Vindication is coming for fund manager Clifford Asness. It was certainly a long wait.
For a depressingly protracted period, the value-conscious portfolio managers at AQR, which Asness, 56, co-founded in 1998, lost ground to competitors chasing hot growth stocks. Then came last year’s stock market rout. As the air exited inflated tech stocks, AQR funds became winners.
This is how Asness describes what bubbles do to value players: “It starts out ugly and then it turns wonderful.” Wonderful, that is, if you hang in there. Which some clients didn’t.
Asness is not one to cut and run, and he is not shy about expressing his convictions. On Twitter, he has been waxing indignant about bond yields below the rate of inflation and welfare for Silicon Valley Bank’s depositors. In academic papers and pronouncements for clients he makes the case that value’s rebound is far from over.
(This story appears in the 05 May, 2023 issue of Forbes India. To visit our Archives, click here.)