Picture 1307.pngLast night we were thinking it’d been a while since we talked AQR Capital (and forever since any of the principals left a heated message for us). So we decided to see what was a poppin’ up in Greenwich. Turns out a lot! A little bird brings us up to speed:

AQR’s head of fixed income left yesterday. He was a star trader poached from Deutsche Bank three years ago. This is the second head of fixed income to depart the firm in a year.
They royally screwed people on bonuses last year and anybody who could has been walking out and even those without a back up are doing so. There have been at least five people who quit that place thus far this year without another job lined up. Probably because AQR enforces upon everyone (even junior analysts) a six month non-compete (so it’s in your advantage to walk ASAP if you recognize that there will be no payout).
They only have $20B total under management (this time last year it was $33B). About $19B of that is in managed account which only yields about 40bps in fees. And we all know the returns aren’t what they used to be.
Calpers completely withdrew its money. The marketing guys used to love to boast how they had Calpers (although it was in long-only managed account and not in hedge funds) to potential investors. They’ve probably gone quiet on the bragging lately.
Oh yes, one more thing. AMG, 25% owner of AQR, ordered Cliffy to get anger management counseling after his warm posting on your site. Since then he has been seen in his office walking around with no shoes on, incense burning, and occasionally engaging in meditation sessions behind closed doors.

Comments (183)

  1. Posted by guest | May 5, 2009 at 9:33 AM

    It’s posts like this that keep me hitting “refresh” all day long.

  2. Posted by guest | May 5, 2009 at 9:33 AM

    unfounded rumours / personal vendetta of the day

  3. Posted by guest | May 5, 2009 at 9:35 AM

    @2- keep telling yourself that

  4. Posted by guest | May 5, 2009 at 9:35 AM

    He didn’t leave – he was fired

  5. Posted by guest | May 5, 2009 at 9:35 AM

    Cliffy, feel the burn! For it is good.

  6. Posted by guest | May 5, 2009 at 9:35 AM

    @2- unfounded rumors that always turn out to be true

  7. Posted by guest | May 5, 2009 at 9:36 AM

    Downward dog anyone?

  8. Posted by guest | May 5, 2009 at 9:36 AM

    @2 = Cliff

  9. Posted by guest | May 5, 2009 at 9:36 AM

    @3
    see 4 there you go! bitch.

  10. Posted by sugardaddy | May 5, 2009 at 9:37 AM

    @7 I think the wheels fell off yesterday.

  11. Posted by guest | May 5, 2009 at 9:37 AM

    ” you have no idea what i could do to year face with an incense stick..”
    Cliff A.

  12. Posted by guest | May 5, 2009 at 9:39 AM

    Is this a news? I had heard almost the entire investment team left by middle of last year. Current staff is all second-tier academics or new graduates from Rutgers and Hofstra.

  13. Posted by guest | May 5, 2009 at 9:39 AM

    spiraling downwards … Calpers is a huge blow.

  14. Posted by guest | May 5, 2009 at 9:41 AM

    Calpers doesn’t know shit. Just because they went in big on “alternatives” and got blown to bits? People think these guys are smart? They are government employees people – losing these guys mean nothing.

  15. Posted by guest | May 5, 2009 at 9:41 AM

    Wish I was “spiraling downwards” with $20 bil in AUM. Even at 40 bps that is $80 mil a year, with 50% margins. I can’t stand Cliff and his years of self-aggrandizement. Curious to see where he’ll be in AUM at year-end.

  16. Posted by guest | May 5, 2009 at 9:42 AM

    Cliffy and the zen of motorcyle maintenance

  17. Posted by guest | May 5, 2009 at 9:43 AM

    Who is taking over fixed income? that is by far the biggest book at AQR

  18. Posted by guest | May 5, 2009 at 9:44 AM

    @12- and all that was chronicled by dealbreaker. this is new information. so yes, it’d be characterized as “news.”

  19. Posted by guest | May 5, 2009 at 9:44 AM

    This guy most likely is joining mark carhartt at his new fund. nobody who’s any good is going to stick around at a place that deep under water.

  20. Posted by guest | May 5, 2009 at 9:46 AM

    did he quit or get fired? i am hearing different things from insiders

  21. Posted by guest | May 5, 2009 at 9:47 AM

    Anger management has been working. Cliffy sends out fewer crazy e-mails these days.

  22. Posted by guest | May 5, 2009 at 9:47 AM

    @6
    i’ll tell you one more: your momma’s got a penis.

  23. Posted by guest | May 5, 2009 at 9:49 AM

    AQR has the smartest people working there. They will get through this downturn and come up stronger than ever.

  24. Posted by guest | May 5, 2009 at 9:49 AM

    patchouli fucking stinks

  25. Posted by guest | May 5, 2009 at 9:52 AM

    @23 Ah welcome to the site, AQR employee.

