AQR's Asness Calls Stock Market 'Very Expensive'

The video discusses the difficulty in defining a financial bubble, focusing on unrealistic assumptions needed to justify certain prices. It contrasts value and growth stocks, noting that the market in late 2020 was in a bubble. The 2021 market had high stock prices and low bond yields, leading to low expected returns. The current market is not considered a bubble but is still expensive, with a caution against assuming short-term corrections solve long-term trends.

How does the speaker view the concept of value versus growth in stocks?

What is the speaker's perspective on the current state of the market compared to previous years?