Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
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Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#2“I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever”
For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#3> I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever
You have to appreciate his candor.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#4“I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever” For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
>For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
Whenever I hear someone say this, I never see an explanation for why it's actually a waste. People are usually just jumping on the 'finance is evil' bandwagon. Well, capital markets are vitally important to the global economy, and the presence of investors like AQR are a huge reason why markets are as efficient as they are.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#5Not taking anything away from the content, I have such trouble reading light text on dark dark (black in this case) backgrounds! After a few lines, I have light/dark rows burned into my eyes. After a page, I give up.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#6“I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever” For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
>For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.) Whenever I hear someone say this, I never see an explanation for why it's actually a waste. People are usually just jumping on the 'finance is evil' bandwagon. Well, capital markets are vitally important to the global economy, and the presence of investors like AQR are a huge reason why mark…
When I was working at a quant hedge fund which was adding very little to actual efficient allocation of capital in the world I came across many an accomplished researcher who wanted switch from academia largely because it was just that much more lucrative. One person for example was coding the creation of better medical lenses at a top university and had been subsidised by state prizes to the tune of hundreds of thousands. Certainly felt like a waste of talent as they switched tack to add the a tiniest fraction of liquidity.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#7Cliff Asness is the Jose Mourinho of quant finance: past it, stuck angrily defending one way of looking at things, the fault’s always elsewhere and rooted in people not looking at it in terms of a particular investment methodology he asserts.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#8Not taking anything away from the content, I have such trouble reading light text on dark dark (black in this case) backgrounds! After a few lines, I have light/dark rows burned into my eyes. After a page, I give up.
Not to mention all the quotes fading in and out of the page.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#9“I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever” For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
>For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.) Whenever I hear someone say this, I never see an explanation for why it's actually a waste. People are usually just jumping on the 'finance is evil' bandwagon. Well, capital markets are vitally important to the global economy, and the presence of investors like AQR are a huge reason why mark…
A hedge fund manager told me the whole investment industry is a net cost of 1-2% of global GDP per annum. I don't specifically what study that number came from, but if true its likely one of the main reasoms many see it as a waste.
Re: Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet
#10“I’ll still wake up sweating once a year, worrying that we’ve just gotten lucky forever” For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.)
>For good reason. It's amazing the amount of intelligence and effort that gets wasted in finance. (Other fields too of course.) Whenever I hear someone say this, I never see an explanation for why it's actually a waste. People are usually just jumping on the 'finance is evil' bandwagon. Well, capital markets are vitally important to the global economy, and the presence of investors like AQR are a huge reason why mark…
Pricing resources/companies/commodities/etc has value, it makes the economy more efficient allocating resources in the right place and motivating people to do things which are needed more.
Finance helps accomplish this but with overhead. Finance tends to have power over itself and there is little motivation to minimize itself because there isn't a third party checking its power.
So "finance" is a tax on everything everybody does. It has made itself complex enough that few people not profiting from it understand it, and it does a good job convincing the world it is necessary.
Your experience is exactly the reason why it exists to the extent it does today -- nobody can explain to a lay person why finance is a necessary evil nor what is wrong with it.
Bottom line: in making markets more efficient, the financial industry makes the economy as a whole a lot less efficient by siphoning off a huge chunk to feed itself.