The Curious Investor Bringing you the ideas that matter, the intuition behind the results, and the understanding to apply them. MyAQR Education Strategies About Us S2 EP6: Extra Credit in Active Fixed Income Active fixed income managers have tended to beat their benchmarks, but a peek under the hood of that outperformance reveals that it’s highly correlated with equities. Let us know what you think Feedback Episodes Season 2 Season 1 October 01, 2019 S2Ep10 Who Is on the Other Side? Listen How do we learn from situations where other forces are at play? Former professional poker player Annie Duke looks at decisions when outcomes are beyond our control, and AQR’s Toby Moskowitz delves into who is on the other side in factor investing. September 18, 2019 S2Ep9 Implementation: Food for Thought Listen Craftsmanship can be just as challenging for investors as it is for restaurateurs. Tom Colicchio, Chef and Owner of Crafted Hospitality, and AQR’s Adrienne Ross talk about how to build a system that works. September 04, 2019 S2Ep8 Can Machines Invest? Listen Machine learning is thriving thanks to high-powered computing and a flood of data. But when it comes to investing, more data doesn’t necessarily mean better predictions. August 20, 2019 S2Ep7 Calculated Risks Listen Risk is part of any endeavor, whether you’re managing money or robots on Mars. Steve Squyres, the Scientific Principal Investigator of the Mars Exploration Rover Project, and AQR’s Lars Nielsen offer two unique perspectives on managing risk. August 07, 2019 S2Ep6 Extra Credit in Active Fixed Income Listen Active fixed income managers have tended to beat their benchmarks, but a peek under the hood of that outperformance reveals that it’s highly correlated with equities. July 24, 2019 S2Ep5 Why Merger Arb Works Listen We explain how, why, and when merger arbitrage works – and why knowing this still doesn’t make it easy. July 10, 2019 S2Ep4 Diversify or Hedge? Listen Diversification is great, but it’s not the same thing as a hedge. Hedges are helpful downside protection in theory, but in practice they might not be worth it. June 25, 2019 S2Ep3 Inverted Yield Curves Listen Conventional wisdom says that when the yield curve inverts, the economy slows down. AQR’s Jordan Brooks and David Kupersmith review the evidence, and discuss what it means for an investor’s bond portfolio. June 11, 2019 S2Ep2 Commodities: Past, Present, and Futures Listen We talk about commodities as an investment and how one investor shared his rules for trading them successfully. May 28, 2019 S2Ep1 Gaining Momentum Listen AQR co-founder and Managing Principal Cliff Asness and Alpha Architect CEO Wes Gray discuss momentum—what it is and why it works. About The Curious Investor We sit down with some of the best minds in finance to break down important ideas in investing, challenge conventional thinking, and have a bit of fun. The Curious Investor brings you the ideas that matter, the intuition behind the results, and the understanding to apply them. In 2019, The Curious Investor won Gold in the “Audio Advertising – Corporate Image” category of the 25th Anniversary Financial Communications Society (FCS) Portfolio Awards. Read more about the FCS Portfolio Awards, and view the full list of winners. Meet Our Host Dan Villalon Principal M.B.A. University of Chicago B.A. Pomona College CFA Dan Villalon is a Principal and Global Co-head of the Portfolio Solutions Group at AQR Capital Management. In this role, he oversees the team responsible for advising clients on portfolio challenges, developing custom analyses that range from portfolio construction, to tail risk and capturing alternative sources of returns, as well as creating investor-oriented thought leadership, such as Alternative Thinking and other published research. Additionally, Dan founded, co-wrote and hosted AQR’s podcast, The Curious Investor. Prior to AQR, Dan was a senior business analyst at Mitchell Madison Group and an investment analyst in the private bank at JPMorgan Chase & Co. He earned a B.A. in physics from Pomona College and an M.B.A. with a concentration in analytical finance from the University of Chicago Booth’s School of Business. A paper co-authored by Dan, “Chasing Your Own Tail (Risk),” is part of the curriculum for people seeking to become Chartered Alternative Investment Analysts. He is a CFA charterholder. The information set forth in the recordings has been obtained or derived from sources believed by AQR Capital Management, LLC (“AQR”) to be reliable. However, AQR does not make any representation or warranty, express or implied, as to the information’s accuracy or completeness, nor does AQR recommend that the information serve as the basis of any investment decision. The recordings have been provided to you solely for information purposes and does not constitute a current or past recommendation or an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, and may not be construed as such. Past performance is not a guarantee of future performance. These recordings are not research and should not be treated as research. These recordings do not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of AQR. The views expressed reflect the current views as of the date hereof and neither the speaker nor AQR undertakes to advise you of any changes in the views expressed herein. It should not be assumed that the speaker will make investment recommendations in the future that are consistent with the views expressed herein, or use any or all of the techniques or methods of analysis described herein in managing client accounts. AQR and its affiliates may have positions (long or short) or engage in securities transactions that are not consistent with the information and views expressed in these recordings. There can be no assurance that an investment strategy will be successful. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. The information in these recordings may contain projections or other forward‐looking statements regarding future events, targets, forecasts or expectations regarding the strategies described herein, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different from that shown here. The information in these recordings, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Please note that changes in the rate of exchange of a currency may affect the value, price or income of an investment adversely. No representation or warranty, express or implied, is made or given by or on behalf of AQR, the speaker or any other person as to the accuracy and completeness or fairness of the information contained in these recordings, and no responsibility or liability is accepted for any such information. The FCS Portfolio Awards competition recognizes creative excellence in marketing communications work from financial companies, with Gold, Silver and Bronze trophies awarded for Public Relations; Print & Digital Collateral & Annual Reports; Advertising in print, audio, television, out-of-home, direct mail, and multimedia; Digital Media including display/rich media, email, websites, web video, apps, and mobile; Social Media; Branded Content; and Visual Identity. The Awards are judged by a panel of senior marketing and creative executives from financial services firms and agencies. 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