Manager profile: Cliff Asness, managing and founding principal, and David Kabiller, founding principal, AQR Capital Management

Putting theory into practice


The origins of AQR are rooted in academia. Three of the founders – Cliff Asness, Robert Krail and John Liew – met at the University of Chicago, where Asness famously authored a doctoral dissertation on momentum investing under the tutelage of Eugene Fama, the finance professor who is often described as the father of efficient market theory.

“The spectre of efficient markets was always in the air in Chicago,” says Asness, who jokingly refers to himself and his AQR colleagues as “the heretics of

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