AQR Capital Management has kept a tilt toward the value strategy as the gap between the priciest and cheapest stocks remains wide, says co-founder Cliff Asness. That spread now stands at 80th percentile, meaning it was only wider in 20% of the historical data, compared to the 100th percentile during Covid, he said in an interview with Bloomberg’s Dani Burger on the sidelines of Kepler Partners’s Fifth Annual Liquid Alternatives Summit in Wembley, London. “I would say things are still out of whack, but it’s not an arbitrage you can drive a truck through right now,” Asness said.
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00:00:00 Paper on persistently wide valuation gap, inefficient markets
00:02:27 Crazy periods "getting crazier"; Nvidia; markets "out of whack"
00:05:12 How tech, social media can lead to less accurate pricing
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