By
Borsgade
In this Bloomberg interviews, AQR co-founder Cliff Asness discuss the unpredictability of financial markets since 2002. He highlighted how extreme events, like the tech bubble and COVID-19, challenge assumptions. Asness emphasize how investors need to understand not only investment pain, but also the severity and duration.
He criticize the “illusion of control” from internet and social media information overload, suggesting true efficiency remains elusive despite faster access. Asness note AQR’s strong performance partly reflects market fluctuations and adjustments to adapt to the changing landscape.
If you ever have the misfortune to have an investment that ever goes down for any amount of time. You will learn something that they don’t teach you in a Ph.D. program. Severity is bad, but duration is underrated when it comes to pain. Three years of pain, even if it’s cumulatively not worse than a year and a half of pain is a ton worse.
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