By
Borsgade
In a recent interview, Cliff Asness delves into the complexities and prospects of rational investing, especially during times of significant market inefficiency. He contends that historical changes in valuation are unreliable predictors of future trends, as they represent shifts rather than core fundamentals. Although rational investment strategies can be rewarding, they necessitate enduring challenging periods marked by extreme inefficiencies.
Asness points out that markets are now less efficient than in the past, yet not completely inefficient, offering potentially greater rewards for investors who remain disciplined. He emphasizes a trade-off: while rational investing can lead to higher long-term returns, it also demands resilience through extended and severe market fluctuations. Success hinges on effectively navigating these challenges.
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