Colleague Jack Otter caught up with AQR Capital Management’s Cliff Asness at Morningstar’s June conference to discuss a heady subject: The efficiency of markets.

On one side are those who believe that markets are quite efficient, whatever the short-term noise. Against this efficient-market hypothesis are most stock pickers, a number of hedge-fund managers and others who see room to exploit market quirks. The latter believe there’s opportunity for better-than-average returns and other benefits.

AQR’s Cliff Asness on the Mostly-But-Not-Always Efficient Market