  26. Posted by guest | May 5, 2009 at 9:53 AM

    @2=@23=Cliff

  27. Posted by guest | May 5, 2009 at 9:54 AM

    I am a senior at Rutgers. How do I apply for a job there?

  28. Posted by guest | May 5, 2009 at 9:54 AM

    @23
    Thanks HR, where do I send my resume?
    - Still cannot believe AQR trolls this site

  29. Posted by guest | May 5, 2009 at 9:54 AM

    http://luxuryletter.wordpress.com/2009/01/07/publisher-spotlight-deal-breaker-above-the-law-and-fashionista/
    Adcision: Please describe a typical visitor to your site — what he/she is like, what motivates them to visit, what engages them while they are there.
    David: Of course the typical reader depends on the site. With regards to DealBreaker and AboveTheLaw the average reader is 30, extremely affluent and very well educated and most likely male (this is especially true on DealBreaker). Fashionista readers tend to be around 25 years old, relatively affluent and very cosmopolitan. Across all three sites about 40% of our readership is in New York.
    MUHAHAHA

  30. Posted by guest | May 5, 2009 at 9:55 AM

    AQR just refreshes DB all day long

  31. Posted by guest | May 5, 2009 at 9:55 AM

    Even with all of the patchouli in the world, I still wouldn’t pound a hippie chick in the ass.
    Dalton Grad

  32. Posted by guest | May 5, 2009 at 9:57 AM

    Adcision: Please share some demographic information about your audience (i.e. average home value, average HHI, male/female ratio, etc.)
    DealBreaker readers: 89% male, median age 30, $246k average HHI
    AboveTheLaw readers: 64% male, median age 30, $143k average HHI
    Fashionista readers: 94% female, median age 26, $71k average HHI
    go read fashionista bitches – maybe you can impress them with your “finance knowledge”

  33. Posted by guest | May 5, 2009 at 9:58 AM

    Co-Editor, DealBreaker.com
    CompanyDealBreaker.com LocationNew York, NY, 10012 CompensationAnnual salary, plus bonus, benefits and 401k Position TypeEmployee Employment typeFull time Updated07 Apr 2009 eFC Ref no533743 Apply online Save this job Send to friend Print this job
    DealBreaker.com, the irreverent online Wall Street tabloid reaching 350,000 unique users a month and with 3 million monthly pageviews, is currently recruiting for a co-editor to work along side current editor Bess Levin. DealBreaker.com is part of the Breaking Media (http://www.breakingmedia.com/) network of blogs.
    DealBreaker is seeking a super smart and funny co-editor to work with the current editor to grow our business news and opinion site. Do you have an instinct for buzzworthy stories? A keen understanding of how to package content on the web? Do you bring a sense of urgency to everything you do? If you’re witty and love writing about the world of finance then we want to hear from you.
    The ideal candidate must write well, edit confidently and quickly, think clearly and be passionate about business and financial news. Ironic sense of humor a plus. Experience in finance also a plus.
    This is a perfect opportunity for a former finance professional with writing talent, or an ambitious online journalist with a strong knowledge of finance who wants to take an already great site to the next level.
    Responsibilities:
    • Edit DealBreaker.com to reflect top business news, assembling the best coverage from around the web and commissioning/contributing original stories as well
    • Ensure that site presents consistent, compelling, smart take on business news
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  34. Posted by guest | May 5, 2009 at 9:58 AM

    @25, 28
    heard anything called humor?

  35. Posted by guest | May 5, 2009 at 9:59 AM

    Saw Kabiller at an investor event recently pitching AQR’s convertible bond fund with some troll from their CNH (Chicago, Northwestern, Harvard. Seriously that is their name) group. AQR has 100 different funds and kabiller is pitching whatever has had a good run in last 3 months. Even then he only has one or two funds to work with.
    Is his backhand still as good as in his college days?

  36. Posted by guest | May 5, 2009 at 10:00 AM

    EP are you leaving us?

  37. Posted by guest | May 5, 2009 at 10:02 AM

    hmm why do the AQR trolls keep posting about how DB is looking for a new editor?
    /whackjobs

  38. Posted by guest | May 5, 2009 at 10:02 AM

    another snarky article and glom on postings by people who wish they had real jobs.

  39. Posted by guest | May 5, 2009 at 10:02 AM

    I doubt this guy quit. AQR has been laying off one person a week to try to avoid negative publicity that can come with a large round of layoff. The partners are nice people. They simply cannot afford to pay up anymore. It’s simple economics people, Don’t hate.

  40. Posted by guest | May 5, 2009 at 10:03 AM

    cliff@28- seriously, just sign your name.

  41. Posted by guest | May 5, 2009 at 10:04 AM

    yes, @38- surely the editors here wish they had jobs at a sinking fund that doesn’t pay its employees.

