Cliff Asness may actively invest more than $100 billion in hedge and mutual fund assets for clients, but he tells his family to talk to the grandfather of passive investing, Vanguard's Jack Bogle.
"The average relative asking for advice, I say 'have you heard of this man Jack Bogle? He's a very nice man,'" the co-founder and CIO of AQR Capital Management said Friday in a keynote speech at the Morningstar Investment Conference in Chicago.
"I think as a starting point, I don't think (markets) are perfectly efficient. I do think we can do better. He's an investing hero of mine and I would disagree with Jack on this. But I think it's a better starting place to believe in Jack Bogle than to believe in eight stocks for many people," Asness said.