AQR market views, organized for advisors.

U.S. tax rules generally follow economic substance, so placing trades inside an LLC or partnership does not reliably sidestep wash sale, straddle, or constructive sale rules.

A single-member LLC or SMA is usually treated like direct ownership, while a fund-of-one...

The total portfolio approach is drawing attention because it promises more flexibility than traditional strategic asset allocation, but the idea can still be vague in practice.

A skeptical, quantitative review suggests there are real benefits when investors step back from...

Stocks and government bonds have recently moved together more often, which weakens one of the most reliable sources of diversification in traditional portfolios.

That shift matters because when both assets fall at the same time, balanced allocations can experience sharper...

Cliff Asness again highlights the structural weaknesses he sees in private assets, especially the way reported returns can be artificially smoothed.

That smoothing can make risk look lower than it really is and may lead investors to take on more...

Private markets are under pressure, but the current stress is not yet a clear “disaster” so much as a reminder of what these assets really are: equity and credit risk that has been smoothed, not removed.

The core issue is...