Financial Analysts Journal Interview Recorded 14 Nov 2019
Buffett's Alpha: An Interview with Andrea Frazzini
Overview
In November 2019, Heidi Raubenheimer, CFA, Managing Editor of the Financial Analysts Journal, interviewed Andrea Frazzini, one of the authors of “Buffett’s Alpha," which won the Graham and Dodd Award for best article in 2018. Warren Buffett’s Berkshire Hathaway has realized a Sharpe ratio of 0.79, and the authors show that Buffett’s returns appear to be neither luck nor magic but rather a reward for leveraging cheap, safe, high-quality stocks.
About the Speaker(s)
Andrea Frazzini is a principal at AQR Capital Management, where he is the co-head of the Global Stock Selection team. He is also an adjunct professor of finance at the NYU Stern School of Business. Professor Frazzini’s research has been published in top academic journals, and he has won several awards for his research, including the Smith Breeden Award, the Fama-DFA Prize, the Barclays Global Investors Michael Brennan Award, several Bernstein Fabozzi/Jacobs Levy Awards, and the PanAgora Crowell Memorial Prize. Previously, he served as an associate professor of finance at the University of Chicago Booth School of Business and a research associate at the National Bureau of Economic Research. Professor Frazzini also served as a consultant for DKR Capital Partners and J.P. Morgan Securities and was on the board of directors of the Center for Research in Security Prices at the University of Chicago. He earned a BS in economics from Roma Tre University, an MS in economics from the London School of Economics, and a PhD in economics from Yale University.
Heidi Raubenheimer, CFA, is the managing editor of the Financial Analysts Journal and head of Journal Publications for CFA Institute. Heidi has been a member of academic faculty of both Stellenbosch University and the University of Cape Town in South Africa. She has been active in financial services in South Africa for most of her professional life and has been a CFA charterholder since 2003.