This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. “There are two types of truths – one that can be derived from first principles, and another that emerges from a common set of beliefs or a shared narrative.” It was our great pleasure to speak this week with Demetri Kofinas, host of the popular Hidden Forces podcast. We have been keen listeners ...
Jun 29, 2021•2 hr 33 min•Ep. 86
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. “As the discount rate drives towards zero, it inflates every asset on the planet, including their correlations. Today’s dominant factor is discount rate risk.” Fasten your seatbelt and dial down the speed on your podcast player, because you are in for an epic ride. With our good friend Corey Hof...
Jun 22, 2021•2 hr 32 min•Ep. 85
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. “Life – and investing – are more like poker than chess”. This week we had the honor to speak to none other than Annie Duke, former World Series of Poker champion, author of “Thinking in Bets” and “How to Decide”, and thought leader in the field of decision-making. Co-hosted by our good friend Br...
Jun 16, 2021•2 hr 3 min•Ep. 84
How we can prepare for every investment scenario. We discuss: Risk Parity and Futures Markets Leverage and Value Diversification Outsourcing Expertise Integrating Asset Classes to Maximize Returns
Jun 09, 2021•19 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. This week we were joined by Brandon Caruana and Brian Tang, cofounders of Cayman-based Cartan Group, a consulting firm that specializes in blockchain technology solutions. The two combine for a deep and broad knowledge base of the emerging digital asset space, which made for a fascinating and wi...
Jun 09, 2021•2 hr 12 min•Ep. 83
How can we manage for scenarios when Liquidity evaporates? We discuss: The mechanics of a Liquidity Shock The Fed and the Long Volatility Gap Diversification, Tail Hedge Protection and Theta Bleed Dennis Rodman and the Long Vol Trade Yield, Growth and Inflation
Jun 02, 2021•21 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. Our guest this week was Robert Cantwell, founder and CIO of Upholdings, the first hedge fund in the US to be converted into an ETF. His career arc, beginning on the institutional side of the business and then actively seeking out more experience as a business operator, armed him with the flexibi...
Jun 01, 2021•1 hr 30 min•Ep. 82
This is GestaltU from ReSolve Asset Management where we debate the most relevant investment topics of the day, hosted by Adam Butler and Rodrigo Gordillo of ReSolve Global. The Crypto space is gaining more interest every day. David Fauchier is a Portfolio Manager and allocator at Nickel Digital Asset Management, with eight years of experience in the digital asset space. Prior to joining Nickel, David was CIO of Cambrial Capital, a London based fund of funds, which specialized in sourcing and sel...
May 31, 2021•1 hr 40 min•Ep. 80
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. And in the blink of an eye, a year went by. In the early days of the coronavirus pandemic, we recorded a conversation on the global investment landscape in the wake of competing narratives and heightened uncertainty. The Pandemic Portfolio episode paved the way for what would become ReSolve Riff...
May 26, 2021•2 hr 13 min•Ep. 80
How can we move from Factor Beta to Alpha? We discuss: Swensen, Yale and aligning incentives The cycles of factor investing Machine learning, the Bias/Variance trade off and Alpha Ensembles Sustainable Alpha through continuous Innovation
May 26, 2021•27 min
What additional Sleeves can we add to maximize diversity? We discuss: Style premia, factors, smart beta – the benefits and risks Efficient negative Sharpe ratios Redemptions and “noise traders” Larry Swedroe and anomalies Value characteristics and correlations Flows and Arbitrage opportunities
May 19, 2021•23 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. “The global macro game is far from boring!” Juliette Declercq, Founder & Global Macro Strategist at JDI Research, is not one to mince words, neither on her monthly reports, or on the rare occasions she grants an interview. We had the privilege of hosting her this week for some deeply insight...
May 17, 2021•1 hr 33 min•Ep. 79
How do we eat Sharpe ratio and meet financial goals with a maximally diversified portfolio? We discuss: Using leverage in a robust and diversified portfolio to preserve diversification while achieving target returns Why “credit” is not a distinct asset class and does not increase diversity Integrating your bets The repercussions of levering up What makes Risk Parity hard
May 12, 2021•19 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. Jim O’Shaughnessy (chairman and co-CIO of O’Shaughnessy Asset Management) is a Wall Street legend. He is one of the “OGs” of quantitative investing, a best-selling author, and more recently also turned podcaster with his Infinite Loops channel. Jim joined us for a roller-coaster of a conversatio...
May 11, 2021•1 hr 27 min•Ep. 78
Traditional yields are low, so how do we meet our funding obligations? We discuss: Rebalancing highly diversified portfolios to generate 3%-5% in excess returns The Diversification Ratio and maximally diversified portfolios The increased value of maximally diversified commodity sleeves Special advantages for non-institutional investors Hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global.
May 05, 2021•23 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global. As is often the case with sharp and curious minds, our guest this week traveled a meandering route through his career. While studying meteorology and public health in university, Eric Crittenden (CIO of Standpoint Asset Management) stumbled into an economics class and fell in love with complex dy...
