AQR Co-founder Cliff Asness on Bloomberg Wealth with David Rubenstein

This is financial advice and I never give financial advice: DONT LEAVE DURING THE BEAR. If you don’t want to invest…learn. If you don’t want to learn…build. If you don’t want to build observe. DO SOMETHING…other than leave. There is so much opportunity here. Take advantage!

Instead of trying to predict whether or not we’re going into more recession and keep losing your money, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every quarter according to Bloomberg.

1) Show AQR's return vs IVE (value index), SPY, and QQQ, for the last 20, 10, 5, 3 years 2) Having confirmed AQR's underperformance vs the market 3) Ask the only interesting question: Why/how do large investors derive "value" by investing in a strategy that only outperforms the market under exceedingly rare conditions? 4) State that actual historical returns in fact continue to confirm the efficient market hypothesis: it's all but impossible to beat the market consistently (year-in, year-out); ergo by far the best investment strategy for the average investor (most rational, data-proven, virtually free per unit of time required to manage; and approved by both Bogle & Buffett) is simply to buy a low-cost index (S&P or Total Global for lower risk tolerance; QQQ for higher): set it & forget it -- best of luck everyone....

According to certain economists, it's possible that the U.S. and certain parts of Europe might experience a recession at some point in 2023. Although a global recession, which is characterized by a decline in annual global per capita income, is relatively uncommon due to the faster growth rates of emerging markets like China, in comparison to developed economies. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to $250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?

When you invest, you're buying a day you don't have to work

Fabulous closing “stop looking at the screen…..you’ll be a much happier person”. It takes years to un-train habits of a lifetime, even if it is potentially more profitable via the suppression of anxiety and the augmenting of the daily median state of mental health 😊. Thankyou for a great interview!

Cannot get enough of these interviews, so many insights... Thank you for production!

In my opinion, David, this was one of your better interviews. Thanks!

Whom Can We Trust If No One Is Trustworthy? One of my favorite quips from Mark Twain’s The Adventures of Tom Sawyer is when Tom is defined as “a glittering hero…the pet of the old, the envy of the young,” and there were “some that believed that he would be President, yet, if he escaped hanging.” With these few words, Twain captured the essence of leadership in our world. Those who get to the top are the fiercest, most determined, and most ruthless. Today, the latter quality has become so intense that we can no longer believe our leaders, and certainly not trust them to have our best interest in mind. I am not accusing any leader in particular, or even leaders as a whole. It is simply that in an egoistic world, where people vie to topple one another on their way to the top, the one at the top is clearly the one who trampled over and knocked down more people than anyone else. Concisely, to get to the top in an egoistic world you have to be the biggest egoist. So how do we know whom to trust? We don’t know and we cannot know. All we know is that we are in the dark. In a culture of unhinged selfishness, any conspiracy theory seems reasonable, while truth is nowhere to be found. When every person who says or writes something is trying to promote some hidden agenda, you have no way of knowing who is right, what really happened, or if anything happened at all. The only way to get some clarity in the news and goodwill from our leaders is to say “Enough!” to our current system and build something entirely independent. The guiding principle of such a system should be “information only,” no commentary. Commentary means that information has already been skewed. Information means saying only what happened, as much as possible, not why, and not who is to blame and who we should praise. Concurrently, we must begin a comprehensive process of self-teaching. We have to know not only what is happening, but why we skew and distort everything. In other words, we have to know about human nature and how it inherently presents matters according to its own subjective view, which caters to one’s own interest. To “clear” ourselves from that deformity, we must learn how to rise above our personal interest and develop an equally favorable attitude toward others. This is our only guarantee that our interpretation of things will be even and correct. Once we achieve such an attitude, we will discover that the bad things we see in our world reflect our own, internal wickedness. Our ill-will toward others creates a world where ill-will governs, and so the world is filled with wickedness and cruelty. Therefore, all we need in order to create positive leadership—and to generally eliminate ill-will from the world—is to generate goodwill within us. When we nurture goodwill toward others, we will fill the world with goodwill. As a result, the world will fill with kindness and compassion. By changing ourselves, we will create a world that is opposite from the world we have created through our desires to govern, patronize, and often destroy other people.

great interview as always.

I love the Intro Music!

good advice in the end

This man is awesomely interesting

Refreshing to hear, someone lead with" I'm not an economics expert, this is my biggest concern."

Whats missing from this discuusion is the difference between investing in a fully taxable account versus a tax deferred account. While active strategies might work in a tax deferred account, its much harder for them to do so after taxes in a fully taxable account.

nice

Very funny bubbly man that Cliff

There are 3 hangbooks, bookmarks, transfers.

If you are 60+, a 30% drawdown requires a 50% gain to get you back to even in 5 years - Most will never see their capital again after the next pull back