha from a Fama-French 3-factor model with SMB and HML; Annual alpha from a 5-factor model consisting of the FF 3-factor model augmented with BAB and QMJ.
    What do all these alphas mean?
    How about factor loadings? You have heard Warren Buffett is a value investor. Do you see that in the factor loadings? If he invests in value stocks, which factor should load high? Conversely, because is a value investor, he is probably avoiding some group of stocks. What factor loadings suggest that?
    etc.

Question #2

    Here, all you are doing is trying to understand if his performance changed over time. Do you see him doing better or worse over time? How about his factor loadings or betas? Did they change in a systematic way? That is, is he buying more and more value stocks or is he shying away from value stocks and buying stocks with other characteristics such as small stocks or low volatility stocks?
    etc.

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