  42. Posted by guest | May 5, 2009 at 10:05 AM

    @39 Hello HR! Now please go back to sucking the blood out of people.

  43. Posted by guest | May 5, 2009 at 10:06 AM

    @41
    no the advertisement based blog business is doing great, retard!

  44. Posted by guest | May 5, 2009 at 10:07 AM

    Oh yeah! This thread has all the makings to be another classic.
    Cliff, come out come out wherever you are…

  45. Posted by guest | May 5, 2009 at 10:09 AM

    @43- better than AQR (then again, what isn’t?)

  46. Posted by guest | May 5, 2009 at 10:09 AM

    Obama Aggressive Alpha fund beats AQR by a mile! EP, where’s the tracking?

  47. Posted by guest | May 5, 2009 at 10:14 AM

    We at AQR made one very big mistake and grossly overhired in anticipation of an IPO in summer of 2007. As it has been well chronicled in this venerable news site, we were then hit with a perfect storm of bad news: sinking equity market which closed our window for IPO and an extended period of unsually poor performance by our hedge funds. With rapidly shrinking revenue we were not able to compensate our people as well as we would have liked to, and as a result a number of good people left last year. The problem is, as usual in this business, in bad times the best talent leaves first while the second and third-tier performers hang around. We are simply cleaning house of these underperformers to set a stage for a comeback. The core group of partners, the ones who are truly astute investors, are all still here. There has not been a single senior level departure at AQR. We have everything we need to make the firm great again. I am sorry those who couldn’t find a place here have to react in such a bitter way upon parting ways.

  48. Posted by guest | May 5, 2009 at 10:16 AM

    Ciffy,
    Please go back to waiting for the P&L page to refresh – I know that’s what you spend your day doing. The guy that was responsible that POS left for UBS – now if that doesn’t say something …

  49. Posted by guest | May 5, 2009 at 10:16 AM

    kabiller still serves up a lot of balls at work

  50. Posted by wcburrs87 | May 5, 2009 at 10:17 AM

    @27, hilarious.

  51. Posted by guest | May 5, 2009 at 10:17 AM

    @47, finally someone who thinks rationally…

  52. Posted by guest | May 5, 2009 at 10:17 AM

    my god, @47 = cliff or HR

  53. Posted by guest | May 5, 2009 at 10:18 AM

    @48, what’s the deal with UBS?

  54. Posted by guest | May 5, 2009 at 10:19 AM

    ATTENTION CLIFF:
    Please call Patriarch’s head Lynn Tilton. You can enjoy long walks on the beach and hanging out together on DB’s boards. And she’s one classy lady.

  55. Posted by guest | May 5, 2009 at 10:19 AM

    Cliffy, how is bikram yoga? do you recommend?

  56. Posted by guest | May 5, 2009 at 10:20 AM

    I for one think 47 has a pretty good point.

  57. Posted by guest | May 5, 2009 at 10:21 AM

    get sacked at AQR -> apply at dealbreaker

  58. Posted by guest | May 5, 2009 at 10:22 AM

    @47: Define “senior level” – is that just Cliff and Kabiller? Of course they haven’t left.
    Head of Fixed Income sounds “senior” to me, but I guess you could define him as “junior” if you were desperate enough to want to paper over your troubles.
    “Overhired in preparation for an IPO”? are you nuts? Most companies keep the business lean so margins look great for the IPO and the first earnings release after going public. You guys were spending money like the IPO had already happened. It was nauseating. Counting your chickens, and all that.
    If “Senior” is just the top 2 people, and “junior” is everyone else, then sure – “no single senior person has left”.
    but then again – who would hire them anyway? Their asking price is way, way above what anyone would pay.

  59. Posted by guest | May 5, 2009 at 10:22 AM

    47 can only be one person. I wouldn’t disclose his name though, other than that his last name rhymes with “wii”

  60. Posted by guest | May 5, 2009 at 10:23 AM

    @52
    which one gives you the most raging hard-on?

  61. Posted by guest | May 5, 2009 at 10:24 AM

    @47, how about Bob Krail? isn’t he pretty senior? I don’t think he has done a minute of work in 2 years plus?

  62. Posted by guest | May 5, 2009 at 10:24 AM

    @59
    uhh – Bruce Lee?!?

  63. Posted by guest | May 5, 2009 at 10:25 AM

    @58: how come nobody mentions John Liew’s name when discussing senior members of AQR? He is the number two guys at the firm.

  64. Posted by guest | May 5, 2009 at 10:26 AM

    Is it true that Kabiller is speaking at Rutgers convocation this year? The man is a master inspirational speaker. Fire up all the future AQR analysts!

