Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year—Yet


I’m trying very hard to sound all calm and sangfroid with you right now, and I am, intellectually. But I’m as emotional as anyone else. People at AQR would laugh at me for trying to sound calm, because they get my emails: “Another frickin’ down day!” When we have a bad period, I want to figure out why, and I want an answer.

Clifford Asness runs $226B quant fund AQR, and AQR hasn't had a good year. This interview focuses on a topic I find fascinating: the emotional challenges of following your model even when it's having an off period. Even good forecasts are wrong, and during particularly tough periods its easy to question your model, your assumptions, your data.

Maybe an update is warranted. Maybe it's just an off month. It's a hard (and stressful) question to try to answer. At least you (probably!) don't have $226B riding on it.


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