An Interview With Cliff Asness
Is uncertainty responsible for our economic woes?
I recently interviewed Cliff Asness, the managing & founding principal of the hedge fund AQR Capital Management, at AEI’s World Forum. Last year, Asness wrote a provocative piece in the WSJ about what’s holding the economy back, arguing that “Uncertainty is Not the Problem.” Cliff said:
"Many commentators blame our continuing economic woes on ‘uncertainty.’ They allege that recent and anticipated dramatic policy changes make business planning difficult, and that this is retarding growth and employment. This view is not wrong—but our main problem is not the uncertainty surrounding new policies. It is the policies."
I asked Asness to expand on this idea.