What Cliff Asness thinks about market efficiency
Co-founder of AQR Capital Management; quantitative investor and writer.
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2 dated positions, 2024, in their own words. Our reading of what Cliff Asness has said — not written or endorsed by them.
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Their wordsI argue that over the past 30+ years markets have become less informationally efficient in the relative pricing of common stocks, particularly over medium horizons.
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Their wordsAbove 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.