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Perspective

Little Things Mean a Lot

Cliff discusses the fees of factor investing, as well as many of the smaller decisions that each can matter some, and collectively can matter a lot

Perspective

Betting Against Correlation

We take a deeper look into what drives the low-risk effect—the tendency for low-risk assets to perform better than they should, versus high-risk assets.

Perspective

You Can Have Your Momentum Factor and Eat it Too

Many investors are quick to dismiss momentum as too costly to implement because of its high turnover. After studying 7 years’ worth of live, real-world data across markets, we debunk that myth.

Perspective

Sin a Little

We apply value and momentum investing—which we believe to be the strongest empirical regularities in finance—to the age-old task of market timing, long been regarded by many as an investing sin. We find that investors may benefit from a modest amount of marketing timing.

Perspective

An Annual Article About Nothing

Cliff examines a popular front-page New York Times article covering the top hedge fund earners.

Perspective

Hedge Funds Search for Their Real Killers

After decades of being one of the very early hedge fund critics, Cliff Asness has recently (tepidly) defended hedge funds from overwrought attacks that wrongly compare them to a beta of 1.0 in a bull market.

Perspective

SNAFU: Situation Normal, All-FANGed Up

Cliff tackles a story making the rounds about stock market performance in 2015. Was it, in fact, very “narrow” and driven by the “FANG” stocks (Facebook, Amazon, Netflix and Google)?

Perspective

Going Deep on Contrarian Factor Timing

We studied all the interesting things that happen when some stocks, or other assets, get deeply cheap while others get deeply expensive, and learn more about value investing and how timing works when increasing breadth of comparisons.

Perspective

Yes, Lever, but With Care

Conventional wisdom holds that sensible investors avoid leverage. Cliff Asness argues that, if prudently employed, portfolio leverage can be beneficial in modest doses, with proper concern for its dangers.

Journal Article

Why Not 100% Equities

In a 1994 article “College and University Endowment Funds: Why Not 100% Equities?” Richard H.