Evidence receipt / belief
Published · transcript-backedCliff Asness: belief
18 Nov 2015 Conversations with Tyler Cliff Asness on Comics and Why Never to Share a Gym with Cirque du Soleil (Live at Mason)
“If everyone did them yesterday, they would go away. They work in my opinion — again using my version of “work” — in kind of a sweet spot.”
Source trail
Everything needed to verify it.
- Speaker
- Cliff Asness
- Attribution
- Verified speaker
- Claim type
- belief
- Recorded
- 18 Nov 2015
- Publisher
- Conversations with Tyler
Transcript context
…You need a lot of discipline to make momentum investing work, right, because for 10 years, it might get you nowhere or even underperform. This gets back to your earlier question, “Why doesn’t everyone do it? Why doesn’t all this stuff go away?” Any of these things, value, momentum, there are other things — quality investing, low-risk investing. Fisher Black of the Black-Sholes option pricing model’s discovery in 1970 and then everyone forgot for 35 years. It’s another effective systematic form of investing. If everyone did them yesterday, they would go away. They work in my opinion — again using my version of “work” — in kind of a sweet spot. Good enough to be really important if you can follow discipline, not so good enough that the world looks at it and goes, “this is easy.” They’re excruciating at times and I hate those times. I won’t pretend I’m neutral as to those times. They help keep your market franchised.…
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