151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness

151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness

Simon introduces Cliff Asness, Co-Founder and CIO of AQR (Applied Quantitative Research), highlighting the firm's systematic approach to investing in a variety of assets.

Cliff Asness shared his background, mentioning that he was initially an underachiever in school but transitioned to a highly driven person during college at the University of Pennsylvania.

He explained that market efficiency is a spectrum, and even Fama admitted that markets are not perfectly efficient, despite what many might assume.

Discussing current markets, Asness emphasized the importance of global diversification and noted that the U.S.'s prolonged outperformance mostly stemmed from its increasing valuation premium over international markets.

He highlighted "volatility laundering" in private assets, where the infrequent marking of private investments creates an illusion of lower volatility, cautioning that this could lead to misinformed investment decisions.

Asness touched on philanthropy, saying he finds joy in charitable giving despite the difficulty in assessing the best use of funds and mentioned the importance of concentrating philanthropy for more impact.
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The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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189: From Vision to Valuation: Disrupting the Future - With Cathie Wood, Founder & CEO of ARK Invest

189: From Vision to Valuation: Disrupting the Future - With Cathie Wood, Founder & CEO of ARK Invest

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188: Yield, Shield, and Scale: Inside the Ares Management Playbook (With Blair Jacobson, Co-President)

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187: Investing & Philanthropy - With Sir Chris Hohn, Founder, TCI Fund Management & CIFF

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186: Rare Earths, Energy, and the Green Agenda (Money Maze Allocator Summit 2025)

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16 Okt 202541min

184: From Westminster to Silicon Valley: A Connected World at Risk - Sir Nick Clegg on threat to Global Connection in the Age of AI & Political Conflict.

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It’s not every guest who would admit in their new book, with brutal honesty, “I’ve been vilified, satirised, protested against- a hate figure both on left and right.”  But it is also uncommon, if not...

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183: How Good of a Communicator Are You? Messaging, Reputation, Trust & Strategy in the Age of AI - With Jen Prosek, CEO and Founder of Prosek

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Today’s episode started as “Good Investor, Poor Communicator”, but as we researched this topic ahead of the conversation it became a bigger theme than simply, why at times, great investment managers a...

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