How Cliff Asness survived the ‘everything bubble’
Cliff Asness has built a hedge fund to make money from people’s mistakes. But he faced a long, excruciating wait to be proven right.
In August 1999, a sudden sell-off in the sharemarket inflated by dotcom exuberance caught hedge fund manager Cliff Asness off-guard, wrecking his portfolio returns. At home with his wife of only a few days he let fly with a blue streak of expletives about the insanity of the market.
“All she said was: I thought you make your money because people make mistakes,” Asness, the 55-year-old founder of AQR Capital Management, recalls in an interview with The Australian Financial Review.
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