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Factor investing came out of academic work in the 1990s, and offered a way to pick stocks without relying on judgments about stories or sectors. It’s had good years and bad years, but has recently struggled to do more than match the market. Today on the show, Ethan Wu describes his visit to see AQR’s Cliff Asness, who has been using this style of investing for decades. Also we go long Big Tech AI spending, and short gold.

Link: Cliff Asness: AI is ‘still just statistics’

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer

Follow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.

Read a transcript of this episode on FT.com

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Episode description

Does factor investing still work?

Episode description