AQR & Cliff Asness’ Disclosure

Later this week, I am interviewing Cliff Asness for Masters in Business. While doing some prep work for the show, I came across this delight: The Cliff Asness Disclosure document:

 

Cliff Asness Disclosure:

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of AQR Capital Management, LLC its affiliates, or its employees.

The information set forth herein has been obtained or derived from sources believed by the author to be reliable. However, the author does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does the author recommend that the attached information serve as the basis of any investment decision and it has been provided to you solely for informational purposes only and does not constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such.

This is Cliff speaking now. AQR’s legal department would like me to add that I am criminally insane and barred by an order of rhetoric protection from speaking on AQR’s behalf. Anyone trading on my advice, or a client, consultant, employee or Iraqi insurgent thinking he has been wronged by my attitudes or opinions can have a $250 out-of-court settlement right now if they’ll sign a waiver, otherwise we’ll break you. Oh, and we lied about the $250, but seriously, we will break you. Please note, nobody can predict where markets will go in the short-run and sometimes even the long-run. When I point out individual things in the marketplace that I think are strange, or wrong, it doesn’t mean I have the perfect answer or can easily make money from it for my clients, for myself, or certainly for you reading this blog! Furthermore, if you read one guy’s opinion on a blog and do anything based solely on that, you are an idiot. Next, as the legalese above alludes to, the actual funds and accounts AQR manages are run using models that may or may not agree with what I’m writing herein, particularly as our models will generally have a shorter time horizon than the things I’ll be writing about. LISTEN TO ME AT YOUR OWN RISK! If you choose to read what I write please only use it as one input for you to critically evaluate in your decision process.

Finally, my style is to write very aggressively and passionately about what I believe. So unless you are a libertarian/objectivist, small government and free market loving, socialist hating, value investing geek you probably won’t agree with everything or anything I say. If you find the way I say it insulting, I’m sorry about the first few words you couldn’t help reading, but if you read a moment past that (in this disclaimer or later), it is on you. I agree we need to censor things occasionally but only to protect children and madmen (and of course the children of madmen). If you believe in censoring anything else short of a nuclear secret you’d probably look good in hobnail boots and the crooked cross. Thanks for listening.

I enjoy a fund manager with a sense of humor.

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  1. gman commented on Feb 17

    Given his public pronouncements since Obama took over he had better have a sense of humor.

    “debt threat”, “hyperinflation” “dollar debasement” “socialized medicine” “war on the wealthy” “destroying the equity markets”

    Must have very little to do with day to day trading at his firm. People that actually do must be trying to muzzle him and keep him away from the trading desks.

    Given the previous post on this site..Cliff is someone who would get shredded on the the Daily Show.

  2. riodogg commented on Feb 17

    I think Asness was not being humorous in what you posted. Being as he was one of the signatories to http://blogs.wsj.com/economics/2010/11/15/open-letter-to-ben-bernanke/
    it, and what you posted, suggests he is a serious right wing, Republican ideologue who really did not understand the economic situation at the time those dudes took to trying to tell Bernanke he was not correct.

  3. catclub commented on Feb 17

    I was going to say that: Yes, of course he is a right wing ideologue, but that fact does not necessarily bar him from being able to make money in the market, and/or make money for his clients.

    Then I looked at the performance page for the mutual funds they run:

    https://funds.aqr.com/total-returns

    and wow – expenses are high and very few funds have track record over 5 years.
    So take to heart his disclaimer.

  4. mpappa commented on Feb 17

    Had to unfollow him on twitter. It was too addicting. Hysterical disclosure but he’s right. What it tell you is no one ever reads it and really should. Have to love it.

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