  65. Posted by guest | May 5, 2009 at 10:28 AM

    AMG stock has tripled since November. Anger management advice has definitely paid off

  66. Posted by guest | May 5, 2009 at 10:28 AM

    @63
    “He is the number two guys at the firm.”
    sounds like a special place indeed..

  67. Posted by guest | May 5, 2009 at 10:29 AM

    Who is the new head of fixed income then? There is nobody left in that group???!!

  68. Posted by guest | May 5, 2009 at 10:31 AM

    @47 – No senior people at AQR are astute investors, only astute marketing and client relations people. Cliff had a good idea 15 years ago that since then every quant knows and runs (and the smarter ones have probably stopped running cause it ain’t working for now).
    Speaking of hangers-on, why don’t you start cleaning house at the top with the non-founding partners who haven’t made a contribution since writing some kludgy c++ code 10 years ago

  69. Posted by guest | May 5, 2009 at 10:32 AM

    @63
    John Liwe’s sole function to be cliffy’s punching bag.

  70. Posted by guest | May 5, 2009 at 10:32 AM

    What happened to this pretty boy:
    http://www.econ.yale.edu/~af227/
    Still around?

  71. Posted by guest | May 5, 2009 at 10:35 AM

    @64
    The new term is “assistants.” The firm is moving to a formalized 2-year program like the investment banks where they hire directly from colleges for a fixed-period apprenticeship. Current group of analysts will all be let go by december except a select few that the management likes.
    The new crop of “assistants” will be culled from such venerable institutions as Rutgers, Hofstra and UConn. No joke.

  72. Posted by guest | May 5, 2009 at 10:38 AM

    @69- great points. I have seen some of that C++ code myself. I am willing to bet that there are numerous mistakes all over the system that renders the resulting trades no better than random number generators. AQR hired some miserable programmers.

  73. Posted by guest | May 5, 2009 at 10:40 AM

    @71: still there after his $900k payout. I saw him checking out lamborghinis on his computer the other day. A yellow one to match his hermes scarf

  74. Posted by guest | May 5, 2009 at 10:50 AM

    if you own an iphone make sure jacques does not see it

  75. Posted by guest | May 5, 2009 at 10:56 AM

    @61
    Bobby boy has been getting some sweet sweet california love for a while. he’s probably doing a line off a porn star’s boobs right now.

  76. Posted by guest | May 5, 2009 at 10:56 AM

    @73 I thought _everyone_ [except HR] in AQR programs? Traders, PM’s, researchers, data scrubbers, Principals, everyone. That is/was one of the requirements of being hired.
    If that’s what you mean by miserable then I totally agree. They spent more time trying to be programmers than on their real jobs. Totally dysfunctional if you ask me.

  77. Posted by guest | May 5, 2009 at 11:10 AM

    I am doing some lotus to ward off this stress

  78. Posted by guest | May 5, 2009 at 11:42 AM

    @73 – It’s actually worse than you think. The logic goes “If we wrote some stupid code that loads price/book into a database and then optimizes a portfolio based on it, then we must be really great investors. I mean just look at this insane backtested sharpe!!”
    Honestly, the right move is to fire all over-qualified analysts and hire a bunch of data monkeys from rutgers since that’s the only work they do at aqr anymore. While they’re at it they could fire all useless PhD’s and save a couple million to put in the partners pockets

  79. Posted by guest | May 5, 2009 at 11:55 AM

    could anyone from AQR be a good discretionary prop trader?

  80. Posted by guest | May 5, 2009 at 11:56 AM

    @80 are u looking for one?

  81. Posted by Seaman Bodine II | May 5, 2009 at 12:00 PM

    @73 / @79
    this is true in a great many quant houses
    the math / statisticians are grinding compiled languages (like c++, or c# at bwater) due to the volumes of data, but are probably better suited to scripting languages (which is what desco used for the longest time – as well, as shell / awk stuff) and the CS guys can’t begin to fathom the actual equations, and thus every 100th line of code probably has some slight floating point error which is basically a gremlin
    you can learn a lot from michael bolton

  82. Posted by guest | May 5, 2009 at 12:15 PM

    Is AQR’s strategy really that simple? Kabiller and Andrade have been telling investors there has been a massive skunkworks like research that would totally overhaul the firm and put it on the same footing as Renntech. Any insight as to what this research is about?

  83. Posted by guest | May 5, 2009 at 12:18 PM

    81, there is always an opening for a good prop trader.

  84. Posted by guest | May 5, 2009 at 12:20 PM

    I thought they had stopped imposing the gardening leave?

