AQR market views, organized for advisors.

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...

Tax-aware long-short strategies are more than just direct indexing with leverage and shorting.

Our paper argues that pre-tax alpha can actually strengthen tax benefits, rather than erode them as it often does in long-only tax-loss harvesting.

Jordan Brooks of AQR emphasizes that strong multi-asset portfolios are built with breadth and flexibility, not just by mixing stocks and bonds.

He argues for investing across a wide global opportunity set and adding low-correlation strategies, such as trend-following and...