Cliff Asness: Value Stocks Still Look Like a Bargain

<p>Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the <i>Journal of Portfolio Management, Financial Analyst Journal,</i> the <i>Journal of Finance</i>, and the <i>Journal of Financial Economics.</i> This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.</p><p><strong>Background</strong></p><p><a href="https://www.aqr.com/About-Us/OurFirm/Cliff-Asness-Bio" target="_blank">Bio</a></p><p><a href="https://twitter.com/CliffordAsness?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank">@CliffordAsness</a></p><p><strong>Return Environment </strong></p><p><a href="https://www.aqr.com/About-Us/OurFirm/Antti-Ilmanen" target="_blank">Antti Ilmanen</a></p><p><a href="https://www.amazon.com/Investing-Amid-Low-Expected-Returns/dp/1119860199/ref=sr_1_1?crid=1KH3E37RFD367&keywords=antti+ilmanen&qid=1654018373&s=books&sprefix=Antti+Ilmanen%2Cstripbooks%2C92&sr=1-1" target="_blank"><i>Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least</i></a>, by Antti Ilmanen</p><p>“<a href="https://www.aqr.com/Insights