Cliff Asness
Co-founder of AQR Capital Management; quantitative investor and writer.
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What they believe
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The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.
I argue that over the past 30+ years markets have become less informationally efficient in the relative pricing of common stocks, particularly over medium horizons.
aqr.comSaid 3 Sept 2024This on korrents
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Beliefs
Korrents What they believe 2 beliefs — each backed by an exact quote.
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Recent
The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.
I argue that over the past 30+ years markets have become less informationally efficient in the relative pricing of common stocks, particularly over medium horizons.
The Less-Efficient Market Hypothesis Said 3 Sept 2024
Technology has made markets less efficient at long horizons rather than more efficient.
Above I dismissed the notion that technological advances should make the market more efficient in all but the short-term sense. Here, I argue it likely goes the other way at longer horizons. And, IMHO, this is the best of my three hypotheses.
The Less-Efficient Market Hypothesis Said 3 Sept 2024
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Where they publish
Blog Cliff's Perspectives Their own column on the site of the firm they co-founded. Long pieces, a few a year.
Argumentative essays on market efficiency, factor investing and fees, published under their own name on AQR's site. Where the academic papers get restated in plain language and defended. This site already quotes one of them, The Less Efficient Market Hypothesis.
Link verified 1 Sept 2026.
x.com @CliffordAsness Posts constantly about markets, fees and whatever argument is live.
The high-volume channel: markets, factor investing, fees, and long arguments with other practitioners. Positions usually appear here well before they appear in a Perspectives piece.
Recent
- Anyone else still awaken in a cold sweat some nights thinking this time they’ll call a foul on O.G. Anunoby blocking Fox or backcourt on Jose Alvarado? 14 Oct 2026
- Well now that you’ve brought it up I’m talking about the rest of the mideast’s rejection of the partition in 1948 and subsequent attempt to drive the Jews, who accepted the first TWO STATE SOLUTION (which would leave them with a tiny state), into the sea, and then many years of lying bitches like you trying to turn the victims into the perpetrators just because they were way better and won against five arab armies. And then instead of assimilating into Arab countries, as the Jews driven out of ALL of the mideast by pogroms did into Israel, you and yours chose to keep them in squalor (creating… 14 Oct 2026
- I’m quite proud of declaring this POS a terrible human being way before he became an open lying pseudo-science Nazi. 13 Oct 2026
Show 17 more
- I’ll never understand people who think you can start an unprovoked war by committing a massive atrocity, then hide under your own people retaining hostages from that atrocity, and then blame others when your own people are hurt. But sure, make a caricature of other arguments that you can actually think you defeat. 13 Oct 2026
- There are a legion of posters now putting out AI quant trading models. Most are crap. Here’s a quote from this post: “Betting Against Beta, a classic from every textbook: minus 7.78% a year while the market rose 14.86%. A corpse.” Of course I can’t find how it’s constructed or what period he’s referring to (or what paper he claims to base this design on). Welp… There is no period starting from today and looking back any decent amount of time that has BAB significantly down (available on our website). It’s been flattish in the USA for a bit but still good global ex USA. Its long-term record is… 13 Oct 2026
- If this includes social security, then, uh, what’s your point? And I thought that wasn’t “spending” but just giving the people back what they paid into the system? Was I lied to? 13 Oct 2026
- One, two, three, four, I declare a a truce in an energy war. 11 Oct 2026
- Actually it means “celery” because I personally hate celery. 9 Oct 2026
- @grok really groks me. 9 Oct 2026
- Some criticism of Israel that I mostly agree with. The exception that proves the rule as the rest of the lying (e.g., today https://t.co/I8bVCwngBz) is evil and legion. 9 Oct 2026
- Yep. And this is why some shorting allowed is extremely helpful. 9 Oct 2026
- The Nobel committee is another joke of a formerly great now broken beyond repair institution. 9 Oct 2026
- I love when I find I’m just echoing Thomas Sowell. 8 Oct 2026
- Your vote still only matters in an otherwise perfect tie, which is more probable in a purple state, but still exceptionally trivially so. Sorry to be the pedant here :) We vote out of shared civic duty, but statistically our individual vote (almost) never matters. Btw, this also means that people who stay home because they are in a red or blue state are also missing the point! But I’m sure the commercials are torture… 4 Oct 2026
- You know, you got moxie kid, I’ll give you that. Not one thing else however. 3 Oct 2026
- Remember back in 2009 when the radical republicans were the ones calling for much smaller government? Yeah, me neither. But I think they were called fascists for that too. 8 Sept 2026
- Fantastic and important editorial in The Dispatch 8 Sept 2026
- Here’s the environmental scientist playbook: 1) Identify joy 2) Target joy 3) Eliminate joy 8 Sept 2026
- Can you design a portfolio that is behind January through September but in the fourth quarter kicks the hell out of everyone? 6 Sept 2026
- The Jewish population on Earth is still below pre-holocaust levels. The Palestinians? Yes the people who repeatedly (back to 1948) rejected generous two state solutions in favor of violence and insistence on a one state solution from the river to the sea are the true victims here. You know, I still think it was the 6 mm industrially murdered Jews. 5 Sept 2026
Link verified 1 Sept 2026. Recent items update automatically from the channel.
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