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Warren Buffett on Retirement Strategies

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Michael, thought you might enjoy a good laugh from this article ( I know you’ve talked about Warren Buffet before, but there were some real gems included in this one so I felt compelled to share.

Enjoy, and keep up the good work!


Thanks. Worth comparing that to this.

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One comment on “Warren Buffett on Retirement Strategies
  1. Steve says:

    Thanks for posting that pdf, Michael.

    Digging into it, author Frazzini’s home page is quite the nexus of information on systematic equities.

    In particular the QMJ, Quality Minus Junk, systematic stock picker magic from the referenced Asnes etal. paper may also be interesting to quants reading this blog.

    “quality measures are constructed as follows… We
    measure profitability by gross profits over assets (GPOA), return on equity (ROE), return on
    assets (ROA), cash flow over assets (CFOA), gross margin (GMAR), and the fraction of
    earnings composed of cash (i.e. low accruals, ACC). In order to put each measure on equal
    footing and combine them, each month we convert each variable into ranks and standardize
    to obtain a z-score”

    It would be interesting to learn if David Harding’s terse public remarks about his company’s work on a Ben Graham systematic allocation follow these variables or completely different ones. For one thing, the paper here doesn’t contain, for example, an unexplained Ben Graham-like commandment of thou shalt have 25% in bonds.

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