Cliff Asness Says Markets Are Less Efficient — And Social Media May Be to Blame

Quant investor’s paper titled Less-Efficient Market Hypothesis
Asness touts long investing horizons, among other strategies

Cliff Asness, co-founder of AQR Capital Management, says markets have become “somewhat less efficient” over his career despite technological advances. He speaks to Sonali Basak at the Bloomberg Invest Conference in New York.Source: Bloomberg

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By Sam Potter and Justina Lee

September 3, 2024 at 2:41 PM UTC

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Cliff Asness says he sounds like an “old man whinging,” but that’s not stopping him from writing 23 pages on his latest thesis: Financial markets these days aren’t what they were.

The often-cantankerous co-founder of AQR Capital Management just published new research that amounts to a detailed exposition of an argument he has repeatedly raised of late, namely that the market has become less efficient over the course of his more than three-decade career.