Resolve Riffs Investment Podcast

In this episode, the ReSolve team chats with Ben Reeves, a seasoned financial professional with a wealth of experience in portfolio construction and investment strategies. Ben shares his journey from working at Bridgewater to facing a health crisis, and eventually joining Wealthsimple. The conversation delves into the intricacies of allocation research, portfolio design, and the challenges and opportunities in the private investment space.

Topics Discussed

• Ben's transition from institutional investors to portfolio construction and his learnings from Bridgewater

• The impact of a health crisis on Ben's career and his shift to Wealthsimple

• The essence of long-term investing and the importance of putting money at risk in a reasonable way

• The exploration of privates as a first step in diversifying investment portfolios

• The challenge of tracking error constraints in portfolio design and how Wealthsimple navigates this

• The behavioral advantage of privates and the fear of giving up liquidity

• The difficulty for active managers to reliably outperform without overweighting certain sectors

• The role of gold and commodities in diversifying portfolios and mitigating risk

• The importance of putting money at risk in a reasonable way and avoiding performance chasing

• The potential of leverage as a diversifying tool or a risk-reducing tool

• The constraints and considerations in adding leverage to portfolios

• The personalization of portfolio construction and the shift towards risk parity

This episode provides a deep dive into the world of portfolio construction, the role of privates in diversifying portfolios, and the challenges of tracking error constraints. Ben Reeves offers valuable insights from his experience at Wealthsimple and Bridgewater, making this a must-listen for anyone interested in investment strategies and portfolio design.

This is “ReSolve’s Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Alfonso Peccatiello, a renowned macro investor, joins the ReSolve team to delve into the macro end game, the impact of leverage on the financial system, and the potential paths forward. They also discuss the role of politicians in managing fiscal interventions and the increasing volatility in the macro environment.

Topics Discussed

• The concept of the macro end game and the unsustainability of the current financial system

• The role of leverage in offsetting dwindling structural growth and its implications for the global economy

• The impact of central banks' decisions to stimulate economic growth by lowering interest rates

• The wealth illusion effect and its implications on the U.S. economy

• The potential paths forward considering the high levels of debt and low interest rates

• The shift from anti-cyclical to pro-cyclical use of fiscal policy by politicians

• The need for a global macro framework in asset allocation considering the current high-leverage, high-interest rate environment

• The launch of Alfonso's global macro hedge fund and its strategy to navigate the increasing macro volatility

This episode is a must-listen for anyone looking to understand the complexities of the global financial system, the role of leverage and fiscal policy, and strategies to navigate the increasing macro volatility. Alfonso's insights provide valuable strategies for navigating the uncertain financial landscape and understanding the potential paths forward.

This is “ReSolve’s Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, ReSolve team members Adam Butler and Rodrigo Gordillo discuss the concept of market volatility and its implications for investment strategies. They delve into the intricacies of Carry strategies, their impact on portfolio returns, and how to navigate market volatility effectively.

Topics Discussed

• The concept of Carry in the investment world and its potential applications

• The role of Trend and Yield in creating a fund

• The importance of understanding the Carry strategy and approach

• The impact of economic risk on Carry signals and expected future returns

• Building Carry strategies using time spreads or calendar spreads

• The influence of Absolute Carry and Relative Value Carry on performance

• The effect of estimated real trade frictions on returns

• The correlation between Carry and other assets in a portfolio

• The performance of Carry in different market regimes

• The benefits of diversification and the role of Carry in enhancing portfolio returns

This episode provides valuable insights into the world of market volatility and Carry strategies. It highlights the importance of understanding these concepts for effective investment decision-making and portfolio management. A must-listen for anyone interested in deepening their understanding of market dynamics and investment strategies.

This is “ReSolve’s Riffs” – published on YouTube Friday afternoons to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we have an engaging conversation with Roger King, the mastermind behind the successful Supplement King franchise. Roger shares his journey from starting as a local supplement provider to becoming a renowned name in the industry. He discusses his business strategies, the importance of understanding the market, and the challenges he faced along the way.

