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Cliff Asness Is Keynote Speaker at the Morningstar Investment Conference

June 20, 2014

In a keynote speech at the 2014 Morningstar Investment Conference in , AQR Founder and Managing Partner Cliff Asness staked out a position in the middle ground of the recently rekindled debate over the Efficient Market Hypothesis (EMH).

He complimented the Swedish Riksbank for splitting this year’s Nobel Prize in Economics between professor , the father of the EMH, and Yale professor Robert Shiller, a notable skeptic. Asness, who was Fama’s teaching assistant while earning a Ph.D. at Chicago, said he believes that markets are neither perfectly efficient nor prone to regular bubbles. Over the long term, he added, markets are very good at finding accurate prices.

After his speech, Asness discussed market efficiency in a videotaped interview with Scott Burns, Morningstar's global director of manager research. Asness also gave a separate interview to discuss his views on stock picking.

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