Buoyant stocks may have lost touch with economic reality, bond markets are screaming recession, and commercial real estate could be in trouble, Cliff Asness has warned. The billionaire investor and AQR Capital Management founder is also fearful of a financial crisis, sees parallels between Warren Buffett and quantitative traders, and expects cheap stocks to outperform in the years ahead. 1. "We raised a billion dollars. And through diligence, hard work and some good calls, we've turned that into half a billion dollars." (Asness was recalling what he told people 18 months after he launched AQR.) 2.