Resolve Riffs Investment Podcast

ReSolve Riffs returns with Julian Brigden, the president and founder of MI2 Partners, who joins the conversation as a seasoned market strategist and global macro expert. In this episode, Julian and his co-hosts Adam Butler and Richard Laterman dissect a broad range of topics—from U.S. exceptionalism and dollar dynamics to treasury market vulnerabilities and the complex interplay of global capital flows. The discussion navigates themes such as fiscal deficits, policy shifts, asset rotations, and geopolitical recalibrations that are reshaping the global financial landscape.

Topics Discussed

• U.S. exceptionalism and the reflexive cycle of capital inflows, hyper-financialization, and current account imbalances

• Policy triggers and market cycles driven by the Trump administration’s tariff measures and shifting economic narratives

• Dollar performance and its impact on global purchasing power, equity valuations, and hedging dynamics

• Structural challenges in the U.S. Treasury market, fiscal dominance, and the looming implications of elevated deficits

• Global capital flows and the divergence in behavior between sovereign investors and private market participants

• Comparative dynamics across asset classes, including equity market rotations, emerging market opportunities, and the role of commodities

• Geopolitical recalibrations driven by U.S. retrenchment from European defense commitments and the evolving Middle Eastern investments

• Divergent monetary policy challenges in key economies, especially Japan’s yield curve control and the risks of fiscal dominance

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In this episode of ReSolve Riffs, host Rodrigo Gordillo is joined by Riccardo Gambineri, President at Crown Global Life Insurance Group, and Frank Seneco, President at Seneco Global Advisors. The discussion delves into sophisticated wealth planning solutions with a focus on private placement life insurance, comparing U.S., U.K., and offshore products while addressing topics such as asset protection, tax deferral, and strategic estate planning.

Topics Discussed

• Differences in Private Placement Life Insurance across Jurisdictions and Regulatory Frameworks

• Investment Flexibility and Portfolio Diversification within PPLI Structures

• Regulatory Compliance and Jurisdictional Challenges in Domestic and Offshore Markets

• Mechanics of Policy Borrowing, Interest Rates, and Accessing Cash Value

• Asset Protection and Creditor Shielding Advantages of Offshore Policies

• Transparent Cost Structures and the Value Proposition of PPLI versus U.K. Bonds

• Tax Implications, Deferral Mechanisms, and Estate Planning Strategies

• Integrating Comprehensive Family Governance and Customized Advisory Solutions

In this discussion, Adam Butler, CIO of ReSolve Asset Management Global, a seasoned expert in multi‑asset carry strategies, walks through his latest research comparing two implementations of a carry strategy. He explains the fundamentals of carry in diverse asset classes and explores a wide range of topics including carry fundamentals, market liquidity, simulation analysis, historical cycles, and portfolio strategy, all while putting recent market performance into a broader cyclical context.

Topics Discussed

• Carry strategy fundamentals and the yield dynamics across various asset classes

• Comparison between a small, highly liquid 26‑market universe and an extended universe of up to 80 markets

• Detailed statistical analysis using historical simulations and probability cones

• Examination of recent performance divergences between liquid and broader market universes

• The influential role of soft commodities and other non‑liquid market segments on carry returns

• Historical patterns of divergence and subsequent reversion in carry strategy performance

• Implications for long‑term investment strategies and tactical portfolio management

In this episode of ReSolve Riffs, host Adam Butler is joined by two special guests from Takahē Capital – founder, CEO, and chief bottle washer Moritz Seibert, and head of quantitative research, Moritz Heiden. They offer an in‐depth look into systematic trading within managed futures, exploring topics such as commodity markets, trend following, risk management, portfolio construction, and the challenges posed by investor and ESG dynamics.

Topics Discussed

• The emergence of Takahē Capital from restrictive ESG mandates and its unconventional origins

• The core trend following strategy, outlier trading, and the “high octane” approach

• Rigorous risk management techniques centered on fixed risk unit sizing and drawdown control

• Diversification across conventional and peripheral commodity markets

• Position sizing dynamics through multiple independent trading systems

• Portfolio construction methods and the management of correlated markets

• The balance between simplicity and complexity in systematic trading models

• The impact of investor demands and ESG standards on volatility, capital efficiency, and returns

This in‐depth live Q&A features guests Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Global, alongside host Rodrigo Gordillo, President and Portfolio Manager of ReSolve Global. In this episode, the panel unpacks the current macro market shifts and their impact on managed futures strategies, discussing topics such as policy shocks, systematic trend and carry models, volatility, and historical market precedents.