  85. Posted by guest | May 5, 2009 at 12:22 PM

    Cliff,
    Report to the wood shed, it is time for your monthly beating, you have been a bad boy, and its time to settle accounts. So suck it up, and put them up, it is just like old times.
    Yes, it is I. Your greatest nemesis, who has waited patiently for your return.
    -Not Cliff

  86. Posted by guest | May 5, 2009 at 12:26 PM

    Again a post full of lies. The guy who just got fired from AQR was going to be fired from Deutsche and came to AQR only because of his graduate school connections to some of the principals. A “star trader?” How hillarious. If you are going to disparage someone get the facts straight. He also never made a penny for the firm during the three years he had been there.

  87. Posted by guest | May 5, 2009 at 12:27 PM

    cliff @87- seriously sign your comments.

  88. Posted by guest | May 5, 2009 at 12:27 PM

    @87- wow, if that’s true (and it’s likely not) I’m sure investors would love to know AQR put a guy who was going to get fired from Deutsche Bank in charge of fixed income because of connections.

  89. Posted by guest | May 5, 2009 at 12:29 PM

    Is Cliff bonking his assistant again?

  90. Posted by guest | May 5, 2009 at 12:30 PM

    89- at first he was hired as just a researcher. He got promoted last year when then the head of fixed income left AQR.
    I wonder who the next guy to inherit the throne is.

  91. Posted by guest | May 5, 2009 at 12:33 PM

    90, are you talking about cliff or Kabiller?

  92. Posted by guest | May 5, 2009 at 12:37 PM

    @79-you are right and that’s what has been happening at AQR. They’re replacing all the leftovers with eager monkeys from third tier schools who would gladly do the mindless work for moderate compensation.

  93. Posted by guest | May 5, 2009 at 12:41 PM

    Every time there is a departure somebody stands to gain from the vacancy. Is anyone there moving up as a result?

  94. Posted by guest | May 5, 2009 at 12:43 PM

    Forget wall street sequel. How about AQR : The Movie?

  95. Posted by guest | May 5, 2009 at 12:43 PM

    @92 Does Kabiller bonk his assistant?

  96. Posted by guest | May 5, 2009 at 12:45 PM

    Great idea 95.
    Ed Harris (after putting on 20lbs) to play Cliffy.

  97. Posted by guest | May 5, 2009 at 12:47 PM

    Luke Wilson to play Bob

  98. Posted by guest | May 5, 2009 at 12:48 PM

    An AQR movie would be so much better than Wall Street 2.

  99. Posted by guest | May 5, 2009 at 12:49 PM

    George Clooney to play David Kabiller

  100. Posted by guest | May 5, 2009 at 12:50 PM

    WOPR to play the black box.

  101. Posted by guest | May 5, 2009 at 12:51 PM

    @97: shouldn’t it be Richard Dreyfuss playing Cliffy?

  102. Posted by guest | May 5, 2009 at 12:52 PM

    Steve Buscemi (with some makeup) to play John Liew

  103. Posted by guest | May 5, 2009 at 12:53 PM

    Harvey Keitel can play Ronen

  104. Posted by guest | May 5, 2009 at 12:55 PM

    The black box can be played by a vintage Apple IIgs

  105. Posted by guest | May 5, 2009 at 12:56 PM

    Ed Harris would be better for Jacques Friedman

  106. Posted by guest | May 5, 2009 at 12:58 PM

    Paul Giamati to play Brian Hirst

  107. Posted by Seaman Bodine II | May 5, 2009 at 12:59 PM

    Mark Cuban definitely should play Cliffy

  108. Posted by guest | May 5, 2009 at 1:02 PM

    @103, that’s a good one!

  109. Posted by guest | May 5, 2009 at 1:05 PM

    Ben Kingsley to play the Indian guy that never delivers anything.

  110. Posted by guest | May 5, 2009 at 1:08 PM

    Vinnie Jones [with Russian accent] to play Oktay.

  111. Posted by guest | May 5, 2009 at 1:10 PM

    Megan Fox to play…

  112. Posted by guest | May 5, 2009 at 1:12 PM

    @83 I call bullshit on the R&D. Staff can barely keep pace supporting the current trading and order management platforms – which are garbage. They don’t have the ability,talent or the $$$ to build anything better …

  113. Posted by guest | May 5, 2009 at 1:12 PM

    @112
    .. with my schlong, all night long.

  114. Posted by guest | May 5, 2009 at 1:18 PM

    @90, kabiller’s assistant has been bonked by at least 3 different guys at work

  115. Posted by yue aur wong | May 5, 2009 at 1:24 PM

    I am an AQR insider. What I’ve read reflects some misunderstandings. So let me clarify:
    1. Geoff V., the fired guy, was NOT the head of fixed income. He was a researcher. One of many. And he was fired. This post makes it look like he left voluntarily. There is no head of fixed income. There is a GAA group and a GSS group, neither headed by the fired employee.
    2. AQR did not “screw” people on bonuses. They had a down year and bonuses declined accordingly.
    3. Calpers is moving their quant program in house. They did this with many managers not just AQR.
    4. Cliff is not in anger management. AMG made no such request/demand.
    Thanks.

