In this podcast, Cliff Asness, the founder of AQR Capital Management, shares his insights on market efficiency, value investing, and how technology and indexing are reshaping market dynamics. He believes that markets have become less efficient in recent years, which presents both increased risks and opportunities for disciplined value investors. Asness points to several factors contributing to this inefficiency, such as the rise of indexing, extended periods of low interest rates, and the sometimes surprising effects of easily accessible information and technology. The conversation also explores the challenges value investors face in a fast-evolving tech landscape and the potential for misunderstandings regarding private market investment returns.
