Cliff Asness said value stocks would outperform before the year started. He’s still optimistic.

The Federal Reserve’s interest-rate hike campaign has been a downer to most in financial markets, but not all. Bill Ackman, the chief executive of hedge fund Pershing Square, put on a timely derivatives bet shorting short-term Treasurys, that has already paid out $1.4 billion. (Granted, he also lost about $400 million on an ill-fated Netflix
NFLX,
-1.27%
investment.)

Value stocks have seen a renaissance after a lost decade. True, the iShares…

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