Cliff Asnes, co-founder of AQR Capital Management, believes that even after a major market correction, value stocks are much more attractive than their growth counterparts. “We’re sticking with it [value] Because we always like to have some value in the portfolio. And we’re more like when it looks very, very cheap,” Esness said on CNBC’s “Closing Bell” Wednesday. Growth stocks are “far from high, but the highs were so high; It’s tied to the tech bubble. I still think the relative prices are crazy out there. AQR has had a stellar year, even as the broader market got crushed amid fears of a recession and rising interest rates. Asness said his net trend-following portfolio is up more than 50% this year, while his net worth investment portfolio is in its forties. The S&P 500, down more than 20% so far in 2022, entered a bear market last week. Value stocks fell out of favor even before the pandemic as investors swung into innovation in technology names. Asness said he stuck to his guns with his disciplined value investing strategy and it eventually paid off. “What happened was a two-year bear market for price, and then a pandemic hit which the world decided … would be catastrophic for price fundamentals. So it sent this spread into the stratosphere between cheap and expensive- — long before the tech bubble,” Asness said. “What we did was up a bit, mainly just stuck with it… a lot of people didn’t want us. And not only this year, but last year has been rewarded for it as well.” Asness said AQR is looking for affordable companies with profitability, low risk and momentum, which includes some of the tech names traditionally viewed as growth stocks. “Both Meta and Amazon are generally preferred by our process now. They’re cheaper than their peers. Again, we do industry comparisons. They’re not always perfect,” Asness said. The investor disclosed that the AQR’s “very small” AMC is the short bet which is equivalent to a 12 basis point position in the portfolio. “We got a meme stock low,” Aces said. “We had this during the whole meme stock craze. It’s very expensive, super unprofitable, and has super high beta and volatility.” He added that Virgin Galactic is another name he just finds unattractive. Shares of the space company are down more than 50% this year. Correction: A previous version of the story misinterpreted Cliff Asness’s view on Virgin Galactic.