Cliff Asness: Timely & Timeless Investment Wisdom | #527

Today’s guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management. 

In today’s episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment process. 

(1:20) - Welcome to our guest, Cliff Asness

(1:45) - Cliff’s article in the Financial Times

(2:30) - Parsing Cliff’s real quotes from fake ones

(8:56) - Thoughts on bonds as a diversifier

(13:37) - Moving away from market-cap weighting

(19:27) - Managing client expectations

(29:30) - AQR Data Sets

(29:56) - Alternative trend-following

(43:48) - Position resizing for alternative strategies

(48:06) - AQR implementing AI in their investment process

(51:46) - Cliff’s most controversial opinion

(57:39) - Cliff’s most memorable investment

Learn more about Cliff: AQR; Twitter

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Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. 

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