Cliff Asness: Risk Parity Is Even Better Than We Thought
No, I don’t mean tactically. I like to think I’m bold, sometimes a bit too bold, but not crazy! We think both stocks and bonds are both quite expensive versus history and that this typically, though not always, leads to lower than normal long-term returns.[1] But valuation is a poor timing method. We are not writing articles, belying my title, about how risk parity
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