Billionaire investor Cliff Asness says stocks are 'woefully' unprepared for a macro shock in the event inflation doesn't come down as expected

• Stocks could face a macro shock if inflation doesn't come down the way markets are expecting, according to Cliff Asness.
• The billionaire investor said stocks were still expensive, and had more downside to come.
• "We're probably still in a bubble in cheap versus expensive," he said in an interview with Bloomberg TV.

Stocks could be shocked by macroeconomic conditions if inflation doesn't come down the way the market is expecting, according to billionaire investor Cliff Asness.