By Tom Bradley

As I noted in an earlier post, I heard Cliff Asness of AQR Capital Management speak last month. He’s a fun guy to listen to, illustrated by his comment, “There’s a bubble in the use of the term bubble.”

He didn’t claim to have come up with this clever line, but he did provide us with a useful definition of the word: “A bubble is when you can’t find one scenario that justifies the price.”