The Cost of Investing in Stocks

Cliff askedness of AQR said, it used to be very expensive to buy stocks. But he doesn't think there were enough frictions in the game to explain anything but a 'very small dream' He says transactions cost argument you can always make about value is that what you pay today is a function of expected future transactions. And it's always been the case that if you're in a less liquid market, you're willing to pay less upfront simply because you worry about future.