Its always nice to hear someone who have done the statistical research on what works over a period of time. Cliff Asness discuss many interesting topics especially for those who are very value tilt, or very momentum based. They don’t usually see eye to eye.

Particular interesting is his take on bonds and having a global diversified portfolio (Vanguard Total World Stock ETF maybe?)

• 2:46: Why stocks are expensive and will not provide the 8% most investors wants
• 3:23: CAPE is 23 times  above the average 13-17 times
• 5:10:  The critical nature of returns
• 6:20: How to adjust portfolio away from over reliance on stocks
• 8:00:  Buying Benjamin Graham stocks quantitatively
• 10:00: 6-12 months momentum strategies
• 11:20: Defensive stocks that protects you tend to outperform. Low beta, low volatility stock
• 12:40: He talks up an industry that is defensive which is ...