By Carolina Mandl

NEW YORK Billionaire quant investor Cliff Asness said at a virtual event hosted by Brazilian bank Banco Bradesco on Thursday that he currently favors bonds over equities, given the returns that U.S. Treasuries are offering.

Asness, founder of AQR Capital Management, added he believes U.S. stocks are unlikely to repeat the same valuation growth they posted in the last 30 years. "That would leave the U.S. about four times more expensive than non-U.S. stocks," he said. "I don't think we'll ever seen one country ... four times the rest of the world."

AQR had $94.5 billion in assets under management in December 2022.

(Reporting by Carolina Mandl in New York; editing by Jonathan Oatis)