Our next Bogleheads on Investing podcast guest is AQR Managing and Founding Principal Cliff Asness.
Cliff completed his PhD in finance at the University of Chicago in 1994 under Gene Fama—who was also Asness’ mentor. Cliff’s doctoral dissertation was on “the performance of momentum trading, buying stocks with rising prices” where he asserted that profits consistently beating market averages were attainable by exploiting both value and momentum.
In the early 1990s, Cliff left academia to become the manager of Goldman Sachs Asset Management’s (GSAM) new quantitative research desk. He started Global Alpha, a systematic trading hedge fund that was one of the earliest “quant vehicles” in the industry. The hugely successful fund became known for high-frequency trading.
When he was 31-years old, Cliff Asness, David Kabiller, John Liew, and Robert Krail, co-founded AQR Capital Management—a “quantitative hedge fund firm”. By the end of 2010, AQR had $33 billion in assets under management (AUM).
You can discuss this podcast on the Bogleheads forum at the topic Cliff Asness of AQR is our guest on Bogleheads on Investing!.