Bigger Extremes, Better Returns | Cliff Asness on the "Less Efficient Market Hypothesis"
In this episode of Excess Returns, we sit down with AQR founder Cliff Asness for a fascinating discussion about market efficiency, behavioral finance, and the future of quantitative investing. In this wide-ranging conversation, we explore Cliff's recent paper "The Less Efficient Market Hypothesis" and discuss why markets might actually be becoming less efficient over time, despite advances in technology – a counterintuitive but compelling argument. We dig into how social media and constant connectivity might be making markets more prone to extremes, the real impact of passive investing, and…
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