25 Top Traders Round Table with John Fidler, Jonathan Miles, and Christopher Vogt – 2of2

"Over the years, I have allocated to a lot of short term CTAs… but due to the alpha decay factor to short-term models, not really made any money from it." - John Fidler (Tweet)

Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, guest host Ranjan Bhaduri continues his conversation with John Fidler, Senior VP and Director of Alternative Investments at Commonwealth Bank and Trust, Christopher Vogt, Director of Equity Strategies at Margaret Cargill Philanthropies, and Jonathan Miles, Managing Director of Ascent Private Capital Management of U.S. Bank. Listen in as our guests talk about management fees and how they have changed over the past decade, the importance of constantly checking your assumptions, and what wisdom they would give to young up and coming investors.

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In This Episode, You'll Learn:

Why John and Jonathan don't spend much time looking at short-term CTAs

How fee compression has changed management fees over the last decade

When our guests choose discretionary over systematic managers

The role of alternatives in a portfolio, and why Christopher doesn't call them alternatives

"I would urge people to be cynical, and what I mean by that is Wall Street is about product creation, not about performance." - Christopher Vogt (Tweet)

Why Christopher urges people interested in the investment space to be cynical

Why in a world of complex models, John sees simplicity as a good thing

The most important decisions in Jonathan's work, and why they aren't necessarily financial decisions

Why many people's view of model risk can hurt them and their investments

Why macro strategies will always remain strong

This episode was sponsored by:

Links Mentioned:

The Impact of Crowding in Alternative Risk Premia Investing

Hedge Funds Are Not an Asset Class: Implications for Institutional Portfolios

Connect with our guests:

Learn more about John Fidler and Commonwealth Bank and Trust

Learn more about Jonathan Miles and Ascent Private Capital Management of U.S. Bank

Learn more about Christopher Vogt and Margaret Cargill Philanthropies

"Everybody understands management and incentive fees. Let's just set it in such a way that investors feel it's fair." - Jonathan Miles (Tweet)