  116. Posted by guest | May 5, 2009 at 1:27 PM

    Calpers developing their own quant program? Any job openings there?

  117. Posted by guest | May 5, 2009 at 1:29 PM

    @116- sorry, all i got from that was “bull shit bull shit bull shit [stop to breathe] bull shit”

  118. Posted by guest | May 5, 2009 at 1:30 PM

    116, how can a firm with such a big fixed income book (hundreds of billions in notional) NOT have a head? Could you clarify for your investors?

  119. Posted by guest | May 5, 2009 at 1:30 PM

    @116- total lie. there was significant fall out by investors from cliff’s little tantrum in the comments section and he was indeed forced to go to counseling.

  120. Posted by guest | May 5, 2009 at 1:32 PM

    116, I don’t know if I can believe you since AQR says everyone who ever left the firm has been “fired.” What exactly is your definition of firing?

  121. Posted by guest | May 5, 2009 at 1:33 PM

    Cliffy surely burns incense in his office. The whole floor can smell it.
    That might be a firecode violation!

  122. Posted by guest | May 5, 2009 at 1:34 PM

    @116 – Per #2, the reason AQR did indeed “screw” people with bonuses is they were making the pitch that analysts weren’t paid as much as competitors because they were buffered in bad times. Guess what, when bad times hit they weren’t buffered (if there were lucky (or you could say unlucky) enough to keep their jobs).
    I’m all for performance-tied comp, but AQR bait and switched most of their analysts not only with comp but also with what they worked on.
    Per #3, Calpers probably realized the “skunk works” has been shut down for 10+ years and they can cut out the middle man.
    Why do you think AQR is going to mutual funds? All the smart money got up and went

  123. Posted by guest | May 5, 2009 at 1:37 PM
  124. Posted by guest | May 5, 2009 at 1:37 PM

    83, marketing guys lie. Or at best they grossly misunderstand things.
    AQR lost any ability to do breakthrough research about a year ago. Their last major research was recreating the exact system described in “The Way of The Turtle” word for word. No joke. If you’re an investor who want to know more just phone Brian Hurst and ask what the deal was.

  125. Posted by guest | May 5, 2009 at 1:40 PM

    so, everyone on this board claims to work at aqr and no one agrees on the facts with each other..

  126. Posted by guest | May 5, 2009 at 1:43 PM

    Current research of interest deals primarily with optimizing combination of scarves to maximize color vibrance to warmth ratio.

  127. Posted by guest | May 5, 2009 at 1:44 PM

    Are SUNY-Albany grads also eligible for the research assistant jobs?

  128. Posted by guest | May 5, 2009 at 1:45 PM

    My God don’t any of you people in CT work?

  129. Posted by guest | May 5, 2009 at 1:46 PM

    123 is right. AQR’s main pitch to new college graduates was that we pay you low because we still pay out well in bad years.
    And then in January of 2009 they decided to change that retroactively.
    All the smart guys were already gone looking for unconstrained upside elsewhere, and those who actually believed the partners were sucker punched in the balls.

  130. Posted by guest | May 5, 2009 at 1:49 PM

    @116- citadel was down 55 percent this year and employees still got bonuses, out of ken griffin’s pocket. why couldn’t cliffy do the same?

  131. Posted by guest | May 5, 2009 at 1:51 PM

    who’s cliffy’s new secretary?

  132. Posted by guest | May 5, 2009 at 1:53 PM

    131, cliffy would have, but all the other useless partners refused to share knowing that they would all be out of their grossly overpaid job in a year’s time.

  133. Posted by guest | May 5, 2009 at 1:55 PM

    I thought the only group at AQR where people from third-tier schools were employable was the legal department?

  134. Posted by guest | May 5, 2009 at 1:55 PM

    @116 – okay, from what I know, he basically made all the major portfolio decisions and ran all the fixed income strategies. By your definition, I guess Cliff is also merely a “researcher”. There doesn’t seem to be a head of anything, except maybe just head.

  135. Posted by guest | May 5, 2009 at 2:07 PM

    Agree with 136. The facts are that everyone who researched fixed income reported to this guy. He was the most senior person by rank among all fixed income specialists. And he made all the trading decisions regarding the fixed income portfolios. Is there any other way to define the “head?”
    116 is typical of AQR where they try to discredit anyone who leaves AQR. They would outright lie that one was fired even if he or she most definitely voluntarily left. Guys, you cannot fire someone after he alreadys walked out on you! And on top of that they would say the “fired” person was in some ways ill fit for the group due to their lack of competence or professionalism. All blatant lies they keep telling over and over. It is amazing these guys have not been sued for slander.

