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Putting Parity Performance Into Perspective

Cliff discusses the blame placed on risk parity for having caused the market’s August sell-off. Critics made a silly choice to go all tin-foil-hat instead of just doing what people usually do—attack recent performance.


Introducing “Words From the Wise” Interview Series

AQR's “Words From the Wise” interview series shares research and insights from industry leaders, giving us all the opportunity to become better investors.


Please Stop Talking About the VIX So Much

It has become quite commonplace to note that the VIX (the CBOE Volatility Index) is currently very low and to worry about it. But Cliff tends to think there's less to worry about than most.


Wild but Not Crazy

Just how volatile was the recent market ride? Cliff Asness puts the volatility into perspective in terms of both its absolute and surprise levels.


Turning Over Accepted Wisdom with Turnover

Cliff discusses a paper by AQR's Lasse Pedersen that challenges Bill Sharpe’s long-held thinking about active management, and re-opens a case that many previously thought was closed.


Caveat Investor?

We delve into the ins and outs of the Department of Labor’s Fiduciary Rule which extends a fiduciary duty to a broad set of investment advisors who provide recommendations to certain retirement plans.


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.

Chief Investment Quarterly

You Can’t Hedge, but You Can Diversify

Investors may benefit from adding diversifiers to their portfolios, but diversifiers aren’t hedges. Hedges serve a different purpose…unless they’re from Texas.

Alternative Thinking

2015 Capital Market Assumptions for Major Asset Classes

We update our expected returns and review our framework for constructing estimates of long-term expected returns for major asset classes, among other things.


Face the Factors

Factors are the building blocks of investment returns. We explain what they are, how they work, and how you can use them in your portfolio.