Showing 1 - 10 of 30 results

Sort By
  • Relevance
  • Newest
  • Oldest

Perspective

Hedging on Hedge Funds

Cliff Asness discusses how the current criticism toward hedge fund performance is often off-point, though reiterates his earlier argument that most hedge funds are too correlated with equity markets and too expensive.

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

Hedging on Hedge Funds (postscript on correlations, beta, and “alpha”)

After Cliff's last piece on hedge funds, there were a lot of questions about “beta” versus “correlation” with the market and, more generally, about “alpha.” He demonstrates why correlation and beta are not the same.

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: The (Somewhat Tepid) Defense

Some pension plans’ recently deciding to eliminate their hedge fund programs led us to review some of AQR’s long-standing comments on the industry—that they should be more fully hedged, more transparent, and delivered at a lower fee.

Perspective

Response to Miles Johnson

Cliff disagrees with the ways certain members of the press have established their annual lists of the top hedge fund earners. In his view, the math was simply bad and intentionally misleading.

Perspective

Hotel California: You Can Never Leave, Until You Are Asked To

For quite some time, we’ve been arguing that hedge funds are too correlated with equity markets. Given CalPERS’ recent decision to liquidate its hedge fund portfolio, we thought it a good time to review our thoughts on the hedge fund industry.

Perspective

The Hedgie in Winter

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.

Trade Publication

Alpha Transfer in a Hedge Fund World

In theory, portable alpha is a good idea.

Journal Article

An Alternative Future: Part I

Depending on whom you ask, hedge funds are either the wave of the future or a dangerous fad that has been grossly overcapitalized, and all will end in ruin.