Cliff Asness has published a new 23-page paper titled 'In Praise of High-Volatility Alternatives,' advocating for the inclusion of high-volatility investments in portfolios. Asness argues that financial markets have changed significantly over the years and suggests that investors should embrace volatility rather than shy away from it. This perspective contrasts with the common practice of volatility laundering, where investors seek to minimize perceived risk. Asness's thesis is that high-volatility alternatives can offer better returns and portfolio diversification. The paper has sparked discussions in the financial community, with some experts, including John Shim, noting its nuanced approach to passive investing and market efficiency.