This is The Reason Interview with Nick Gillespie.

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My guest today is Cliff Asness, the billionaire founder of AQR Capital, pioneer in quantitative

finance, University of Chicago PhD, and self-described part-time Republican and full-time

libertarian.

Cliff talks bluntly about why Donald Trump is spectacularly wrong on tariffs

and trade, his concerns about the authoritarian tendencies of the president and his supporters,

and how capitalism may actually be getting less efficient due to social media.

We also discuss how Cliff came to his libertarian beliefs, where right-wing populism overlaps with its left-wing version,

and why he thinks free mines and free markets will win eventually, but only after a very long slot.

This conversation was recorded live at an event in New York City. Here is the reason interview with Cliff Asness.

Cliff Asness, as many of you know, is the principal at AQR Capital Management, which has $128 billion in assets under management, which would make

it about the 60th richest country on the planet.

You're doing better than Kenya.

No one's going to feel bad for me, but I don't get to keep all that.

You know that, right?

All right.

Yeah.

Well, what I want to start to start with actually is that in 2018

you had 226 billion dollars under management you're gonna lead with that so yeah well

...