On episode 167 of The Compound and Friends, Michael Batnick and Downtown Josh Brown are joined by Cliff Asness, of AQR Capital Management, to discuss: the less-efficient market hypothesis, value investing, the quant world, private equity, and much more! This episode is sponsored by Public: Discover how you can lock in a 6% or higher yield with a Bond Account at: http://public.com/compound Follow Cliff: https://x.com/CliffordAsness Take the TCAF audience survey: https://www.surveymonkey.com/r/5FLFKHL ► 00:00 - Cold Open ► 11:47 - Michael Saylor and Microstrategy ► 17:09 - Intro ► 19:19 - How Josh Was Introduced to Cliff ► 21:33 - Cliff's Research ► 23:47 - The Less-Efficient Market Hypothesis ► 39:07 - Value Investing ► 53:09 - Did Quants Ruin Value Investing? ► 01:00:13 - 3 Things That Have Made Markets Less Efficient ► 01:06:58 - Timing the Market ► 01:26:12 - Private Equity (and Volatility Laundering) ► 01:36:01 - Favorites 🎙️ Listen to our podcasts: TCAF: https://podcasts.thecompoundnews.com/show/TCAF/ Animal Spirits: https://podcasts.thecompoundnews.com/show/animalspirits/ Ask The Compound: https://podcasts.thecompoundnews.com/show/ATC/ The Compound Newsletter: https://www.thecompoundnews.com/subscribe Instagram: https://instagram.com/thecompoundnews Twitter: https://twitter.com/thecompoundnews Public Disclosure: A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. As of 9/26/24, the average, annualized yield to worst (YTW) across the Bond Account is greater than 6%. A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule: https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See https://public.com/disclosures/bond-account to learn more. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertisin.... Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ #thecompound #investing #stockmarket