Cliff Asness Could Use Some New Investment Ideas

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He's got 100-large for whoever delivers AQR the right stuff.

AQR Capital Management LLC established a $100,000 annual prize competition for academic papers in finance that “have the most significant practical implication for investors,” according to a statement by the investment management firm. The competition for the prize, called the AQR Insight Award, “seeks unpublished papers that study investment in liquid assets for both tax-exempt institutional and taxable investor portfolios,” the statement said. “Areas of focus include asset allocation, security selection, portfolio implementation, and risk management.”

“Given the huge burden of future financial obligations, it's important to have leading thinkers in analytical finance and economics focus their intelligence on methods to enhance investment performance,” David G. Kabiller, AQR founding principal and head of client strategies, said in the statement. “The AQR Insight Award has been launched in recognition of the need to promote academic research that illuminates the drivers of successful investing and that can be applied to real-world portfolios.”

AQR Offers Prize For Research On Liquid Assets [P&I]

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Chuck Schumer's Gonna Have To Do A Lot Better Than Dinner If He Wants A Piece Of Cliff Asness

Earlier today, Politico ran a story titled "Can Chuck Schumer win back Wall St. for Democrats?" Apparently the New York Senator recently "embarked on a fence-mending campaign with senior Wall Street executives, many of whom have grown furious with the Democratic party," in a charm offensive that has included "holding private dinners [including one put on by Pershing Square manager Bill Ackman], organizing high-end fundraisers for Democratic candidates and quietly pressing for super PAC donations." According to Politico, "the outreach appears to be working: Hedge fund and private-equity executives have held six different fundraisers for Democratic challengers and senators at Schumer’s request, sources say." Some financial services employees, however, are not so easy. Take Cliff Asness for example. The AQR manager happened to read the piece and here's what he had to say about it: From: Cliff Asness Sent: Tuesday, June 19, 2012 01:08 PM To: AQR lieutenants, other top hedge fund managers Subject: Can Chuck Schumer win back Wall St. for Democrats? Good title question. Only if Wall Street is so f---ing stupid as to defy credulity, honor, and morality. So, yeah, probably. Best line: “Chuck Schumer is pro-business". Yeah, ones that buy him off in explicit crony-capitalism, but he wants to regulate and tax to death ones that don't. Don Corleone was also pro-business. You guys say this stuff with a straight face huh? C p.s. Sorry about the multiple emails, merging lists (though that is probably not the thing that upsets people) While the above response should come as a shock to exactly no one, we don't think Schumer should give up on Asness so easily. The guy just wants to be wooed. Start with some limited edition action figures, add some $700 bottles of wine, and go from there.  You whip out a Mego Elastic Batman, he's listening. You show up with a a matching Captain America shield tattoo but instead of on your forearm it's on your face? He's nominating you for President. You're welcome.