The shares of sleepy companies have recently bested those of exciting ones. This is just the beginning of a big trend, says Cliff Asness, the billionaire cofounder of AQR.
Vindication is coming for fund manager Clifford Asness. It was certainly a long wait.
For a depressingly protracted period the value-conscious portfolio managers at AQR, which Asness, 56, cofounded in 1998, lost ground to competitors chasing hot growth stocks. Then came last year’s stock market rout. As the air exited inflated tech stocks, AQR funds became winners.
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