  136. Posted by guest | May 5, 2009 at 2:10 PM

    @135, it helps overcome retardation if your last name is also Asness

  137. Posted by guest | May 5, 2009 at 2:37 PM

    There will be a round of layoff just before the memorial day weekend. 15 to 25 people to be axed.

  138. Posted by guest | May 5, 2009 at 2:40 PM

    Where is this Geoff V going?

  139. Posted by guest | May 5, 2009 at 2:44 PM

    Conan O’Brien to play Lars P

  140. Posted by guest | May 5, 2009 at 2:52 PM

    @124 That “article” probably marked the top.
    And retch.

  141. Posted by guest | May 5, 2009 at 2:59 PM

    Hate on losers. He’s just another young guy like you who’s in it to get paid. So what if he took down almost a mil while doing nothing. Good for him!

  142. Posted by guest | May 5, 2009 at 3:02 PM

    @124 – I’m embarassed to have even read that.
    I don’t know what’s worse, whether that article was written/published in the first place or that he agreed to do it.
    That is so disgustingly awful. Words cannot describe.

  143. Posted by guest | May 5, 2009 at 3:02 PM

    where should i go work? DE Shaw or AQR?

  144. Posted by guest | May 5, 2009 at 3:03 PM

    Chicago Booth for L-I-F-E!!!

  145. Posted by guest | May 5, 2009 at 3:08 PM
  146. Posted by guest | May 5, 2009 at 3:21 PM

    Booth is a joke. Pathetic excuse for those who cannot get into harvard, stanford, wharton, tuck or columbia

  147. Posted by guest | May 5, 2009 at 3:22 PM

    David Duchovny to play Oktay

  148. Posted by guest | May 5, 2009 at 3:24 PM

    @140, Unemployment office.

  149. Posted by guest | May 5, 2009 at 3:32 PM

    AQR sponsored party at Marquee this friday night. Be there.

  150. Posted by guest | May 5, 2009 at 3:36 PM

    @151- like they can afford a party

  151. Posted by guest | May 5, 2009 at 3:37 PM

    Pass the Courvoisier bitches!! AQR coming through!!

  152. Posted by guest | May 5, 2009 at 3:41 PM

    Bob will come back and rescue the firm. I believe in him.

  153. Posted by guest | May 5, 2009 at 3:57 PM

    Michael Cera to play John Liew

  154. Posted by guest | May 5, 2009 at 4:29 PM

    Britney Speers to play the stuck up dark haired bimbo in client relations. She _must_ be screwing several key people in and outside the firm.

  155. Posted by guest | May 5, 2009 at 4:30 PM

    How much did aforementioned C++ programmers/non top-echelon people get paid anyway?
    Judging by the mass discontent on all AQR threads, I’d guess not very much.

  156. Posted by guest | May 5, 2009 at 5:19 PM

    @157 – C++, SQL coder here, base is $165,000 bonus was 100k last year. I don’t work for AQR but another competing firm.

  157. Posted by guest | May 5, 2009 at 5:25 PM

    @158 – right, and you drink Dom for lunch and eat strippers for dinner.

  158. Posted by guest | May 5, 2009 at 5:26 PM

    @158
    Those skills are already commoditized elsewhere. Any industry that pays those scales deserve to go under.

  159. Posted by guest | May 5, 2009 at 5:46 PM

    @160 Let me guess… you’re a banker? Only you can get high pay rates and only you can stand in judgement of what others can [or should] earn?
    cunt.
    - not #158

  160. Posted by guest | May 5, 2009 at 5:51 PM

    @161 Did you flunk reading comprehension?
    Bankers maybe masochists/sadists/bastards but not stupid enough to wish their own industry “to go under”.
    -Not 160

  161. Posted by guest | May 5, 2009 at 7:19 PM

    Has anyone got a copy of the letter Cliff has written against Obama administration’s high-handedness towards hedge funds holding out Chrysler money?

  162. Posted by guest | May 5, 2009 at 7:32 PM

    OK. I am not a big fan of Cliff and his eccentricities but tell you what – I do admire the courage (may be naive at times) this guy has to speak up. His comments on DB were definitely a faux pas but goddamit he has every right to defend his firm against libel. And now he comes up with this justified response to Obama administration’s tirade against hedge funds. I myself have heard senior guys on Wall St admit they are secretively thankful to Cliff for having the balls to voice things they would be afraid to say.
    ~ not Cliff

  163. Posted by guest | May 5, 2009 at 7:57 PM

    @164 -
    Defend his firm against libel? How about the people who were at the sharp end of the AQR pointy stick who were libeled AND labeled as underperformers by members of his remaining staff?
    Since you are not up on these things, Mr. Asness decided to stab many loyal, hard working, employees in the chest the morning after Mr. Obama was elected. That he is still forcing water through his blow hole, over Mr. Obama, is of no consequence.
    I wish Cliffy, his partners and VP’s all the ill will in the world.
    - I did not vote for Mr. Obama or the Democrats.

