Cliff Asness on Bubbles, Private Equity and His Research Greatest Hits

Excess Returns · May 23, 2026 · 1h 18m

Cliff Asness returns to Excess Returns for a greatest hits tour through some of his most important and entertaining investing ideas.

We discuss bubble logic, today’s AI market comparisons, why volatility still matters as a risk measure, private equity “volatility laundering,” international diversification, market timing myths, pulling the goalie, and how machine learning is changing quantitative investing.

Cliff Asness on X

https://x.com/CliffordAsness

AQR Capital Management

https://www.aqr.com/

Papers Discussed

Bubble Logic: Or, How to Learn to Stop Worrying and Love the Bull…