Topics Discussed

• Roger King's early journey into the world of supplements and how he identified an underserviced opportunity in the natural health products market.

• The challenges and lessons learned from transitioning from a single store to multiple retail locations and eventually moving to online sales.

• The importance of understanding the market and adjusting business strategies accordingly, including the shift from being a brand-building retailer to focusing on being the best retailer.

• Insights into the franchise model of Supplement King, and how they ensure the success of their franchisees.

• The strategy behind their social media marketing and the role of influencers in promoting their products.

• A look at the future of the supplement industry and the potential for innovation in the face of regulatory restrictions.

• Roger King's personal life and hobbies, and how he balances them with running a successful business.

This episode is a goldmine for anyone interested in understanding the dynamics of the supplement industry, franchising, and online retail. Roger King's insights and experiences provide a unique perspective on navigating the challenges of the business world and achieving success.

This is “ReSolve’s Riffs” – published 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 Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we delve into the world of value investing with Tobias Carlisle, the founder of The Acquirer's Multiple and author of the book 'The Acquirer's Multiple'. From his journey from a lawyer in Australia to a value funds manager in California, to his unique approach towards value investing, this conversation is a treasure trove of insights for anyone interested in the financial markets.

Topics Discussed

• Tobias Carlisle's journey from a lawyer in Australia to a value funds manager in California
• A discussion on the performance of Carlisle's ETF ZIG and its outperformance of S&P over the last three years
• The challenges and rewards of being a value investor in a market dominated by growth investing
• Insights into Carlisle's investment strategy, including his emphasis on fundamental performance over price action
• The role of patience and behavioral fortitude in value investing
• Carlisle's views on the future opportunities for value investing, particularly in the context of sector diversification
• Reflections on the recent Berkshire Hathaway annual meeting and the lessons learned from Warren Buffett and Charlie Munger
• Carlisle's personal investment mantra and his advice for navigating the ups and downs of the investing world

This episode is a must-listen for anyone interested in value investing. Tobias Carlisle's insights, drawn from his extensive experience and unique approach to investing, provide valuable strategies to navigate the financial markets. Whether you're a seasoned investor or just starting out, this conversation is sure to provide you with plenty of food for thought.

This is “ReSolve’s Riffs” – published 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 Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In today’s ReSolve Riffs we’re taking the opportunity to introduce the inaugural episode of a brand new podcast channel called the Get Stacked Investment Podcast. In this series, we dive deep into the world of Return Stacking, exploring the latest projects, content, and insights from the www.returnstacked.com website.

Co-hosted by Corey Hosteen, CIO of Newfound Research, along with the support of our own Mike Philbrick and Adam Butler this promises to be an insightful and valuable too in your investment arsenal. Subscribe to the Get Stacked feed using the link in the description to stay up-to-date with the latest episodes and never miss a beat in the exciting new world of Return Stacking.

In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large-cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.

Topics Discussed

• The difficulties of beating the large cap U.S. equities market and the need for diversification

• The shift in conversations about return stacking from risk management to creating excess returns

• The potential of diversification in generating consistent positive excess returns

• The idea of dictum in the markets and the difference between behavioral time and statistical time

• The concept of risk parity and the importance of maintaining balance in portfolio risk

• The role of trend following in risk management and return stacking

• The potential of stacking strategies in enhancing portfolio returns

• The structural challenges in implementing return stacked strategies in portfolios

• The importance of diversification in ensuring investment success

This episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Jared Dillian, the editor of The Daily Dirtnap and author of the book No Worries: How to Live a Stress-Free Financial Life. They delve into a variety of topics, including the power of diversification, the importance of understanding financial stress, and the current state of global financial markets.

