Category Archive

During this interview with Bloomberg, Cliff Asness discusses the unpredictable nature of financial markets, reflecting on his experiences since 2002. He highlights how extreme events, like the tech bubble and COVID-19, challenge assumptions. Asness emphasizes the importance of understanding both severity and duration in investment pain, noting that prolonged downturns … Read More

During his recent interview with Capital Allocators, Cliff Asness discusses his struggle with emotional responses to market fluctuations despite his long-term investment philosophy. He highlights the natural cyclical growth and shrinkage of asset management firms and stresses the importance of steadfastness and openness in strategy reassessment during tough times, acknowledging … Read More

In this interview with the Finserve Podcast, Cliff Asness reflects on the challenges of investment strategies. Initially, he believed the hard part was creating a profitable, diversified process. Back tests seemed promising but weren’t always reliable. Despite adjustments, real-life results were often less impressive. Over 30 years, they’ve used half … Read More

In this interview with Meb Faber, Cliff Asness argues that the market has become less efficient despite advancements in technology and information access. He believes the abundance of information can lead to overconfidence and create situations like the meme stock craze. He proposes that the ease of communication can turn … Read More

During his recent interview with TD, Cliff Asness discusses a concept he’s developed: the magnitude of the difference between high and low multiple stocks. He believes that the greater the difference, the better the opportunity for value investing. He points out that this difference reached a historic high in October/November … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More

During this interview with Bloomberg, Cliff Asness discusses the mistake that investors make of overanalysing individual components within a portfolio, rather than focusing on the overall performance. Ultimately, the goal is to build a cohesive portfolio, not simply fill individual slots. Here’s an excerpt from the interview: Asness: I’ve made … Read More

During this interview with Masters in Business, Cliff Asness discusses the role of luck in investing. His fortunate position of being involved in both the traditional long-only and long/short investment worlds. He also highlights the tax efficiency gained by separating an active stock portfolio into an index fund and a … Read More

In this interview with Carson Group, Cliff Asness Cliff Asness explains why he’s annoyed by the overuse of the word “bubble” in finance. He defines a bubble as a situation where no reasonable future outcome can justify current prices. Here’s an excerpt from the interview: Asness: I wrote a whole … Read More

During his recent interview with David Rubenstein, Cliff Asness discusses why doesn’t anyone call Warren Buffett a quant. Here’s an excerpt from the interview: Asness: Yeah, it’s related, but it is not the same. And this has caused no end of confusion. What quants call value? And I say quants. … Read More

During his recent interview with Bloomberg Wealth, Cliff Asness explained why equities are a scary place for investors. Here’s an excerpt from the interview: Asness: OK, first I got to give you the disclaimer. I am the quant geek long and short, so I don’t pretend to be a great … Read More

In his latest article titled International Diversification—Still Not Crazy after All These Years, Cliff Asness explains why investors should consider international diversification. Here’s an excerpt from the article: International diversification has hurt US-based investors for over 30 years, but the long-run case for it remains relevant. Both financial theory and … Read More

During his recent interview with Barry Ritholz, Cliff Asness discussed his ‘two newspaper’ investing strategy. Here’s an excerpt from the interview: Asness: About half our assets are really traditional, we’re money managers beat.. you know plenty of things don’t let a short, or lever, or any of those hedge fund … Read More

During his recent interview with Bloomberg, Cliff Asness discussed the one lesson investors need to learn multiple times. Here’s an excerpt from the interview: Asness: We started our firm about an hour and a half before the 1999-2000 tech bubble. If your viewers can’t tell I’m pretty old. I know … Read More

During his recent interview with Money Talks, Cliff Asness explained how to harness the power of diversification. Here’s an excerpt from the interview: Asness: There are a few things. I probably first leapt into this by responding to a Journal of Portfolio Management article back in the early ninety’s, and … Read More

In this interview with Infinite Loops, Cliff Asness explains why if you think you’re right about an investment, you should hold on for dear life (HODL). Here’s an excerpt from the interview: Asness: It does not make all sock companies attractive at any valuation in any financial condition. I don’t … Read More

In his recent interview with Talks At GS, Cliff Asness explains why if great investing was easy, everyone would do it, and the premium would go away. Here’s an excerpt from the interview: Asness: So there is a right side. It makes for an excruciating life because you have to … Read More

In his recent article titled – Is Value Just an Interest Rate Bet?, Cliff Asness discusses whether value investing really is an interest rate bet. Here’s an excerpt from the article: Frankly, the assumption of so many pundits who state, when value versus growth has been trading correlated to interest … Read More

In his recent interview with CNBC, Cliff Asness discussed some common misconceptions about buybacks. Here’s an excerpt from the interview: Host: President Biden recently saying Exxon makes more money than God, and has criticized Exxon for buying back stock instead of investing in drilling to help Americans. I asked Asness … Read More

In his latest article titled – Value Investing Is Not All About Tech, Cliff Asness explains why his value bet is not tech vs the world. Here’s an excerpt from the article: In other words, there are many different kinds of strategies and bets that are often labeled “value.” Tech … Read More