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.
