Berkshire Hathaway CEO Warren Buffett

Berkshire Hathaway CEO Warren Buffett

Jeff Kowalsky/Bloomberg

The study said Warren Buffett, chief executive officer of Berkshire Hathaway Inc., is willing to take on borrowing to finance investment, then picks stocks that have low volatility, are cheap -- with low price-to-book ratios -- and are high quality, meaning they are profitable and have high payouts.