Cliff Asness

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‘Fortunes rise from the bottom’ is a tautology, not news’. Photograph: iStock

Billionaires have gotten richer in recent months. Should that really be a cause for outrage? America’s billionaires have seen their wealth increase b(...)

Amazon, one of the As in the FANGMAN group. Photograph:  Emmanuel Dunand/AFP via Getty

Going long on US technology and growth stocks remains the most-crowded trade in the world, according to Bank of America’s fund manager survey. Contrar(...)

William Ackman, founder and chief executive officer of Pershing Square, made trades that reaped $2.6bn of profits during March’s coronavirus sell-off. File photograph: Scott Eells/Bloomberg

Coronavirus has wreaked havoc on international stock markets in recent months, but some investors – think short-sellers, hedge funds, bargain-hunting (...)

Democratic presidential candidate Joe Biden recently  called on ‘every CEO in America to publicly commit now to not buying back their company’s stock over the course of the next year’. Photograph: via Getty

Corporate stock buybacks were one of the key drivers of the bull market over the last 11 years, popular with both shareholders and corporate executive(...)

Taking stock. Year after year over the last decade, predictions of an imminent return to form have been dashed. Photograpjh:  Stan Honda/AFP via Getty Images

Value investing – buying cheap stocks in the hope of buying low and selling high – has been a winning strategy for most of the last century. However, (...)

Warren Buffett, chief executive of Berkshire Hathaway, has always argued buybacks make sense if a company is trading below its ‘intrinsic value’. Photograph: Rick Wilking/Reuters

US companies, flush with cash following Donald Trump’s corporate tax cuts, spent a record $930 billion on stock buybacks last year: a similar outlay i(...)

Value investing: has the strategy outlived its usefulness due to structural market changes? Photograph: Getty Images

Neil Woodford has often been described as Britain’s answer to Warren Buffett but his investors, disillusioned after years of disappointing returns, ar(...)

Yes, most investors are awful at timing. Photograph: iStock

Investors ran for the hills as stocks plunged over Christmas, with retail sentiment surveys showing pessimism at five-year highs. Now, 20 per cent lat(...)

Diversification reduces risk of long-term disappointment, but avoiding short-term pain is another matter entirely. Photograph: iStock

Diversification is often referred to as the only free lunch in finance but it didn’t protect investors from a shellacking in 2018, with almost all maj(...)

Warren Buffett:  was written off in the late 1990s only to come roaring back when the technology bubble burst. Photograph: Rick Wilking/Reuters

Value investing – buying cheap, less fashionable stocks and shunning glamorous but expensive companies – is as old as the hills. Warren Buffett and ma(...)

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