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The Long View

Cliff Asness: Value Stocks Still Look Like a Bargain

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5775 Ratings

🗓️ 31 May 2022

⏱️ 57 minutes

🧾️ Download transcript

Summary

The AQR co-founder on how to deal with low expected returns, the case for alternatives, private equity and the “illiquidity discount,” and more.

Transcript

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0:00.0

At Jackson, we've created a digital retirement planning experience with you and mine.

0:05.5

Visit jackson.com to explore our easy-to-understand resources and user-friendly tools

0:10.1

that are designed to enable financial professionals and clients to plan a path to financial freedom.

0:15.5

Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,

0:20.5

and Jackson National Life Insurance Company of New York, purchase New York.

0:26.6

Please stay tuned for important disclosure information at the conclusion of this episode.

0:32.9

Hi, and welcome to the Longview. I'm Jeff Battak, Chief Ratings Officer for Morningstar Research Services.

0:38.6

And I'm Christine Ben's, Director of Personal Finance and Retirement Planning for Morningstar.

0:43.2

Our guest this week is Cliff Asness.

0:45.8

Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management.

0:51.3

Cliff writes often about investing in financial matters on AQR's website

0:55.5

and has been a prolific researcher throughout his career, with his contributions appearing in

1:00.3

many of the leading scholarly journals, including the Journal of Portfolio Management,

1:05.0

Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics.

1:10.2

This work has earned him accolades,

1:12.0

including the James R. Verton Award, which the CFA Institute bestows on those who produced a

1:17.5

body of research notable for its relevance, an enduring value to investment professionals.

1:22.8

Before co-founding AQR, Cliff is a managing director and director of quantitative research for the

1:28.2

asset management division of Goldman Sachs. Here in dual bachelor's degrees, one in economics from

1:34.0

the Wharton School, and another in engineering from the Moore School of Electrical Engineering

1:38.9

at the University of Pennsylvania, as well as an MBA and PhD in finance from the University of Chicago.

1:46.1

We recorded this episode live and in-person at the annual Morning Star Investment Conference,

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