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Leanna Orr
Cliff Asness Knows Less than He Thought
AQR’s own research has disproven the size factor and undermined long-term forecasting.
Leanna Orr June 21, 2018
Cliff Asness. Illustration by II. (Chris Goodney/Bloomberg)

Cliff Asness. Illustration by II.

(Chris Goodney/Bloomberg)

Cliff Asness and his co-founders built an asset management giant on their factor-investing expertise. Now AQR Capital Management’s own researchers have determined that the “patriarch of the family of anomalies or factors” — the size effect — does not exist. Asness reckoned with the information in a

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