Topics Discussed

• Jared Dillian's perspective on the current macro views on monetary policy, hard assets, and other financial matters

• The concept of financial stress and how to minimize it, focusing on debt and risk

• The importance of time and rational decision-making in buying a house

• A discussion on the current state of advice in the financial industry

• The 'Awesome Portfolio' - a diversification strategy that includes stocks, bonds, cash, gold, and real estate

• The role of gold in a diversified portfolio and its comparison to Dennis Rodman's role in a basketball team

• The potential future of inflation and its impact on the global economy

• An exploration of emerging markets, with a focus on India and Argentina

• A discussion on potential future challenges in the financial market, including the possibility of high interest rates

This episode offers valuable insights into financial stress, diversification strategies, and the future of global financial markets. It's a must-listen for anyone interested in understanding the complexities of the financial world and gaining strategies to navigate the uncertain financial landscape.

In this episode, Andy Constan, a veteran Wall Street professional, joins the ReSolve team to discuss the intricacies of the Federal Reserve's interest rate policies, the impact of long-term borrowing rates on the economy, and the role of financial advisors in the investment industry. They delve into a wide array of topics, shedding light on the complexities of asset allocation, the influence of policy makers on market dynamics, and the future prospects of bonds and equities.

Topics Discussed

• Andy Constan's perspective on the Federal Reserve's interest rate policies and their impact on long-term borrowing rates

• The role of financial advisors in the investment industry and the importance of informed conversations between advisors and clients

• Insights into the complexities of asset allocation and the challenges of stock picking

• The impact of long-term interest rates on the economy and the potential implications for inflation

• The role of policy makers in changing market dynamics and the potential effects of their decisions

• Predictions for the future performance of bonds and equities, and the factors that could influence these outcomes

• The potential impact of government spending and fiscal policies on the expected trajectories of the market

This episode is a deep dive into the complexities of financial markets, interest rates, and asset allocation. Andy Constan provides valuable insights from his extensive experience on Wall Street, making this a must-listen for anyone interested in understanding the intricate dynamics of the investment industry and the potential future of bonds and equities.

This is “ReSolve Riffs” – published 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 Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Introduction

In this episode, we are thrilled to have Jeff Weniger, the Chief U.S. Strategist for WisdomTree ETFs, back on the show. Jeff shares his insights on a range of topics, including the 'pension wars' concept, the potential for a domino effect in global equity markets, and the role of financial engineering in shaping investment strategies.

Topics Discussed

• Discussion on the 'pension wars' concept and its potential impact on asset flows over the next several years

• Exploration of the potential domino effect in global equity markets and the implications for investment strategies

• Insight into the role of financial engineering in shaping investment strategies, with a focus on the 1980s and 1990s

• Analysis of the impact of rising natural gas prices on diversified enterprises and the broader market

• Discussion on the future of work, with a focus on the shift towards remote work and its potential implications for the labor market

This episode is a must-listen for anyone interested in understanding the complexities of global equity markets, the potential impact of the 'pension wars' concept, and the future of work. Jeff Weniger's insights provide valuable strategies to navigate the uncertain financial landscape and better understand the intricacies of investment strategies.

This is “ReSolve’s Riffs” – published 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 Richard Laterman of ReSolve Asset Management.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Jason Buck, co-founder and CIO of Mutiny Funds, to delve into a range of topics, from the concept of ergodicity, portfolio construction, and the importance of diversification in investing. They also discuss the intricacies of the capital efficiency and tax implications of various investment strategies.

Topics Discussed

• Jason Buck's explanation of ergodic and non-ergodic concepts using the analogy of Russian Roulette

• The importance of understanding expected value in portfolio construction

• The role of offense plus defense in winning investing championships

• The concept of capital efficiency in using leverage and its implications for investment strategies

• The tax implications of Return Stacking and how to navigate them

• The significance of broad diversification in investment strategies

• The impact of different market conditions on the performance of long volatility managers

• The importance of maintaining line items in the portfolio for risk protection

This episode provides valuable insights into the complexities of investment strategies, portfolio construction, and the importance of diversification, and is a must-listen for anyone interested in understanding the nuances of investing and portfolio management.

This is "ReSolve's Riffs" – published 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 Richard Laterman of ReSolve Asset Management Inc.

*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.