When AQR started in the early 1990s, the two major academic findings in quantitative investing were that low-multiple stocks outperform and momentum stocks outperform; the third finding (small-cap outperformance) was not believed by AQR, and low multiples paired with momentum formed the core early strategy.

factualpending

Speaker

Cliff Asness

Evidence Quote

“When we started a QR, you were looking for really two things...low, multiple good momentum stocks. Um, those were the two major findings in academia.”

Source

The Bridge Ep. 11: Expensive Isn't a Bubble— iCapital
Created: 8/12/2026, 6:23:51 PM

My Notes

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