3. Assume over the past seven years, Berkshire Hathaway stock (symbol: BRK-A) returned 13.02% with a beta of .95, while the total return of the S&P 500 index was 13.06% over the same period. Further assume the risk free rate ("RFR") averaged 1% during that period, but the Company was able to borrow at 2% below that rate. If Warren Buffett effectively levered the Berkshire Hathaway portfolio by an additional 60% is above the Company's own equity contribution, we can conclude which of the following statements: A. BRK-A lies on the capital market line ("CML") B. Buffett added alpha on an unlevered basis C. Buffett subtracted alpha on a levered basis D. NYU and AQR were correct about Buffett's investment "edge"