Featured Insights
Nathan Sosner, AQR Principal and guest co-editor of a recent special issue of The Journal of Wealth Management, identifies ten principles for managing concentrated positions. One point is especially clear: concentrated wealth is not simply a problem to solve, but an asset to manage thoughtfully over time.
As tax-aware long-short investing gains attention, we welcome thoughtful conversations that can help investors distinguish credible strategies from weaker approaches. We believe these strategies should be grounded in time-tested investment models, prioritize expected pre-tax profits, and balance tax efficiency with economic substance.
AQR Principal Nathan Sosner was guest co-editor for a special issue of The Journal of Wealth Management on managing concentrated wealth. Drawing on behavioral finance, investment analysis, wealth planning, and practitioner experience, the issue offers practical perspectives on navigating the transition from wealth creation to wealth preservation.
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As quantitative investors, we believe that a systematic and disciplined approach is the best way to achieve long-term value. Explore our broad range of innovative, diversifying strategies.
Cliff's Perspectives
April 8, 2026
As the correlation between stocks and bonds has turned positive, many investors have questioned whether bonds still provide meaningful diversification and have looked to alternative "replacements." This perspective argues that most popular substitutes add more equity risk, not less, and shows that true diversification still requires strategies with genuinely low or negative equity beta—not simply abandoning bonds.
Investors should conduct their own analysis and consult with professional advisors prior to making any investment decisions. Diversification does not eliminate the risk of experiencing investment loss. Past performance is not a guarantee of future results. Investment process is subject to change.
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