Cliff Asness
Co-founder of AQR Capital Management; quantitative investor and writer.
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3 Sept 2024
The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.I argue that over the past 30+ years markets have become less informationally efficient in the relative pricing of common stocks, particularly over medium horizons.
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3 Sept 2024
Technology has made markets less efficient at long horizons rather than more efficient.Above I dismissed the notion that technological advances should make the market more efficient in all but the short-term sense. Here, I argue it likely goes the other way at longer horizons. And, IMHO, this is the best of my three hypotheses.