  164. Posted by guest | May 5, 2009 at 8:15 PM

    Only at AQR you can still get fired after you resign. At least that’s what the principals there seem to believe.

  165. Posted by guest | May 6, 2009 at 6:30 AM

    @165
    you’re fired bitch deal with it. next time safe yourself the tears and us the whining and take a union job. pussy.

  166. Posted by guest | May 6, 2009 at 6:31 AM

    safe is save, obviously.

  167. Posted by guest | May 6, 2009 at 6:39 AM

    @167-@168 your mother was real dry last night – real chaffy

  168. Posted by guest | May 6, 2009 at 7:08 AM

    @169
    you must have that a lot – girls don’t get excited by losers like you. come to terms with it, you got played, you lost, you got bent over and taken advantage off and now you’re bitter..
    you’re fired, big deal, so are a lot of losers, at least you won’t be lonely in the fat part of the bell curve..

  169. Posted by guest | May 6, 2009 at 7:19 AM

    @170, that is why you haven’t done well in the investing game. Morons like you at AQR assume everything is in normal distribution.
    And try to learn proper English before you reach 40. “advantage off?” I wonder how many of these little mistakes you have in your “system?”

  170. Posted by guest | May 6, 2009 at 7:46 AM

    @171
    eh gaylord – i’m not at aqr. and your reply was very, very weak. good luck with your life and don’t think you’re useless – people like you are around to make other people feel good about themselves

  171. Posted by guest | May 6, 2009 at 7:53 AM

    @170
    I guess English isn’t your first language. You almost sound like Cliff but I’m not entirely sure…
    - not 169
    - not 171

  172. Posted by guest | May 6, 2009 at 8:04 AM

    @173
    it isn’t and you are still a loser

  173. Posted by guest | May 6, 2009 at 8:20 AM

    @174
    I hear your wife is dry, too. Dryness is a big, big problem these days; that must be why you introduced yourself with the word “pussy” – you just can’t help yourself.
    - not 169
    - not 165 In case you’re wondering

  174. Posted by guest | May 6, 2009 at 8:33 AM

    @175
    whatever, loser

  175. Posted by guest | May 6, 2009 at 9:33 AM

    Thanks to the quality of the comments from AQR’s employees here, the company’s demise is suddenly starting to make perfect sense.

  176. Posted by guest | May 6, 2009 at 10:30 AM

    Kabiller, why do you keep posting? Let it go man. Just like that time you were yelling at the doorman at Tenjune.

  177. Posted by guest | May 6, 2009 at 12:39 PM

    After reading this and the other threads regarding AQR, it became obvious to me the firm is full of smart, mature and professional people from top to bottom.
    Cliff, how did you make such a mess of once a fine place? What went wrong there? How can a small company of barely 100 people rouse so much hatred?
    I wouldn’t jump to judge your investment prowess by what’s reflected on some online chat room, but there is no doubt there is a very poor HR management by your lieutenants.

  178. Posted by guest | May 7, 2009 at 7:45 PM

    Cliffy A$ne$$ should keep his pie hole shut and fly below the radar while he attempts to fix the a$$ bleeding in his firm.
    Can he do that for even 5 minutes?

  179. Posted by guest | May 7, 2009 at 10:38 PM

    I am one of the no talent ass clowns that got laid off back in November. First, I would like to thank AQR for canning me after I was the only douche to work on thanksgiving, you couldnt do this before the holiday so I could at least enjoy myself? Second I would like to thank Cliff for his great Rangers tickets, the fleece, the t-shirt, the umbrella, the nap sack, the coffee mug, and all the great free meals… which I still enjoy to this day…Olive branch, thanks for not knowing I no longer work at AQR, keep the meals coming!
    Oh and thanks for giving me 3 months salary after working there for about 2 months. I got a job 3 weeks later, severance made for a nice bonus.
    Probably one of the most boring places I have ever worked. Oh and cliff you might want to get rid of your doll collection you proudly display in your office.

  180. Posted by guest | May 7, 2009 at 10:48 PM

    @181- send the AQR apparel to Dealbreaker!

  181. Posted by guest | May 8, 2009 at 8:28 AM

    @181 FTW
    From yet another talentless douche who got a job and enjoyed his severance ‘bonus’. Sucks to be stuck at AQR without a bonus… I really mean that.

  182. Posted by guest | May 8, 2009 at 8:38 AM

    @182
    Not sure what would be in it for me … Like #181 I’m keeping my goodies for an EBay fire sale.

  183. Posted by guest | May 11, 2009 at 9:12 AM

    Stop lying. Nobody who has been laid off from AQR has found a job elsewhere. IT guys don’t count.

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