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Perspective
A Fanatic is One Who Can't Change his Mind and Won't Change the Subject¹
July 16, 2017
Ciff Asness critiques Rob Arnott’s strong viewpoints that rising valuations are responsible for the past performance of many factors and that their current valuation levels point to their impending doom.
Perspective
A Comment on Cochrane's Recent Blog Post
November 25, 2014
Even the guys we admire pick on momentum! Here are some of Cliff's quick thoughts to John Cochrane's post on the topic, included in the comments section of his blog.
Perspective
High-Frequency Derangement Syndrome
February 8, 2018
Commentators are still blaming the wrong strategies for the recent market rout.
Perspective
Fixed Income Fantasies
December 8, 2017
Active fixed income managers have had a really good run in recent decades, but is this success due to skill? We found that there is less alpha than people think due to long-term overweight to credit. But there is hope, and we explain why.
Perspective
My Factor Philippic
June 22, 2016
Cliff critiques Arnott, et. al. (2016) and emprically shows why one should be wary of agressive factor timing. Instead, investors should identify factors they believe in, and stay diversified across them, unless valuations get far more extreme
Perspective
Introducing “Words From the Wise” Interview Series
March 19, 2015
AQR's “Words From the Wise” interview series shares research and insights from industry leaders, giving us all the opportunity to become better investors.
Perspective
From Momentum to Marvel, a Conversation With Tyler Cowen
November 19, 2015
Cliff sat down for an interview with economist Tyler Cowen, a professor at George Mason University. Read a transcript that covers a lot of the fundmantals that Cliff believes in, like value and momentum.
Perspective
How Much Are You In For?
February 9, 2017
A recent post reminds us that what the average investor in a fund gets is different from the return of that fund, especially if they get in and out awith poor timing. That’s true and important, but there’s more to it than that.
Perspective
The Hedgie in Winter
May 31, 2018
Cliff explains once again why hedge fund returns shouldn’t be compared to 100% long equities, how to do a more proper comparison, and then shares results.
Perspective
Once More, Without Feeling
December 19, 2018
Cliff discusses why many of the breathless articles and TV headlines we’ve seen lately about the overall U.S. stock market are just not that interesting.