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Cliff Asness on Why Volatility - Not Permanent Loss of Capital - is Risk
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Cliff Asness, co-founder of AQR Capital Management, pushes back on one of investing's most popular definitions of risk — that risk "isn't volatility, it's the permanent loss of capital." ▶️ Watch the full conversation on Excess Returns: https://youtu.be/lvqqBjVil6c Subscribe to Excess Returns for long-form interviews with the best investors in the world. https://youtube.com/excessreturns
About Cliff Asness
Clifford Scott Asness (; born October 17, 1966) is an American hedge fund manager and the co-founder of AQR Capital Management. As of October 2025, Forbes estimated his net worth at US$2.9 billion.
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