Topics Discussed

• Global Macro Market Dynamics and Policy Shifts affecting asset classes across Europe, the U.S., and beyond

• The Cumulative Impact on Managed Futures and Systematic Strategies that span multiple asset classes

• Multi-Asset Carry Strategy Fundamentals, including yield extraction and financing differentials

• Trend Following Strategies under Volatile and Reversal Conditions in rapidly shifting markets

• Risk Adjustments and Portfolio Rebalancing Mechanisms as systematic models react to sudden market changes

• Historical Precedents: Lessons from events like the 1994 bond massacre and subsequent policy shocks

• The Interplay between Policy Announcements and Systematic Strategy Performance amid geopolitical surprises

• Advisory Perspectives and Long-Term Risk Management for communicating drawdowns and premiums to clients

In this episode of ReSolve Riffs, renowned economist and strategist David Woo—CEO of David Woo Unbound and a veteran of global finance—dives deep into a multifaceted discussion on current global economic and political trends with Mike Philbrick and Adam Butler. Drawing on decades of experience at institutions like Bank of America and the IMF, Woo unpacks themes ranging from shifting U.S. trade policies and the fallout from the German election to disruptive advances in technology and evolving fiscal strategies.

Topics Discussed

• U.S. Trade Policy and Shifting Global Alliances: Analysis of the transition from Biden’s approach to Trump’s competitive strategy

• German Election and European Economic Adjustments: Examining the impact on manufacturing competitiveness and embedded fiscal constraints

• Tariffs and Trade Warfare: Insight into the deployment of steel, aluminum, auto, and reciprocal tariffs across regions

• Market Rotation and Investor Flows: The dynamic shift from U.S. retail-driven buying to increased global and emerging market exposure

• Fiscal Discipline and Inflation Management: Strategies to curb deficits, rein in spending, and mitigate inflationary pressures

• Emerging Markets and Currency Strategies: Evaluating opportunities in emerging market local currency debt amid global real yield shifts

• Technology Disruption in Cloud and Semiconductor Industries: The implications of innovations like DeepSeek and evolving AI dynamics

• Japanese Economic Outlook and Structural Reforms: Assessing Japan’s monetary policy, automation, and progress in semiconductor manufacturing

In this episode, the ReSolve team sits down with Daniel Waldenström, a professor of economics with a focus on growth and distribution. Waldenström shares his insights on a range of topics, from the impact of economic crises on societal structures, to the role of policy makers in fostering growth, and the shifting landscape of wealth inequality.

Topics Discussed

• Waldenström's journey into economics, spurred by an interest in societal issues and historical events, particularly the economic crisis Sweden faced in the early 90s

• The importance of understanding both the size of the economic pie and its division, and how this realization shaped Waldenström's book, 'So Richer and More Equal'

• The role of policy makers in fostering growth and the common pitfalls they face, particularly in Europe

• The impact of the Swedish economic crisis in the late 80s and early 90s, centered around real estate and loose lending standards by Swedish banks

• The evolution of wealth distribution over time, with a focus on the shift from a wealth concentration in the hands of a few to a broader dispersion

• The unique case of wealth inequality in the U.S., and how it differs from trends in other Western economies

• The role of educational systems, labor laws, and trade unions in raising people's productivity and income levels

• The impact of asset price appreciation on wealth inequality, and how this has played out differently in the U.S. and Europe

• The role of income and income distribution in wealth inequality, and the implications of capitalization of income

• Waldenström's policy prescriptions based on his research, offering a positive view of capitalism and human ingenuity

This episode is a must-listen for anyone interested in understanding the dynamics of economic growth, wealth distribution, and the role of policy in shaping these outcomes. Waldenström's insights provide a nuanced perspective on these complex issues, offering valuable strategies for navigating the ever-changing economic landscape.

In this riveting episode, the ReSolve team converses with Warren Mosler, a prominent economist and theorist in the field of Modern Monetary Theory (MMT). The conversation is enriched by the presence of Richard Latterman, a portfolio manager at Resolve, who is keen on gaining insights on policy and economics. The discussion dives deep into the evolution of economics, the departure of MMT from classical economics, the impact of interest rates on inflation, and the intricacies of the banking system.

Topics Discussed

• Warren Mosler provides an introduction to Modern Monetary Theory and how it deviates from classical economics

• The discussion delves into the order of operations in economics, with a focus on the concept of 'spend before taxing and borrowing'

• Exploration of the role of the U.S. government in the creation of dollars and the implications of this process

• Discussion on the fear of removing the scarcity constraint or the scarcity mindset in economics

• Analysis of the impact of interest rates on inflation, challenging conventional economic wisdom

• Understanding the concept of continuous change in the price level under floating exchange rates

• The conversation delves into the complexities of the banking system and the role of regulations and compliance

• Warren Mosler shares his views on the potential impact of certain policy suggestions on the current economic system.

• The discussion concludes with Warren Mosler sharing his non-consensus views on investment and asset allocation.

This episode is a treasure trove of insights for anyone interested in understanding the nuances of Modern Monetary Theory, the impact of interest rates on inflation, and the intricacies of the banking system. Warren Mosler's insightful views challenge conventional economic wisdom and provide a fresh perspective on the evolution of economics and economic policy.

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