Cliff Asness: Unless Human Nature Has Changed We Will Continue With Our Strategy

Johnny HopkinsCliff AsnessLeave a Comment

In this interview on Bloomberg, Cliff Asness was asked if he will continue to follow his investing strategy which has underperformed recently. Here’s an excerpt from the interview:

Asness: We try very hard to approach that question with a very open mind. My mother-in-law’s fond of saying – you want to have an open mind, but not so open that your brains fall out. Which I kinda like! She’s from Nebraska, they say really cool things like that.

Every once in a while someone will be like, you guys just blindly believe in this. I’m like, I’ve spent the last… certainly two years trying to explore every hypothesis. It’s very hard to explore a generality in a general sense. Is the world different so this doesn’t work any more?

That’s not in deep speak a testable hypothesis but we can go through them, but they’re all kind of specific hypotheses… If at the end of the day we look though them really hard with that open mind, and don’t find anything, yes we do fall back on saying, what’s worked for us live for twenty six years, back to Goldman Sachs for hundreds of years, in the most extreme back tests.

We don’t think human nature has changed to that degree. Unless we find the evidence, which we have failed to find.

You can watch the entire interview here:

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