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AQR Founder & CIO Cliff Asness Talks Buying Opportunities
2025/6/3
Bloomberg Talks
C
Cliff Asness
Cliff Asness: 作为量化投资公司，AQR通过广泛分散投资来应对市场，将投资分为不同类别。今年以来，AQR在个股选择和趋势跟踪方面表现强劲，但价值投资表现不佳。我们关注基本面是否改善、公司是否盈利、是否回购或发行股票、以及beta值高低，偏好低beta。量化投资者和传统的格雷厄姆-多德投资者在核心理念上相似，都看好盈利能力强、市盈率合理、基本面改善、回购股票的公司。虽然主动管理是一种傲慢的行为，但世界需要主动管理，不能完全依赖指数投资。AQR的市场中性策略之所以奏效，是因为它押注于多种主题，模型中包含数百个因素。我们认为，市场奖励那些基本面良好且不断改善、风险不高的公司，现在不是泡沫时期。泡沫时期是最令人担忧的，因为估值策略和基本面都会被抛弃。关于择时，我们认为市场择时非常困难，但结合趋势跟踪和估值等基本因素，可以增加一些价值。纯粹依靠择时来增加价值的人非常少。
Deep Dive
AQR Capital Management has achieved double-digit returns this year, outperforming many hedge funds. Their success is attributed to a diversified quantitative approach, including individual stock picking (with 2,000 longs and 2,000 shorts), and trend following, despite challenges in value investing and general trend following markets. The firm's approach shares similarities with traditional value investing but utilizes a more diversified and data-driven strategy.
- AQR's double-digit returns in key strategies.
- Diversified quantitative approach with 2,000 longs and 2,000 shorts.
- Success across various strategies except value investing.
- Similarity between AQR's approach and traditional value investing.
Shownotes Transcript