AQR’s Cliff Asness Sees Expensive Stock Market But No Bubble

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AQR's Cliff Asness believes the US stock market is historically expensive but not at bubble levels, suggesting caution but not panic.

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The US stock market appears historically expensive, though not at levels that would suggest a bubble, according to Cliff Asness, co-founder at AQR Capital Management.

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Original article published by Bloomberg on November 10, 2025.
Analysis and insights provided by AnalystMarkets AI.