{"podcast":{"title":"Excess Returns","slug":"excess-returns-902655","podcast_index_feed_id":902655,"rss_url":"https://anchor.fm/s/9a1dfac/podcast/rss","website_url":"https://excessreturnspod.com","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/1516035/1516035-1743436234284-87994a171a4a2.jpg","author":"Excess Returns","episode_count":538,"summary":"Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.","last_synced_at":"2026-07-24T02:20:13.514542+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655"},"episode":{"title":"Cliff Asness on Bubbles, Private Equity and His Research Greatest Hits","slug":"cliff-asness-on-bubbles-private-equity-and-his-research-greatest-hits","published_at":"2026-05-23T09:00:00+00:00","page_url":"https://stenobird.com/podcast/excess-returns-902655/cliff-asness-on-bubbles-private-equity-and-his-research-greatest-hits","show_page_url":"https://stenobird.com/podcast/excess-returns-902655","url":"https://podcasters.spotify.com/pod/show/excess-returns/episodes/Cliff-Asness-on-Bubbles--Private-Equity-and-His-Research-Greatest-Hits-e3jp5f8","audio_url":"https://traffic.megaphone.fm/APO2951959178.mp3","summary":"Cliff Asness returns to Excess Returns for a greatest hits tour through some of his most important and entertaining investing ideas. We discuss bubble logic, today’s AI market comparisons, why volatility still matters as a risk measure, private equity “volatility laundering,” international diversification, market timing myths, pulling the goalie, and how machine learning is changing quantitative investing. Cliff Asness on X https://x.com/CliffordAsness AQR Capital Management https://www.aqr.com/ Papers Discussed Bubble Logic: Or, How to Learn to Stop Worrying and Love the Bull https://www.aqr.com/Insights/Research/Working-Paper/Bubble-Logic-Or-How-to-Learn-to-Stop-Worrying-and-Love-the-Bull Rubble Logic: What Did We Learn From the Great Stock Market Bubble? https://www.aqr.com/Insights/Research/Journal-Article/Rubble-Logic My Top 10 Peeves https://www.aqr.com/-/media/AQR/Documents/Insights/Journal-Article/My-Top-10-Peeves.pdf Volatility Laundering https://www.aqr.com/Insights/Perspectives/Volatility-Laundering I Did Not Predict What Is Going on in Privates https://www.aqr.com/Insights/Perspectives/I-Did-Not-Predict-What-is-Going-on-in-Privates (So) What If You Miss the Market's N Best Days? https://www.aqr.com/Insights/Perspectives/So-What-If-You-Miss-the-Markets-N-Best-Days International Diversification Works (Eventually) https://www.aqr.com/Insights/Research/Journal-Article/International-Diversification-Works-Eventually International Diversification - Still Not Crazy after All These Years https://www.aqr.com/Insights/Research/Journal-Article/International-Diversification-Still-Not-Crazy-after-All-These-Years Perhaps the Most Important Essay I Will Ever Co Author https://www.aqr.com/Insights/Perspectives/Perhaps-the-Most-Important-Essay-I-Will-Ever-Co-Author Main topi…","meta_description":"Cliff Asness returns to Excess Returns for a greatest hits tour through some of his most important and entertaining investing ideas. We discuss bubble log…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4728,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/excess-returns-902655/episodes/cliff-asness-on-bubbles-private-equity-and-his-research-greatest-hits/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/excess-returns-902655/cliff-asness-on-bubbles-private-equity-and-his-research-greatest-hits.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}