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Perspective
Yes, Lever, but With Care
February 13, 2015
Conventional wisdom holds that sensible investors avoid leverage. Cliff Asness argues that, if prudently employed, portfolio leverage can be beneficial in modest doses, with proper concern for its dangers.
Perspective
Turning Over Accepted Wisdom with Turnover
October 12, 2016
Cliff discusses a paper by AQR's Lasse Pedersen that challenges Bill Sharpe’s long-held thinking about active management, and re-opens a case that many previously thought was closed.
Perspective
You Can Have Your Momentum Factor and Eat it Too
December 5, 2017
Many investors are quick to dismiss momentum as too costly to implement because of its high turnover. After studying 7 years’ worth of live, real-world data across markets, we debunk that myth.
Perspective
Little Things Mean a Lot
September 15, 2017
Cliff discusses the fees of factor investing, as well as many of the smaller decisions that each can matter some, and collectively can matter a lot
Perspective
Risk Parity: Why We Lever
September 24, 2014
The role of leverage in risk parity is often misunderstood. For risk parity investors, there may be benefits to using modest leverage—it helps them build a more diversified, more balanced, and potentially higher-return-for-the-risk-taken portfolio.
Perspective
Risk Parity: The Dog That Did Not Bite
September 21, 2015
Commentators are blaming risk parity as a driving force behind August's equity market volatility. We think this is short-term silliness, and explain why we believe risk parity isn't the cause.
Perspective
Please Stop Talking About the VIX So Much
July 30, 2017
It has become quite commonplace to note that the VIX (the CBOE Volatility Index) is currently very low and to worry about it. But Cliff tends to think there's less to worry about than most.
Perspective
Cliff's Perspective
September 10, 2014
AQR has launched Cliff’s Perspective—a running commentary written by Managing and Founding Principal Cliff Asness that will provide insight on investment topics and possibly spearhead further research.
Perspective
Caveat Investor?
January 16, 2017
We delve into the ins and outs of the Department of Labor’s Fiduciary Rule which extends a fiduciary duty to a broad set of investment advisors who provide recommendations to certain retirement plans.
Perspective
Risk Parity Is Even Better Than We Thought
June 1, 2015
It’s not all or nothing when it comes to risk parity. Investors typically think they should be all 60/40 or all risk parity, but we think there's merit in adding risk parity to an existing 60/40 portfolio.