Newer quant outfits, like aqr and Two Sigma, beat humans' returns and gobbled up assets.

较新的量化机构，如 aqr 和 Two Sigma，击败了人类的回报并吞噬了资产。

Most quants underperformed the markets, as well as human hedge funds, in 2020 and early 2021. aqr closed a handful of funds after persistent outflows.

在 2020 年和 2021 年初，大多数量化分析师的表现都逊于市场以及人类对冲基金。在持续资金外流后，aqr 关闭了少数基金。

One of the explanations for aqr's period of underperformance, argues Cliff Asness, the firm's co-founder, is how extreme valuations became and how long a " bubble in everything" persisted.

该公司的联合创始人克里夫·阿斯内斯 (Cliff Asness) 认为，对 aqr 业绩不佳时期的解释之一是估值变得极端以及“一切都存在泡沫” 持续了多长时间。