In today’s episode, we dive deep into the fascinating insights of Clifford Asness’s paper, "The Less-Efficient Market Hypothesis." With market dynamics evolving, Asness makes a compelling case that the stock market may actually be becoming less efficient, posing unique challenges—and opportunities—for investors. Key Highlights: The “Value Spread” Phenomenon: Why the valuation gap between high-growth and undervalued stocks could signal market bubbles. Factors Driving Inefficiency: Passive indexing, low interest rates, and the role of social media in creating a “herd mentality.” Investment Survival Kit: Asness’s strategies for staying rational, learning from market history, and maintaining a long-term focus. Whether you’re an investing enthusiast or a market newcomer, this episode offers thought-provoking perspectives on how today’s markets work—and how they might be changing. For more quant-focused content, join us at ⁠⁠⁠⁠https://community.quantopian.com⁠⁠⁠⁠. There, you can explore a wealth of resources, connect with fellow quants, engage in insightful discussions, and enhance your skills through our extensive range of online courses. Quant Radio is an AI-generated podcast, intended to help people develop their knowledge and skills in Quant finance. This podcast is not intended to provide investment advice.