
Quant Investor Cliff Asness Hasn’t Smashed His Screen This Year Yet - ry4n413
https://www.bloomberg.com/news/features/2018-10-04/quant-investor-cliff-asness-hasn-t-smashed-his-screen-this-year-yet
======
weliketocode
> I’ll still wake up sweating once a year, worrying that we’ve just gotten
> lucky forever

You have to appreciate his candor.

------
mlthoughts2018
Cliff Asness is the Jose Mourinho of quant finance: past it, stuck angrily
defending one way of looking at things, the fault’s always elsewhere and
rooted in people not looking at it in terms of a particular investment
methodology he asserts.

------
blunte
Not taking anything away from the content, I have such trouble reading light
text on dark dark (black in this case) backgrounds! After a few lines, I have
light/dark rows burned into my eyes. After a page, I give up.

~~~
marcrosoft
Not to mention all the quotes fading in and out of the page.

------
browsercoin
history repeats. filled with algorithmic trading systems that never lasts.
unless maybe hft and arb and market making.

------
frgtpsswrdlame
“I’ll still wake up sweating once a year, worrying that we’ve just gotten
lucky forever”

For good reason. It's amazing the amount of intelligence and effort that gets
wasted in finance. (Other fields too of course.)

~~~
dnadler
>For good reason. It's amazing the amount of intelligence and effort that gets
wasted in finance. (Other fields too of course.)

Whenever I hear someone say this, I never see an explanation for why it's
actually a waste. People are usually just jumping on the 'finance is evil'
bandwagon. Well, capital markets are vitally important to the global economy,
and the presence of investors like AQR are a huge reason why markets are as
efficient as they are.

~~~
otabdeveloper1
Google employs 70000 people, when in fact they could do what they do with just
700. (If they bothered to _actually_ hire the top 1% of developers.)

Operating with 1% of peak efficiency seems insane, until you understand that
Google doesn't hire people to make products, they hire people to increase
their market cap.

This is a delusional system that is opposite of 'market efficiency'.

Eventually the system will collapse in a horrific crash and we'll start over
with something that doesn't violate common sense or laws of physics. For now
all you can do is grin and take it.

~~~
b_tterc_p
This doesn’t make any sense. Imagine you have the 7,000 best employees and
your ops are smooth. You are told that #7,001 will net improve the business.
Are you delusional to hire that person? Or do you think that a profitable
7001th person does not exist?

