Cliff Asness on How Markets Got Dumber in the Last 10 Years | Odd Lots
November 13, 2025
28,499
586
38
2.19%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Bloomberg Podcasts Episodes Around November 13, 2025
See what was published immediately before and after this episode.
1:00:51Now PlayingCliff Asness on How Markets Got Dumber in the Last 10 Years | Odd Lots
YouTube Description
as posted by the channelThe Odd Lots podcast has been around for 10 years. Unfortunately, markets have gotten less rational over the same time frame. At least this is the contention of Cliff Asness, the co-founder and CEO of AQR Capital Management, a quantitative investing firm that's been around for nearly three decades. Asness' approach to investing is rooted in academic theory, having studied under the legendary Eugene Fama at the University of Chicago. Unfortunately, in the world of social media and meme stocks, it's tough out there for the academically minded. And that's forced Cliff to adjust his approach over time. On this episode, we talk about the history of quantitative investing, market efficiency, and the emergence of AI/ML in his process. We also talk about the reality of investing other people's money, and the challenge of sticking with one's convictions at a time when temporary forces are working against you.
Join the conversation: discord.gg/oddlots
[00:00:00] - Introduction: Wisdom of Crowds and Market Efficiency
[00:01:18] - Podcast Anniversary Celebration
[00:02:53] - The Death of Value Investing
[00:05:03] - Introduction of Cliff Asness
[00:05:10] - The Less Efficient Market Hypothesis
[00:08:58] - AQR's Early Days and Market Extremes
[00:12:29] - Technology and Data Evolution
[00:14:14] - Defining Market Efficiency
[00:16:26] - The Pain of Staying Rational
[00:21:25] - Retail Participation and Zero-Day Options
[00:23:19] - Measuring Market Inefficiency
[00:25:07] - Why Markets Are Becoming Less Efficient
[00:31:54] - The Who Wants to Be a Millionaire Analogy Extended
[00:35:26] - AI and Machine Learning at AQR
[00:40:18] - Multi-Strat vs Multi-Manager
[00:44:47] - The Debate Over Factor Explanations
[00:49:48] - Sports Betting and Prediction Markets
[00:54:45] - Interest Rates and Market Behavior
[00:56:47] - Conclusion
Subscribe to Bloomberg Podcasts
Check out more Odd Lots
Get the Odd Lots newsletter via
And for all things Odd Lots, visit
Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
#OddLots #Markets #Investing #Business #Finance #Podcast
For coverage on news, markets and more
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.