Facts vs Feelings with Ryan Detrick & Sonu Varghese

This podcast takes a deep dive into the market-moving events to cut through the noise and help you identify what really matters. Facts vs Feelings is hosted by Chief Market Strategist, Ryan Detrick and VP, Global Macro Strategist, Sonu Varghese, and is a product of the Carson Investment Research Team.

The information included herein is for informational purposes and is intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of CWM, LLC. Carson Partners offers investment advisory services through CWM, LLC, an SEC Registered Investment Advisor. Carson Coaching and CWM, LLC are separate but affiliated companies and wholly-owned subsidiaries of Carson Group Holdings, LLC. Carson Coaching does not provide advisory services.

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Facts vs Feelings with Ryan Detrick & Sonu Varghese

Cliff Asness Returns (Ep. 150)

August 27, 2025 • Carson Investment Research

In the latest episode of Facts vs Feelings, Ryan Detrick, Chief Market Strategist, and Sonu Varghese, VP, Global Macro Strategist, welcome back legendary investor Cliff Asness, Co-Founding Partner, Managing Principal, and Chief Investment Officer of AQR Capital Management. From market bubbles and speculative manias to AI-driven strategies and even Superman movies, this milestone 150th episode blends sharp market insight with candid (and fun) conversation.

Key Takeaways:

Bubble Talk: Cliff explains why today’s markets are expensive but stop short of a true “bubble.”
Black Swan Events: Why extreme market shocks happen far more often than statistics suggest.
Rise of Grift: Social media and meme coins are fueling grift-like behavior in markets.
AQR Evolution: How AQR has shifted toward data-driven models and capital efficiency.
Portable Alpha: Insights on stacking returns and improving diversification.
Buffer Products: Why complex downside-protection ETFs may just be expensive ways of holding cash and equities.
Personal Stories: Cliff shares Marvel fan moments, career “what-ifs,” and parenting wisdom.

Connect with Ryan:

• LinkedIn: Ryan Detrick

• X: @ryandetrick

Connect with Sonu:

• LinkedIn: Sonu Varghese

• X: @sonusvarghese

Connect with Cliff:

• LinkedIn: Cliff Asness

• X: @CliffordAsness

Questions about the show? We’d love to hear from you! factsvsfeelings@carsongroup.com

#FactsVsFeelings #CliffAsness #AQR #MarketBubbles #InvestingInsights #PortableAlpha #BlackSwan #FinancePodcast #RyanDetrick #SonuVarghese