May 04, 2021•1 hr 34 min•Ep. 77
Michael Harris started trading rates and derivatives 30 years ago. He is the Founder of Price Action Lab and the developer of the first commercial software for identifying parameter-less patterns in price action 20 years ago. In the past 10 years he has worked on the development of DLPAL, which is a software program designed to identify short-term anomalies in market data for use with fixed and machine learning models. In this wide ranging interview we discuss: Back testing and generating tradin...
Apr 29, 2021•1 hr 28 min•Ep. 76
Diversity of investments only produces “diversification” if asset classes are held in proper balance. We discuss: The 60/40 portfolio and why it’s not diversified or risk-balanced The advantages of Global Risk Parity Portfolios How leverage helps to preserve diversification Hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global.
Apr 28, 2021•23 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global. This week we were joined by Lawrence Hamtil, founder and principal at Fortune Financial Advisors, author of their popular blog, as well as an active member of the FinTwit community. His power lifting hobby and contrarian nature permeate his writing and investment philosophy, which made for a grea...
Apr 27, 2021•1 hr 23 min•Ep. 75
Investors are often prone to “home-country” equity bias and other heuristics that leave them under-exposed to the world’s many diverse opportunities. We discuss: The importance of global asset class diversity Ray Dalio and the “All Weather Portfolio” Making portfolios resistant to inflation and growth shocks Hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global.
Apr 21, 2021•16 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global. Although most of us like to think that we will rise to the occasion when the moment comes, various studies show that the vast majority of people will sink to the level of their training in the heat of battle. A systematic response to dynamic scenarios, removing one’s emotions from the equation, h...
Apr 20, 2021•1 hr 39 min•Ep. 74
Philip Tetlock’s research on the qualities of Super-forecasters explains why forecasting is hard and how diverse models and systematic thinking can help close the gap. We discuss: Improving predictions by regularly updating data The Brier Score and why it really matters Why larger samples permit more accurate short term predictions The difficulties with the “Long Now” narrative Hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global....
Apr 14, 2021•26 min
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global. Our guest this week was none other than Ted Seides, host of the popular Capital Allocators podcast. Ted began his career under the tutelage of endowment legend David Swensen at Yale University Investments, then went on to found Protégé Partners, investing and seeding small hedge funds. This caree...
Apr 13, 2021•1 hr 32 min•Ep. 73
Anyone who is responsible for stewarding wealth, from a high net worth person, to a family office, to an investment firm, to a pension plan. We discuss: Long term preservation of wealth for 30, 50, 100 years Building an investment “house” to weather all storms The difference between earning wealth and protecting it long term Clearing the “high confidence” bar Hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global....
Apr 07, 2021•20 min
Interest in crypto assets continues to accelerate, attracting investors from all walks of life and from all over the world. In this episode, we are joined by Raoul Pal, CEO and Founder of Real Vision Group, and Global Macro Investor, and one of the earliest and most enthusiastic exponents of the crypto-asset space. Raoul has many years of hands-on experience in both global macro and crypto assets, and offers critical insights on where investors should focus to maximize profits in both the near a...
Apr 01, 2021•1 hr 1 min•Ep. 71
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day. “Drink once every time someone says "rebalancing", twice for "geometric", thrice for "ergodicity". Leverage these amounts by 2.7x for the full Kelly experience”. This was the opening salvo from our guest, the once anonymous author of the popular Breaking the Market Blog, now revealed as Matt Hollerbach (founder of Pronghorn Analytics). With a background in mechanical engin...
Mar 30, 2021•1 hr 36 min•Ep. 70
In this episode, we are joined by Michele Wucker, author of the international bestseller “The Gray Rhino” and the new book “You Are What You Risk”. She coined the term “gray rhino” for obvious, probable, impactful risks, which we are surprisingly likely but not condemned to neglect. The gray rhino has moved markets, influenced central banks, guided risk managers and business strategy, and made headlines as an important frame for the ignored warnings that let the Covid-19 pandemic get out of cont...
Mar 30, 2021•1 hr 2 min•Ep. 69
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day. Interest in cryptoassets, and specifically Bitcoin, has skyrocketed in the last few years. From it’s humble beginnings Bitcoin has grown into a behemoth, leading some to wonder if it will eventually become a contender for the role of global reserve currency. Our guests for this episode were Greg Foss and Magdalena Gronowska, early adopters of Bitcoin and part of the team t...
Mar 23, 2021•2 hr 13 min•Ep. 70
This is ReSolve Riffs – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day. As governments in the U.S, Europe, Japan and elsewhere embrace aggressive fiscal stimulus measures in the wake of the global Coronavirus pandemic, investors are growing concerned that this may unleash a sustained inflationary impulse. As investors dust off their inflationary market playbooks, many are realizing portfolios may need to be significantly restructured. This week Re...
Mar 16, 2021•1 hr 35 min•Ep. 68
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day. In 1971, US president Nixon suspended the convertibility of the dollar to gold bullion, terminating what was known as the Bretton Woods system, which also kept other major currencies pegged to the greenback at a fixed exchange rate. Since then, the US dollar has experienced three major cycles of appreciation followed by weakening, all of which have greatly impacted asset p...
Mar 09, 2021•1 hr 33 min•Ep. 67
