Clifford Asness

“Value and momentum are pervasive return factors across asset classes”

“The diversification benefit of combining value and momentum is large”

“Value is not broken — it is working exactly as it always has.”

“Long periods of underperformance are a feature, not a bug.”

“Pain is the price of admission.”

“Value investing is not about cheap stocks — it’s about cheap cash flows”

“Value strategies fail when investors abandon them at the worst possible time”

“Behavioral explanations fit the data better than risk-only stories.”

“Momentum crashes are fast, violent, and predictable in hindsight.”

“Momentum fails when markets reverse sharply.”

“The reward for momentum is compensation for crash risk”

“Buffett’s returns appear to be neither luck nor magic.”

“He exploits the quality minus junk factor with leverage”

“Buffett is not a unicorn — he is systematic.”

“High-quality stocks earn higher risk-adjusted returns.”

“Investors systematically overpay for junk.”

“Quality is not growth.”

“Market timing is hard — but ignoring valuations is harder.”

“You don’t need to be perfect to add value.”

“Being slightly early is better than being massively late”

“The Fed Model is an illusion.”

“Low rates do not justify any price”

“Bad models don’t become good because they’re popular.”