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Money Maze Podcast
151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness
Aug 27, 2024
Cliff Asness, Co-Founder and CIO of AQR, shares his insights into the investing world, emphasizing the importance of global diversification. He discusses the intriguing concept of "volatility laundering" in private equity, where infrequent valuations can mislead investors about risk. Asness also explores market efficiency, pointing out its nuances and the U.S.'s recent outperformance. With a personal touch, he reflects on philanthropy, advocating for concentrated giving to maximize impact.
01:18:01
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Quick takeaways
- Cliff Asness emphasizes the importance of a systematic approach to investing, leveraging quantitative analysis to minimize emotional biases and enhance decision-making consistency.
- He critiques 'volatility laundering' in private equity, warning that infrequent pricing can create misleading perceptions of risk and investment stability.
Deep dives
The Journey of Cliff Asness
Cliff Asness shares his unorthodox path to success, starting from his underachieving days in high school to becoming a prominent figure in the investment world. Initially perceived as a class clown, he struggled with direction until a pivotal moment in college transformed his approach to work and discipline. Through the support of his father's advice on focusing on mathematics, Asness enrolled in a dual degree program at the University of Pennsylvania, where he eventually discovered his true passion for finance and economics. This journey illustrates how transformative moments can significantly alter one's career trajectory, pushing individuals to succeed beyond their initial expectations.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode