Podcasts about AQR

Naviga in totale sicurezza con NordVPN (#adv). Investire in base a determinati fattori (Value, Momentum, Quality, ecc.) può migliorare il rendimento atteso del portafoglio. Pro e contro di questo approccio e l'idea di investire "stando dall'altra parte". AQR, Facts, Fiction and Factor Investing =============================================== Investi con Fineco, 60 trade gratis nei primi tre mesi con il codice TRD060-TB Investi con Scalable in azioni e ETF a prezzi imbattibili. Migliaia di audiolibri riassunti in 15 minuti con 4Books. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. =============================================== ATTENZIONE: I contenuti di questo canale hanno esclusivamente finalità di informare e intrattenere. Le informazioni fornite sul canale hanno valore indicativo e non sono complete circa le caratteristiche dei prodotti menzionati. Chiunque ne faccia uso per fini diversi da quelli puramente informativi cui sono destinati, se ne assume la piena responsabilità. Tutti i riferimenti a singoli strumenti finanziari non devono essere intesi come attività di consulenza in materia di investimenti, né come invito all'acquisto dei prodotti o servizi menzionati. Investire comporta il rischio di perdere il proprio capitale. Investi solo se sei consapevole dei rischi che stai correndo. Learn more about your ad choices. Visit megaphone.fm/adchoices

Derek Moore is back to discuss markets, volatility, and the economy through the prism of intra year drawdowns, Spot VIX vs Vix Futures prices, and LEI or Leading Economic Indicator. Why are the Fed's Dot Plots useless (still). Thoughts on the idea that Buffered strategies don't beat the market. How different markets have performed since the first Fed rate cut in September and much more.    Since September Rate Cut Mag 7 vs SPX vs Equal Weight Intra Year Drawdowns vs full year return Comments on AQR post on Buffered funds VIX Index vs VIX Futures in the coming months AAII Bull Bear Spreads says way bearish still Fed dot plots Fed Funds Futures rate expectations Multiple Contraction is the reason for the drawdown not a reduction in earnings estimates LEI Leading Economic Indicator   Mentioned in this Episode   Conference Board Leading Economic Indicator https://www.conference-board.org/topics/us-leading-indicators#:~:text=Using%20the%20Composite%20Indexes:%20The%20Leading%20Economic,economy%20is%20heading%20in%20the%20near%20term.&text=The%20CEI's%20four%20component%20indicators%E2%80%94payroll%20employment%2C%20personal,used%20to%20determine%20recessions%20in%20the%20US.   CME Fed watch Tool https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html   Federal Reserve Dot Plots Summary of Economic Projections March 2025 https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20250319.pdf   Derek Moore's book Broken Pie Chart https://amzn.to/3S8ADNT   Jay Pestrichelli's book Buy and Hedge https://amzn.to/3jQYgMt   Derek's book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag   Contact Derek derek.moore@zegainvestments.com     

In this episode, Ben, Dan, and Mark tackle another Ask Me Anything (AMA) session, covering a wide range of investing and financial planning topics. They begin with a highly requested debate on factor investing versus market cap-weighted portfolios and unpack the theory, research, and practical considerations behind both strategies. Ben explains why he prefers factor tilts when managing client portfolios, while Dan shares his perspective on why a simple market cap-weighted approach is more practical and sustainable. Then, they delve into the drivers of investor behaviour, common mistakes investors make, and powerful strategies to help investors overcome biases and improve their decision-making abilities. They also discuss the role of bonds in a portfolio, whether international bonds offer additional benefits, key retirement planning strategies, and the impact of sequence-of-returns risk. Join the conversation to discover how large corporations manage cash reserves, unpack the SPIVA Canada 2024 report findings, and explore the continued struggles of active management. Tune in now!   Key Points From This Episode:   (0:01:06) Ben explains why market cap weighting is a valid strategy but prefers factor tilting. (0:06:58) Dan shares why he prefers market cap weighting approaches over factor tilting. (0:13:45) Hear how client expectations shape their investment approaches. (0:18:12) How to overcome the psychological challenges of investing and reframe your mindset. (0:22:02) The role of bonds and fixed income in a portfolio and sequence of withdrawal risk. (0:36:19) Recommendations for factor ETFs and the home biases associated with them. (0:39:48) Unpack the 4% rule for retirement planning and amortization-based withdrawals. (0:47:47) Expected returns for a “millennial” portfolio and why 10% annualized is unrealistic. (0:52:38) Find out if PWL would ever open a branch in the US and about their US partnerships. (0:53:20) Explore how corporate cash management differs from typical household investing. (0:55:59) Uncover the value of bonds and the common misconceptions surrounding them. (1:00:40) Learn about the pros and cons of investing in stocks and ETFs. (1:09:13) Aftershow: the SPIVA Canada 2024 report, activate management struggles, updates, and more.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemind Rational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti — https://pwlcapital.com/our-team/ Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/ Canadian Couch Potato Blog — https://canadiancouchpotato.com/ Canadian Couch Potato Podcast — https://canadiancouchpotato.com/podcast/ Dimensional (DFA) vs. Vanguard — https://www.youtube.com/watch?v=JfknibBat2A Episode 93: Cliff Asness from AQR — https://rationalreminder.ca/podcast/93 Episode 135: William Bengen — https://rationalreminder.ca/podcast/135 Episode 297: Do Stocks Return 10-12% On Average? — https://rationalreminder.ca/podcast/297 Episode 340: Ben Mathew — https://rationalreminder.ca/podcast/340 Episode 343: How to Choose an Asset Allocation — https://rationalreminder.ca/podcast/343 Credit Suisse Data — https://marketdata.credit-suisse.com/pmdr/en/index.html#/ SPIVA® Canada Year-End 2024 — https://www.spglobal.com/spdji/en/spiva/article/spiva-canada/ The Wealthy Barber Podcast — https://thewealthybarber.com/podcast/   Books From Today's Episode:   Wealthier — https://www.amazon.com/Wealthier-Investing-Field-Guide-Millennials-ebook/dp/B0CX2VD1CW

Alex Botte, CFA, CAIA is a Partner focused on investor relations and research at Hack VC, a crypto-native venture capital firm. Previously, she was the Head of Client and Portfolio Solutions at Runa Digital Assets, a liquid token investment manager. Prior to Runa, she spent eight years in quantitative investment management, holding product specialist and business development roles at Two Sigma and AQR. She started her career in prime services at Barclays. Alex holds a BS from Cornell University.

Alex Botte, CFA, CAIA is a Partner focused on investor relations and research at Hack VC, a crypto-native venture capital firm. Previously, she was the Head of Client and Portfolio Solutions at Runa Digital Assets, a liquid token investment manager. Prior to Runa, she spent eight years in quantitative investment management, holding product specialist and business development roles at Two Sigma and AQR. She started her career in prime services at Barclays. Alex holds a BS from Cornell University.

In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including: Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events A thoughtful discussion on passive investing's impact on markets, including Cliff's perspective on what percentage of passive investing might be sustainable The importance of getting comfortable with investment discomfort, especially when following factor strategies that can experience long periods of underperformance An insightful discussion about the evolution of factor investing and whether factors need intuitive explanations to be valid Cliff's key advice for average investors: look at your portfolio as little as possible to avoid making emotional decisions The episode showcases Cliff's unique ability to combine deep quantitative insights with humor and practical wisdom, making complex investment concepts accessible and entertaining. Don't miss this conversation with one of the most influential figures in quantitative investing.

In this episode, Jack Forehand and Matt Zeigler discuss their fascinating interview with AQR founder Cliff Asness. They explore several key topics from their conversation, including: Cliff's humorous take on morning routines and why correlation doesn't equal causation when it comes to success habits The "Less Efficient Market Hypothesis" and why Cliff believes markets may be becoming less efficient over time, particularly evident in the dot-com bubble and 2019-2020 market events A thoughtful discussion on passive investing's impact on markets, including Cliff's perspective on what percentage of passive investing might be sustainable The importance of getting comfortable with investment discomfort, especially when following factor strategies that can experience long periods of underperformance An insightful discussion about the evolution of factor investing and whether factors need intuitive explanations to be valid Cliff's key advice for average investors: look at your portfolio as little as possible to avoid making emotional decisions The episode showcases Cliff's unique ability to combine deep quantitative insights with humor and practical wisdom, making complex investment concepts accessible and entertaining. Don't miss this conversation with one of the most influential figures in quantitative investing. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://excessreturnspod.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT SUNPOINTE INVESTMENTS ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://sunpointeinvestments.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JACK Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/practicalquant⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jack-forehand-8015094⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JUSTIN Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/jjcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW MATT Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/cultishcreative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/matt-zeigler-a58a0a60/⁠⁠⁠⁠⁠⁠⁠⁠

We're counting down the top 5 episodes of 2024.    Coming in at number three is Episode 385 with the irrepressible Cliff Asness from AQR. Cliff is part brilliant quant and part standup comic. That combination always makes for an entertaining conversation, chockfull of research-backed insights.   Head of Business Development Job Posting   Learn More Follow Capital Allocators at @tseides or LinkedIn Subscribe to the mailing list Access transcript with Premium Membership

In this episode, Simon shares an update on the show, reflecting on notable interviews and summarising the wide range of initiatives under development beyond the Money Maze Podcast itself. Although we have said this for each of the 5 years since we started, this year has been incredibly exciting, surpassing both out expectations, and 2+ million global downloads, officially releasing over 200 episodes since starting the podcast in 2020. In the last few months, we've been lucky enough to feature Scott Bessent, Trump's appointed Secretary of State, Cliff Asness of AQR, Colm Kelleher of UBS, David Schwimmer of LSEG, Mark Delaney of Australian Super, Suyi Kim of CPP Investments, Marcie Frost of CalPERS, Baroness Dambisa Moyo and many more. We've also had the privilege of hosting some of the most significant figures within geopolitics, such as former UK Prime Minister, Sir Tony Blair, and General Patrick Sanders, just retired head of the British army. Browse our channel to listen! Plus, check out our other initiatives: Money Maze Learn, Money Maze Multilingual, Money Maze Curated Podcasts, and our YouTube channel for full video interviews. We also offer a select number of internships, mostly over the summer.  Otherwise, we wish our listeners and viewers an enjoyable festive break! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn |  Watch on YouTube

Бесплатный Подборбот от «Рейтинга Рунета» для выбора digital-подрядчиков: https://clck.ru/3EumK7?erid=LjN8JyMAq Реклама. ООО «ПРОАКТИВИТИ». Бонусные посты от RationalAnswer: — Будет ли в России заморозка банковских вкладов? — https://t.me/RationalAnswer/1144 — Что я думаю про курс доллара — https://t.me/RationalAnswer/732 — Новый большой цикл постов про премию к доходности за риск в акциях — https://t.me/RationalAnswer/1141 Дополнительные материалы к выпуску: — Александр Елисеев про тайну фри-флоата Мосбиржи — https://t.me/Finindie/2042 — Инициатива по разблокировке бумаг российских инвесторов — https://www.change.org/p/protect-millions-from-overreaching-sanctions-revise-eu-regulation-no-269-2014 — Делойтовцы объясняют новое налогообложение крипты в РФ — https://t.me/arturdulkarnaev/1137 — Лонгрид недели: Astral Codex Ten – Prison And Crime: Much More Than You Wanted To Know — https://www.astralcodexten.com/p/prison-and-crime-much-more-than-you — Интервью недели: Gwern Branwen в гостях у Dwarkesh Patel – https://www.dwarkeshpatel.com/p/gwern-branwen Текстовая версия выпуска со ссылками: https://vc.ru/money/1685017 Посмотреть выпуск на YouTube: https://www.youtube.com/watch?v=sm9uY9ZJY_s Поддержи проект RationalAnswer и попади в титры: — Patreon (в валюте) – https://www.patreon.com/RationalAnswer — Boosty (в рублях) – https://boosty.to/RationalAnswer СОДЕРЖАНИЕ: 00:21 – Доллар по 110 01:46 – Укрощаем ставку силой мысли 02:59 – Тайна фри-флоата Мосбиржи 05:14 – Подписи за разблокировку активов российских инвесторов 06:05 – Налоговые новости 07:48 – Биткоин в резервах РФ 08:46 – Телеграм заработал прибыль 09:42 – Первая работа 11:30 – Щитпостинг Трампа про БРИКС 12:19 – Synapse не знает, где деньги финтехов 14:50 – Кен Лич мошенничал со сделками хедж-фондов 15:58 – Хедж-фонд от AQR для налоговых убытков 17:02 – Илон Маск раздал 25% xAI 18:03 – Волчистые северокорейцы нанимаются в IT-компании 18:57 – Японский банк с харакири-практиками 19:23 – Новости крипты: Банан съеден 22:02 – Статистика недели: Золото за 25 лет 24:25 – Лонгрид недели: Тюрьмы снижают преступность? 27:07 – Интервью недели: Gwern у Дваркеша 30:21 – Сплетня недели

In this episode of Excess Returns, we sit down with AQR founder Cliff Asness for a fascinating discussion about market efficiency, behavioral finance, and the future of quantitative investing. In this wide-ranging conversation, we explore Cliff's recent paper "The Less Efficient Market Hypothesis" and discuss why markets might actually be becoming less efficient over time, despite advances in technology – a counterintuitive but compelling argument. We dig into how social media and constant connectivity might be making markets more prone to extremes, the real impact of passive investing, and why periods of market irrationality might last longer than ever before. Cliff shares his perspective on the current market concentration in the Magnificent Seven stocks and offers insights on high-volatility alternatives from his latest paper. The conversation also covers the role of intuition in factor investing, inflation's impact on markets, and ends with Cliff's essential advice for the average investor. Throughout the discussion, Cliff brings his characteristic mix of academic rigor and practical wisdom, peppered with his unique brand of humor. Whether you're a quant enthusiast, professional investor, or just interested in understanding today's markets better, this conversation offers valuable insights from one of the industry's most influential voices. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://excessreturnspod.com FIND OUT MORE ABOUT VALIDEA ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JACK Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/practicalquant⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jack-forehand-8015094⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JUSTIN Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/jjcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jcarbonneau⁠⁠⁠⁠⁠

Portable alpha (or as we like to call it: Return Stacking) has become increasingly popular in the financial media (including recent notes from industry giants like BlackRock, Russell Investments, and AQR) but many advisors are left asking: What does portable alpha mean? How might it benefit clients? How can I implement it?At Return Stacked Portfolio Solutions we have made it our mission to thoughtfully and transparently help allocate into a portable alpha framework for client portfolios.Join us for this deep dive podcast with Corey Hoffstein, CIO of Newfound Research, and Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global, as we explore:What 'Portable Alpha' is: Review of the history and theory of the concept.Outperformance Potential: Portable alpha/return stacking allows allocators to stack asset classes/strategies with positive expected returns on top of core assets which can help improve the likelihood of outperforming the market.Diversification Benefits: Using return stacking to stack low correlation strategies on top of the core portfolio can help reduce portfolio drawdowns, thus influencing likelihood of achieving financial plan goals.Behavioral Benefits: Sticking with low-correlation diversifiers can be difficult for clients. Return stacking can improve the likelihood clients stick with diversifiers long enough for them to realize the benefits.

Portable alpha (or as we like to call it: Return Stacking) has become increasingly popular in the financial media (including recent notes from industry giants like BlackRock, Russell Investments, and AQR) but many advisors are left asking: What does portable alpha mean? How might it benefit clients? How can I implement it? At Return Stacked Portfolio Solutions we have made it our mission to thoughtfully and transparently help allocate into a portable alpha framework for client portfolios. Join us for this deep dive podcast with Corey Hoffstein, CIO of Newfound Research, and Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global.

What does it take to manage a $60 billion wealth management firm while keeping investment strategies grounded in scientific thinking? In this episode, we're joined by Don Calcagni, Chief Investment Officer at Mercer Advisors. Don chairs the firm's investment committee and provides guidance on mergers and acquisitions, investment integration, and long-term strategic planning. His expertise spans fiduciary oversight, portfolio management, private equity, and financial mathematics. In our conversation, we discuss how his firm constructs client portfolios, engages with academic and industry experts, and leverages a factor-based investment approach. He also explains the importance of having an investment philosophy rooted in fiduciary principles and delves into how Mercer Advisors manages fiduciary oversight for billions of dollars in assets across thousands of families. Explore the details of portfolio governance and the role of the firms's alternative investment platform space. Gain insights on value metrics, factor investing, and how Mercer works to provide a family-office experience for everyday clients. Tune in for a deep dive into portfolio construction and the evolving landscape of wealth management with Don Calcagni! Key Points From This Episode:   (0:05:22) Learn about Mercer Advisors and the range of services it has on offer. (0:07:10) Unpack Mercer Advisors' approach and philosophy to portfolio construction. (0:11:55) The Building Better Portfolio Summit and the purpose of the event. (0:17:08) How the meetings are structured and the main takeaways from the last event. (0:24:45) What topics cause extreme points of agreement and disagreement at the meetings. (0:29:21) Find out how takeaways from the events are implemented into client portfolios. (0:31:19) Mercer Advisors' recently launched alternative investment platform space. (0:40:23) Don shares valuable recommendations and advice for the average investor. (0:42:23) Aftershow: the controversy surrounding the RBC options trading incident. (0:49:57) Listener feedback, reviews, updates, and upcoming events.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Dan Bortolotti on LinkedIn — https://linkedin.com/in/dan-bortolotti-8a482310/  Canadian Couch Potato — https://canadiancouchpotato.com/blog/  Don Calcagni on LinkedIn — https://linkedin.com/in/donald-calcagni-8104b546/ Mercer Advisors — https://merceradvisors.com/ ‘Building Better Portfolios | 2023 Summit' — https://youtu.be/TWYukQogQPA Dimensional Fund Advisors — https://dimensional.com/ BlackRock — https://blackrock.com/ Avantis — https://avantisfi.com/ AQR — https://aqr.com Carlyle — https://carlyle.com/ Royal Bank of Canada (RBC) — https://www.rbcroyalbank.com Future Proof Festival — https://futureproofhq.com/festival/ Episode 316: Andrew Chen — https://rationalreminder.ca/podcast/316 Episode 323: Renting Versus Buying a Home in Canada 2005-2024 — https://rationalreminder.ca/podcast/323 Episode 325: Addressing 200+ Comments on Renting vs. Owning a Home — https://rationalreminder.ca/podcast/325   Papers From Today's Episode:    ‘Portfolio Selection' — https://doi.org/10.1111/j.1540-6261.1952.tb01525.x  

In this episode of the GreenBook Podcast, host Karen Lynch sits down with Martha Llobet, CEO of Q2Q Global and board member of the Association for Qualitative Research (AQR). Martha shares her journey from quantitative to qualitative research, highlighting the deeper insights qualitative offers and the importance of cultural interpretation in global markets. They discuss the role of AQR in promoting high standards, supporting younger researchers, and embracing AI while maintaining the essential human touch in research. Martha also shares her experiences in expanding her business and offers advice to aspiring female founders. Tune in for a thoughtful conversation on the evolving world of qualitative research and its global impact.You can reach out to Martha on LinkedIn. Many thanks to Martha for being our guest. Thanks also to our producer, Natalie Pusch; and our editor, Big Bad Audio.Mentioned in this episode:

Como utilizar modelos quantitativos para construir investimentos descorrelacionados com o cenário? Com mais de US$ 100 bilhões de dólares sob gestão e 25 anos de história, a gestora americana AQR tem feito a diferença na indústria de fundos. Por isso, a nossa conversa é com Gregor Andrade, head global de desenvolvimento de negócios institucionais da empresa. O gestor global de fundo de fundos da Bradesco Asset, Marcus Sena, também participa. A apresentação é da gestora de Soluções de Investimento da Bradesco Asset, Juliana Maeda. Acompanhe! O conteúdo a seguir exposto pela empresa convidada não representa, necessariamente, a opinião e as práticas utilizadas pelo Bradesco.  #aqr #quantitativos #hedgefunds #EUA #gestãodefundosSee omnystudio.com/listener for privacy information.

How do you balance rigorous research with open-mindedness in investing? How do you communicate effectively with clients during volatile times?This week, Ryan Detrick, Chief Market Strategist at Carson Group & Sonu Varghese, VP, Global Macro Strategist at Carson Group, chat with Cliff Asness, Managing and Founding Principal at AQR Capital Management, for an insightful discussion on market strategies and the nuances of value investing. Cliff shares his thoughts on the current state of value investing, explores the concept of 'value spread,' and even dips into some fun side topics.They discuss: The current state of value investing and why it has seen challenging periodsInsights into how AQR navigates market anomaliesThe importance of communication and transparency with clientsFun personal insights into Cliff's interests outside of finance, from hot sauce to superhero moviesAnd more!Resources:Any questions about the show? Send it to us! We'd love to hear from you! factsvsfeelings@carsongroup.com Connect with Cliff Asness: LinkedIn: Cliff AsnessX: Cliff AsnessWebsite: AQR Capital ManagementConnect with Ryan Detrick: LinkedIn: Ryan DetrickX: Ryan DetrickConnect with Sonu Varghese: LinkedIn: Sonu VargheseX: Sonu VargheseAbout Our Guest: Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management in 2002, 2004, 2005, 2014, and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year's best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers' Choice Award. He has won the second prize of the Fama/DFA Prize for Capital Markets and Asset Pricing in the 2020 Journal of Financial Economics. In 2006, the CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman Sachs & Co. He is on the editorial board of The Journal of Portfolio Management, the governing board of the Courant Institute of Mathematical Finance at NYU, the board of directors of the Q-Group, the board of the International Rescue Committee and the board of trustees of The National WWII Museum. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama's student and teaching assistant for two years.

Cliff Asness of AQR discusses how the quant firm has changed since the start of the 2018-2020 “quant winter.”. He is joined by Bloomberg's Sonali Bassak.See omnystudio.com/listener for privacy information.

Mental toughness is an important trait that helps people handle challenges, stress, and pressure effectively. In this episode, I talk with Doug Strycharczyk, an author and the founder of AQR. Doug is an expert in creating psychometric tests and programs, and he has played a key role in developing the concept of mental toughness. His programs focus on improving wellbeing, satisfaction, employability, performance, and managing transitions.Support the podcast Check out more info about the host Monika LozinskienėYoutube channel PianoBuffs www.monikapianiste.com/InstagramMusic - M. Ravel and C. Debussy (M. Lozinskienė and A. Szalucka)

Cliff Asness is the Founder and CIO at AQR, an investment management firm at the intersection of financial theory and practice that oversees $100 billion in assets. He is famously intelligent, comical, and irreverent, all wrapped into one. Our conversation covers Cliff's journey from studying market efficiency under Eugene Fama to capitalizing on market inefficiencies at AQR. We discuss regime changes in factors, difficult periods for performance and AQR's business, research innovation, machine learning, index funds, pod shops, areas of cognitive dissonance, private equity, and serving on investment committees. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

How did a middle-class kid go from watching superhero cartoons  to scaling the heights of Wall Street? Cliff Asness, the quantitative virtuoso behind AQR, pulls back the curtain on his journey from comic book fan to financier. In this episode of the FinServ Podcast, Dr. David and Cliff take us along on their journeys through underachieving adolescence and how tough lessons fostered discipline, resolve and ambition. From academic dilemmas and professional pivots, Dr. David and Cliff highlight the profound impact of mentors, chance, and the decisions we make in the heat of the moment. Whether it's choosing a career path under parental expectations or embracing complex subjects that once seemed insurmountable, this episode is a testament to the unpredictable yet rewarding journey towards career satisfaction.Embracing the 'tight aggressive' poker strategy, we discuss the importance of conviction coupled with humility, two qualities essential for navigating the twists and turns of both a high-stakes game and the unpredictability of the markets. From the fear of failure to the truth about backtesting, this episode offers hard-earned advice for anyone looking to play their cards right in life and investments. Connect with Us! Cliff Asness on LinkedInDr. David Rhoiney on LinkedIn Jamie Hopkins on LinkedIn FinServ Foundation If you want more information on the FinServ Foundation, be sure to check out our website by clicking on the link below.>>FinServ Foundation Website

Today's guest is Cliff Asness, co-founder, managing principal and Chief Investment Officer at AQR Capital Management.  In today's episode, Cliff & I start by talking about some quotes he may or may not have said in the past. Then we kick around a bunch of topics. We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and how AQR is implementing AI and machine learning in their investment process.  (1:20) - Welcome to our guest, Cliff Asness (1:45) - Cliff's article in the Financial Times (2:30) - Parsing Cliff's real quotes from fake ones (8:56) - Thoughts on bonds as a diversifier (13:37) - Moving away from market-cap weighting (19:27) - Managing client expectations (29:30) - AQR Data Sets (29:56) - Alternative trend-following (43:48) - Position resizing for alternative strategies (48:06) - AQR implementing AI in their investment process (51:46) - Cliff's most controversial opinion (57:39) - Cliff's most memorable investment Learn more about Cliff: AQR; Twitter ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Sponsor: Today's episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world's largest institutions, funds, and money managers. Subscribe for free here. Follow The Idea Farm: Twitter | LinkedIn | Instagram | Tik Tok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Stockpicking hedge funds are coming back into favor for the first time in two years after a turnaround in their performance. Schonfeld Advisors was the best-performing large multistrategy hedge fund in the first quarter....and multiple AQR funds saw double-digit returns so far this year. Bloomberg's Sonali Basak gets a gauge of the whole industry with Ilana Weinstein, founder and CEO of IDW Group -- which finds talent in the hedge fund space.See omnystudio.com/listener for privacy information.

In this episode we answer emails from Andrew, Sean, and MyContactInfo.  We discuss QDSIX and other AQR funds and their approaches, good and bad uses of bond ladders, and macro-issues pertaining to projected global population declines in the future.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:QDSIX fact page:  AQR Diversifying Strategies Fund - QDSIXBen Carlson Article on Bond Funds vs. Bond Ladders:  Owning Individual Bonds vs. Owning a Bond Fund - A Wealth of Common SenseNiall Ferguson Article:  Global Population Collapse Isn't Sci-Fi Anymore: Niall Ferguson - BloombergShock of Gray Book:  Shock of Gray: The Aging of the World's Population and How it Pits Young Against Old, Child Against Parent, Worker Against Boss, Company Against Rival, and Nation Against Nation by Ted C. Fishman | GoodreadsHans Rosling's Factfulness:  Factfulness: Ten Reasons We're Wrong About the World – and Why Things Are Better Than You Think by Hans Rosling | GoodreadsHans Rosling Video on Population: Why the world population won't exceed 11 billion | Hans Rosling | TGS.ORG (youtube.com)Hans Rosling Factfulness Video:  The mindset of factfulness | Hans Rosling | TGS.ORG (youtube.com)Happy Pod:  BBC World Service - Global News Podcast, The Happy Pod: The gift of sightPortfolio Charts Withdrawal Rates Article:  How to Harness the Flowing Nature of Withdrawal Rate Math – Portfolio ChartsPortfolio Charts Portfolio Matrix Comparison Tool:  Portfolio Matrix – Portfolio ChartsPortfolio Charts Portfolio Risk-Return Comparison Tool:  Risk And Return – Portfolio ChartsSupport the show

Factor investing came out of academic work in the 1990s, and offered a way to pick stocks without relying on judgments about stories or sectors. It's had good years and bad years, but has recently struggled to do more than match the market. Today on the show, Ethan Wu describes his visit to see AQR's Cliff Asness, who has been using this style of investing for decades. Also we go long Big Tech AI spending, and short gold.Link: Cliff Asness: AI is ‘still just statistics'For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferFollow Ethan Wu (@ethanywu) and Katie Martin (@katie_martin_fx) on X. You can email Ethan at ethan.wu@ft.com.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Don't believe everything you read. In this episode, we discuss the latest research on stocks vs. bonds and why academically sound research may not apply to your situation.  Join us as we discuss:  Balancing risk and return Building a portfolio based on your unique needs Utilizing modern tools that go beyond stocks and bonds Today's article comes from AQR.com titled, Why Not 100% Equities. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation. Our Market Outlook Webinar is live! Visit https://bit.ly/4bmHkUb to register. Show Notes: RetireWithPurpose.com/424 Rate & Review the Podcast: RetireWithPurpose.com/review

Are you ready for a deep dive into quantitative investing, the private credit trend, and the Canada Pension Plan (CPP)? Then this episode is for you! Joining us today is Robin Wigglesworth, The Financial Times' global finance correspondent, and author of Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, a groundbreaking book about the past, present, and future of passive investing. We talk with Robin about quantitative investing and the ideas he lays out in his article ‘A Quant Winter's Tale', before hearing his insights on the private credit trend and his intriguing new book titled Bonds, all about the history of the bond market. Today's episode also features our Mark to Market segment, where Mark McGrath joins us to talk about the Canada Pension Plan (CPP), providing a comprehensive overview of its inner workings, his response to the criticisms levelled against it, and why he believes it's of huge benefit to a great many Canadians. Next, we take a look back at our conversation with Alexandra Macqueen on annuities before sharing our thoughts on its relevance to today's discussion and why it's worth revisiting. Be sure to stay tuned for our after-show segment where we share our book, blog, and viewing recommendations, plus our favourite reviews, followed by a sneak peek of some of the exciting guests we have coming up. Press play now for a deep dive into quant investing, the hype around private credit, saving for retirement, and a whole lot more!   Key Points From This Episode:   An introduction to today's guest, Robin Wigglesworth, followed by his breakdown of quantitative investing. (0:04:05) Theories on what happened to factor investing between 2018 and 2020; what is meant by the quant winter and why we are now in a quant summer. (0:09:59) How investor sentiment regarding factor investing changed after the quant winter and how the algorithm aversion phenomenon impacted it. (0:15:13) The collapse of value; the impact of the COVID-19 pandemic (plus its role in the quant winter), and where we are right now. (0:20:14) An overview of quant investing products, and why many of them are too expensive. (0:23:24) Breaking down the noisy-ness in factor data and Robin's predictions for where factor investing will go from here. (0:25:51) Unpacking the hype around private credit: indications that it's in a bubble, how it could impact broader trends, and who stands to benefit most.  (0:36:36) We hear about the fascinating book that Robin is currently working on about the history of the bond market. (0:40:22) Our Mark to Market segment on the complicated (and divisive) Canada Pension Plan (CPP); how it works, its profound benefits, and responding to the criticism it has received. (0:41:50) A look back at our conversation with Alexandra Macqueen on annuities and how it links in with today's discussion. (01:01:31) Our after-show section: an update on the Money Scope Podcast, reading recommendations, reviews from our listeners, and some of the incredible guests we have coming up! (01:04:33) Links From Today's Episode: Robin Wigglesworth — https://robinwigglesworth.com/ Robin Wigglesworth on LinkedIn — https://www.linkedin.com/in/robin-wigglesworth-17101722 Financial Times — https://www.ft.com/ Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever — https://www.amazon.com/Trillions-Renegades-Invented-Changed-Finance/dp/0593087682 ‘Quant Winter's Tale' — https://www.ft.com/content/e0f98278-432e-4ece-b170-2c40e40d2835 Episode 184: Robin Wigglesworth — https://rationalreminder.ca/podcast/184 Episode 93: Cliff Asness from AQR — https://rationalreminder.ca/podcast/93 Cliff Asness — https://www.aqr.com/About-Us/OurFirm/Cliff-Asness-Bio AQR — https://www.aqr.com/ Two Sigma — https://www.twosigma.com/ D.E Shaw — https://www.deshaw.com/ CPP Investments — https://www.cppinvestments.com/ StatsCan — https://www.statcan.gc.ca/en/start Financial Planning for Canadian Business Owners Episode 116: True Cost of CPP with Aravind Sithamparapillai — https://jasonpereira.ca/all-content-jason-pereira-toronto/true-cost-of-cpp-with-aravind-sithamparapillai-e116 Episode 59: Alexandra Macqueen — https://rationalreminder.ca/podcast/59 Pensionize Your Nest Egg — https://www.amazon.com/Pensionize-Your-Nest-Egg-Allocation/dp/1119025257 Griselda Blanco — https://www.imdb.com/title/tt15837600/ Cocaine Cowboys — https://www.imdb.com/title/tt0380268/ Queen of the South — https://www.imdb.com/title/tt1064899/ Fortune's Children: The Fall of the House of Vanderbilt — https://www.amazon.com/Fortunes-Children-Fall-House-Vanderbilt/dp/0062224069 Farnam Street — https://fs.blog/ 24 in 24 Reading Challenge — https://rationalreminder.ca/24in24 The Money Scope Podcast — https://moneyscope.ca/ The Money Scope Podcast on YouTube — https://www.youtube.com/@moneyscopepod Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/  Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

On this episode of Talk Your Book, Ben Carlson and Michael Batnick are joined by, Marco Hanig, Managing and Founding Principal of Alternative Fund Advisors and former Principal at AQR to discuss: the basics to Private Credit, the differences between a loan and a bond, why Private Credit is earning a premium yield, and much more! To learn more visit: https://alternativefundadvisors.com/ Find complete show notes on our blogs... Ben Carlson's A Wealth of Common Sense Michael Batnick's The Irrelevant Investor Feel free to shoot us an email at animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation.   Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Past performance is not indicative of future results. The material discussed has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed.   Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Bloomberg Radio host Barry Ritholtz speaks to Cliff Asness, co-founder, managing principal and chief investment officer at AQR Capital Management LLC, which holds more than $100 billion in assets under management. Prior to co-founding AQR, he was a managing director and director of quantitative research for the asset management division of Goldman Sachs Group Inc. See omnystudio.com/listener for privacy information.

This year we celebrate 20 years of New Zealand Super. We speak to the fund's CEO, Matt Whineray, about the evolution of the fund throughout the years, do a deep dive into its strategic tilting program and cover responsible investing, AI and much more. Enjoy the show! Overview of Podcast with Matt Whineray, CEO of NZ Super on 20 years of the fund 01:00 NZ Super started investing in September 2003 and now has a 20 year track record 03:00 One of the key starting points was to get the risk position right and get the board to understand this position 04:30 The 20 year track record: the country is about $40 billion better off as a result of the creation of the fund 07:00 The fund invested in private equity only two years after the beginning. 8:30 The strategic tilting program; the philosophy behind it and the early days 14:00 There are times when you get tested and 2013 was one of those times 15:30 I borrowed this one from [AQR's] Cliff Asness: ‘Don't size a strategy so that when it goes wrong you are dead'. 18:30 The amount of risk that we allocate to our strategic tilting process is definitely the highest of all of our internal strategies 20:30 The strategic tilting program has evolved from trading once a month to trading every day, sometimes multiple times a day 22:00 Introducing the reference portfolio; the beauty about the reference portfolio is that there is real clarity about the decisions that are being made 26:00 Since inception the decision was made that we always hedge the reference portfolio 100 per cent back to NZ dollars, and that is one that is always debated at reference portfolio reviews 28:00 Managing NZ equities in-house 31:00 What else do we do internally? Portfolio completion credit strategies, direct investment and strategic tilting 33:00 Embracing responsible investing 36:00 There is no downside to us helping our friends in the region 37:00 Preparing for the drawdown period 41:00 New Zealand Super has been experimenting with an AI portfolio. What is this? 44:00 Leaving the fund after 15 years and Matt's favourite moments with the fund 45:30 Early 2020, I had a radio interview where I was telling the interviewer that we just went from $48 to $35 billion. The fact I could say that is a testament to our stakeholder management and the education we've done along the way

There is risk involved in trying to time markets. We believe it's best to apply multiple decades of research when making investment decisions. Today we are joined by Symmetry's Dr. John B. McDermott, Executive Director of Investments, to conclude our discussion about Evidence-Based investing. This episode will feature a detailed overview of the resources available to investors (who are curious to learn more) and the academic professionals who have helped to develop this investment strategy over decades of time. If you have any questions or would like more information, reach out to us at https://symmetrypartners.com/contact-us/ You can also find us on LinkedIn, Facebook, YouTube, and Instagram. As always, we remain invested in your goals. Symmetry Partners, LLC, is an investment advisory firm registered with the Securities and Exchange Commission. The firm only transacts business in states where it is properly registered, excluded or exempted from registration requirements. Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. No one should assume that future performance of any specific investment, investment strategy, product or non-investment related content made reference to directly or indirectly in this material will be profitable. As with any investment strategy, there is the possibility of profitability as well as loss. Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions.   Please note the material is provided for educational and background use only. Moreover, you should not assume that any discussion or information contained in this material serves as the receipt of, or as a substitute for, personalized investment advice. 

Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward? In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR's podcast, The Curious Investor. Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals. Key Takeaways [05:25] - How Daniel went from the vineyard to the financial industry. [08:28] - The key role Daniel plays at AQR Capital Management. [11:04] - AQR's market outlook for the remainder of the year. [12:37] - The inflation perspective of AQR. [14:10] - Daniel's thoughts on recession risk. [17:01] - How Daniel rates the risk of fighting the Fed. [18:54] - How AQR measures the impact of investor expectations. [21:29] - Another potential risk Daniel is keeping an eye on. [23:38] - What investors could expect in terms of market returns in the years ahead. [26:58] - The return expectations for growth stocks versus value stocks. [32:16] - Why firms should have CMAs. [36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market. [41:48] - AQR's perspective on commodities and real estate. [46:06] - How Daniel views long-short strategies. [47:50] - AQR's thoughts on managed futures and merger arbitrage. [52:48] - Daniel's personal investment strategy. [54:50] - How Daniel maintains his physical and mental well-being to perform at his best. Quotes [11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon [12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon [13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon [20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That's created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel Villalon Links  Daniel Villalon on LinkedIn AQR Capital Management Help! by The Beatles The Laws of Wealth: Psychology and the Secret to Investing JP Morgan The Mitchell Madison Group Pine Ridge Vineyards The Curious Investor Podcast Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least Buttonwood's notebook | The Economist Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 1211-OPS-7/12/2022

International stocks, and particularly emerging market stocks, have struggled relative to US stocks for a long time. That has led some to suggest that international diversification no longer makes sense for investors. But valuations in the space and lessons from history would suggest otherwise. In this episode we discuss the issue with AQR's Dan Villalon, who has authored two research papers that use a data driven approach to look at it. We discuss the current valuations in both international and emerging market stocks and the opportunity they may present for long-term investors. We also discuss the foundational arguments for international diversification and whether they hold up today. We hope you enjoy the discussion. SEE LATEST EPISODES ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com/excess-returns-podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.validea.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FIND OUT MORE ABOUT VALIDEA CAPITAL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.valideacapital.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JACK Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/practicalquant⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jack-forehand-8015094⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FOLLOW JUSTIN Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/jjcarbonneau⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/jcarbonneau⁠⁠⁠

Nick Baltas returns to discuss single stock trend momentum dynamics and more. With his usual academic elegance, Nick dives into Portfolio Construction and Risk Management, Static vs. Dynamic positioning, how to apply each type in your trading, and why one is not “better” than the other, the key factors of portfolio construction and why the difference between cross-sectional and time-series momentum is important to understand. We also discuss trend following in single stocks and why it is a complicated matter, single stock factors trend as well CTA strategies inside ETF wrappers...the pros and cons and much more.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Nick on Twitter.Episode TimeStamps:01:36 - What has caught Nick's attention recently?06:28 - Industry performance update07:28 - Dynamic vs. Static positioning17:54 - Is one better than the other?22:35 - The objective of Dynamic positioning29:35 - Cross-Sectional and Time-Series Momentum: What Is the Difference?43:57 - AQR paper on single stock factor trend50:17 - CTA strategies inside and ETF wrapper...a good idea?01:00:35 - Thanks for listening Copyright © 2023 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope...

As Global Co-head of Portfolio Solutions at AQR Capital Management, Dan Villalon is primarily engaged in helping the firm's clients address constantly evolving challenges around risk management. Central to these, of course, is the search for efficient sources of diversification. In this context, our discussion explores research his team has done in two primary areas.First, we talk about defending against drawdowns that are both fast and slow and back-tests that compare options-based hedging with strategies like trend following that do not require explicit premium payments. For rapid market sell-offs, like those that occurred during the GFC and the Covid crash, explicit, premium based insurance works well. This approach can suffer, however, as the market bottoms and recovers even as option prices remain high. Trend following strategies, while not as effective for sudden market plunges, tend to be more effective in offsetting losses that occur during slower drawdowns, as occurred in 2022.Dan makes the point that a robotic strategy that buys assets that have trended higher and sells those that have trended lower tends to work across asset classes and around the world, at odds with market efficiency. One possible explanation put forth is “under-reaction”. Here, investors respond to good news, but not initially by enough, leaving further gains on the table.Lastly, we talk about AQR's recent work on international diversification. Noting that US stocks have been the place to be for 3 decades, the firm sees an important place for international equities going forward given the view that the tailwind of rising relative valuations in the US may be behind. I hope you enjoy this episode of the Alpha Exchange, my conversation with Dan Villalon.

ANTICIPATE STOCK MARKET CRASHES, CORRECTIONS, AND BEAR MARKETS WITH AWARD WINNING RESEARCH. Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off.What happens when you combine quantitative investing with macroeconomic factors? Join us for an enlightening conversation with Steve Hou, a quantitative researcher at Bloomberg and former AQR employee, as we navigate the world of systematic equity strategies and their relationship with macro environments. Discover the challenges of analyzing regimes without the guidance of academic literature or backtesting, and whether low-rate environments should have predicted the performance of value strategies.Dive into the fascinating world of banking crises with Steve, as we dissect the underlying causes and differentiate between a crisis for banks and a banking crisis. Uncover how the government's fiscal stimulus impacted regional banks and shifted the narrative from potential catastrophe to an invalidated crisis. Additionally, learn how Steve's background in macro finance and quantitative investing has made him more skeptical of stories and narratives.Finally, don't miss our exploration of AI-driven market resilience and the potential of international investment opportunities. Discuss the impact of leverage on financial markets and sectors at risk, the US government's debt pile, and the long-term implications of high interest rates and inflation. Investigate investment possibilities outside the US, the potential of AI bubbles, the influence of hedge fund managers, and how to make the most of AI's powerful advancements.Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.See disclosures for The Lead-Lag Report here: https://www.leadlagreport.com/static/termsandconditionsFoodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

Today, Nick Baltas return to the show for a look at some recent published research papers by our friends over at Quantica and AQR. Despite our technical difficulties with my audio and notes...we discuss the timing and speed of executing trades and the pros and cons of trend following compared to stocks and bonds, how to achieve the best protection whilst maximizing returns during times of trouble in equities or higher interest rates and why short term strategies does not necessarily give you better protection, nor better returns. We also discuss the similarities and differences between trend following and economic trend and the importance of luck, why you get what you pay for in terms of manager performance and much more.-----EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool-----ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Nick on Twitter.Episode TimeStamps:01:10 - What happened this week?03:24 - Industry performance update05:07 - Q1, David: About the speed of execution10:43 - Q2, Oliver: Trend following vs. stocks and bonds16:08 - A discussion on smart diversification22:21 - Shorter term strategies = more protection?25:22 - The role of lookback29:07 - Paper on economic trend36:16 - Trend following vs. economic trend45:18 - Withstanding the pain of long term...

Adam Blitz is the CEO and Chief Investment Officer of Evanston Capital Management, a $4.5 billion hedge fund of funds manager with a decade and a half of experience managing hedge fund portfolios. Adam joined Evanston at its inception in 2002 and leads investment research and portfolio management. Previously, he worked in the Prime Brokerage area and Asset Management Division of Goldman Sachs and served as head trader at AQR.  Adam earned a B.S. in Economics at the Wharton School. Our conversation dives in the hedge fund category of investing, covering how a leading allocator in the space thinks about strategic asset allocation, portfolio construction, risk management, manager research, decision making, and monitoring managers. Adam's perspective on the evolution in how allocators perceive hedge funds and the resulting unattractiveness of the “average hedge fund” today resonate strongly with how I've viewed this widely discussed and recently scrutinized corner of the markets.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Doogles marvels at how AI is changing...meaning Allen Iverson to Artificial Intelligence. Skippy takes the Warren Buffett challenge. Doogles walks through a recent AQR report on international diversification. Skippy can't believe that UC schools students are fighting to live on camp sites with current lack of affordability. The episode wraps with people being more worried about bank safety now than in 2008, and Chegg's stock hit on ChatGPT fears. Join the Skippy and Doogles fan club. You can also get more details about the show at skippydoogles.com, show notes on our Substack, and send comments or questions to skippydoogles@gmail.com.

The hedge that carries positively but delivers convex returns during a market panic is about as elusive as our lawmakers coming together in bipartisan fashion. As head of option strategies at AQR, Roni Israelov not only confirmed this but saw in the empirical data distinctly unpromising results for hedging strategies that utilized put options.Trained with a PhD in Financial Economics from Carnegie Mellon, Roni has spent his career researching complex topics in markets. We explore his paper “Pathetic Protection” and the challenges that arise from paying option premium to reduce risk. Roni sites the path dependency of options as introducing sometimes significant variability in the effectiveness of a program. He also sites the equity risk premium and the vol risk premium as headwinds for success.Our conversation shifts to another interesting topic, “rebalance timing luck”, work that Roni has done in collaboration with Newfound Research. The finding - that the performance of mechanically rebalanced strategies – can rest heavily on the date of rebalance, is especially the case for option strategies like the giant put spread collar on the SPX that is rolled each quarter.Roni is now the President and CIO of NDVR, a firm providing optimized portfolio solutions to individuals, using academic research, technology and tax efficiency. I hope you enjoy this episode of the Alpha Exchange, my conversation with Roni Israelov.

How do you get a job at a top quant shop?  With a little love from grandma?! How do you navigate a systematic strategy in the fast-moving world of digital assets? On this episode of The Derivative, Sarah Schroeder of Coinbase Asset Management (formerly One River Digital) covers a range of topics related to crypt/digital assets, including the formation and vision of One River Digital, its purchase by Coinbase, the importance of counterparty risk management, trend-following and directional strategies, allocation to digital assets, central bank digital currencies, and the role of women in the hedge fund space.  Schroeder shares insights into her experience working at AQR as a portfolio valuer and discusses the unique alpha models for different tokens, investment strategies, and fundamentals in the digital space. The conversation also touches on the potential for significant directional shifts in digital assets, the barrier to entry into the space, the personal and professional use of crypto, and the role of central banks launching their own coins. Shroeder closes the episode with advice for young women getting into the hedge fund space and the importance of having good mentors in one's career — SEND IT! Chapters: 00:00-01:42=Intro 01:43-13:13= Go Grandma! Playing chicken with Goldman & AQR 13:14-24:08= Alt Market Trend Following @AQR to Crypto Curiosity 24:09-35:15= One River Digital bought by Coinbase / Asset Mgmt for Institutional investors 35:16-45:27= FTX Crisis, counterparty risk,  an urgency to trade & choosing your vessel for choppy seas 45:28-01:00:18= A unique model to Trend Following, shifting risks, monetizing trends & driven by retail 01:00:19-01:14:30= Directional Strategies, going short with digital & finding liquidity in the tokens 01:14:30-01:26:26= Trend allocators in long token exposure, mixed connotations about “Crypto” & having a slice of digital in your portfolio 01:26:27-01:34:38= A coin for everyone: Central banks & digital currencies – Does privacy go away or is it a social good? 01:34:39-01:44:58= Women in the hedge fund space: Curing periods, credibility & good counsel Visit oneriveram.com, coinbase.com and the coinbase blog for more information Don't forget to subscribe to ⁠⁠⁠⁠The Derivative⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠, or ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ , and ⁠⁠⁠⁠Facebook⁠⁠⁠⁠, and ⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit ⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

Skippy is appalled at Edward Jones' investment fees. Doogles finds Tim Ferriss' question asking at the 2008 Berkshire Hathaway meeting adorable. Skippy falls out of his chair at the number of developers working on Bitcoin's core. Doogles highlights a Twitter thread about A16Z. The episode wraps with the Airbnb bubble, AQR's 2022 performance and listener mail about climate change and Coinbase.Join the Skippy and Doogles fan club. You can also get more details about the show at skippydoogles.com, show notes on our Substack, and send comments or questions to skippydoogles@gmail.com.

Quantitative investors are known for their cool, mathematical approach to investing. They build models which search for patterns across huge data sets to discern where they should invest. The frenzied “bubble in everything” wrongfooted many quants in 2020–but the stock markets return to Earth, which crippled many traditional funds, generated huge returns for the quants in 2022. Nowhere was this clearer than in the performance of AQR Capital Management, a quant fund run by Cliff Asness. Its flagship fund returned 43.5% last year, net of fees. On this week's podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird speak to Cliff Asness, the co-founder and chief investment officer of AQR, one of the world's biggest quant fund managers. He tells them why he's more open than his competitors and what still keeps him up at night.Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

Quantitative investors are known for their cool, mathematical approach to investing. They build models which search for patterns across huge data sets to discern where they should invest. The frenzied “bubble in everything” wrongfooted many quants in 2020–but the stock markets return to Earth, which crippled many traditional funds, generated huge returns for the quants in 2022. Nowhere was this clearer than in the performance of AQR Capital Management, a quant fund run by Cliff Asness. Its long-running strategy returned 43.5% last year, net of fees. On this week's podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird speak to Cliff Asness, the co-founder and chief investment officer of AQR, one of the world's biggest quant fund managers. He tells them why he's more open than his competitors and what still keeps him up at night. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

In July 2020 I interviewed Cliff Asness, co-founder of AQR.  This was several months after he penned a perspective piece titled The Valuesburg Address, where he waxed poetic about the multi-year drawdown in the value factor. Nearly three years later, he recently wrote the perspective piece titled, The Bubble Has Not Popped.  I say wrote, but it is just a single image of the value spread between growth and value, adjusted for just about every possible noise factor you can imagine.  The spread still hovers near generational highs. This isn't Cliff's first value drawdown.  While never easy, I suspect his past experience at least makes it a bit easier. In this archive clip, I wanted to highlight the wisdom of experience.  To me, that entails understanding what you know, what you wish you could know, and what you believe. I hope you enjoy.

Today, Mark Rzepczynsky joins us for a weekly update on Trend Following, following the release of the minutes from the FED's Open Market Committee in a week of thin liquidity. We discuss whether trend followers can make money going forward after a great year and if it is "too late" to allocate to trend following, the historical perspective of trend following and what we can expect going forward based on the latest analysis from AQR, and how the fast flow of information impacts trend following. We also discuss the importance of knowing when to quit and embezzlement in the crypto space, why trust is a key factor of trend following and why you should find out where liquidity is coming from. We finish discussing why it is important to be aware of how markets move through cycles, what it means if we are heading into a more deglobalized world and much more.--------Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.And you can get a free copy of my latest book “The Many Flavors of Trend Following” here.Learn more about the Trend Barometer here.Send your questions to info@toptradersunplugged.comAnd please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.Follow Mark on Twitter.Episode TimeStamps:00:00 - Intro02:21 - What happened this week?06:24 - Industry performance update09:19 - Is it too late for trend following?24:47 - The impact of fast information30:59 - The human element of policy38:36 - Quit vs. Grit42:16 - Diving into the crypto world50:50 - Mind your liquidity56:17 - Periods, ages and regimes59:40 - The end of Globalization & what this means?01:03:12 - Being a data detective01:06:01 - Final thoughts Copyright © 2022 – CMC AG – All Rights Reserved----PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and...

This week, Mark Rzepczynsky joins us for our weekly update on Trend Following, at the end of yet another busy week for inflation watchers. Based on an article by Cliff Asness at AQR, we discuss why you want to own managed futures and why you want to avoid getting "carried away" as a Trend Follower, the dual mandate and the difference between strategy and running a business, innovation in Trend Following and why macro trends do not always translate to price trends. We also discuss how high inflation affects Trend Following and the importance of divergence, why turning points kill the real issue beyond inflation and using the 70 percent rule to make trading decisions, the difference between trend following and momentum and much more. ---- ---- Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). IT's TRUE ? – most CIO's read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written https://www.toptradersunplugged.com/Ultimate (here). And you can get a free copy of my latest book “The Many Flavors of Trend Following” https://www.toptradersunplugged.com/flavor (here). Learn more about the Trend Barometer https://www.toptradersunplugged.com/resources/market-trends/ (here). Send your questions to info@toptradersunplugged.com And please share this episode with a like-minded friend and leave an honest Rating & Review on https://www.toptradersunplugged.com/reviewttu (iTunes) or https://open.spotify.com/show/2OnOvLbIV3AttbFLxuoaBW (Spotify) so more people can discover the podcast. Follow Mark on https://twitter.com/mrzepczynski (Twitter). Episode TimeStamps: 00:00 - Intro 03:22 - What happened this week? 13:36 - Industry performance update 16:07 - AQR latest article on managed futures 27:56 - The dual mandate and volatility "targeting" 37:55 - The private equity issue and innovation in Trend Following 43:48 - FT Article from Goldman Sachs about inflation and divergence 49:25 - How turning points impact your overall TF returns 53:17 - The 70 percent rule...and why it works for Trend Followers 56:03 - Hedgehogs vs. Foxes and drought in market liquidity 01:02:30 - Trend following vs. Momentum...can you tell the difference 01:03:55 - “Entrepreneurs of errors” 01:06:01 - Supply, Command and End-user of commodities 01:09:02 - Thanks for listening Copyright © 2022 – CMC AG – All Rights Reserved ---- PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey: 1. eBooks that cover key topics that you need to know about In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. https://www.toptradersunplugged.com/resources/ebooks/ (Click Here) 2. Daily Trend Barometer and Market Score One of the things I'm really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! https://www.toptradersunplugged.com/resources/market-trends/ (Click Here) 3. Other Resources that can help you And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. https://www.toptradersunplugged.com/resources/ (Click Here) https://www.toptradersunplugged.com/legal/privacy-policy/ (Privacy Policy) https://www.toptradersunplugged.com/disclaimer/ (Disclaimer)

My guest in this episode needs no introduction: Antti Ilmanen, co-head of Portfolio Solutions at AQR, award winning researcher, and author of the books Expected Returns and the recently published Investing Amid Low Expected Returns. A decade has passed since Antti wrote his first book, providing both a decade of out-of-sample data as well as a decade of new research.  I begin by asking Antti about where his conviction has hardened and the things he's changed his mind about.  From there, however, the conversation topics become much more wide ranging.  We discuss structural changes in the market, the growth of passive investing, and his research on who is actually on the other side of style premia trades.   We then discuss trend following versus put protection, trend following's difficult decade, and why the outlook for trend may be rosier going forward. Finally, we touch upon some more practical topics, addressing low-hanging opportunities Antti has seen in his role as co-head of Portfolio Solutions at AQR. I hope you enjoy my conversation with Antti Ilmanen.

Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR's website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor's degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.BackgroundBio@CliffordAsnessReturn Environment Antti IlmanenInvesting Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.“An Update to Cliff Asness's Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.“Bonds Are Frickin' Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.ESG“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.“Virtue Is Its Own Reward: Or, One Man's Ceiling Is Another Man's Floor,” by Cliff Asness, aqr.com, May 8, 2017.Taxes“Now There's Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021.

To carry on the trend of amazing guests on the show, today we welcome Antti Ilmanen. Antti is the co-head of the Portfolio Solutions Group at AQR, and the author of a couple of really impactful books that we highly recommend. His most recent is Investing Amid Low Expected Returns, and in today's chat, we get to hear all about the ideas contained in its pages, and the most important moments in his career that have shaped his philosophy. Antti received his PhD in Finance from the University of Chicago and has had a long career of working with high profile names that you might recognize from past episodes of this podcast. Our guest talks about the need for cultivating your patience in relation to your investment portfolio and shares many other great pieces of practical advice that you can implement today. We delve into some bad investment habits that Antti noted in his book and also touch on the usefulness of bonds, illiquid assets, trend following, and much more. Be sure to tune in today to hear all that this great mind has to offer.   Key Points From This Episode:   The power and limitations of using historical data for calculating expected returns. [0:04:17] Balancing historical data with market-implied expected returns. [0:07:47] Antti comments on shifting into higher expected return equity markets. [0:11:37] The role of bonds in revenue generation and why to not give up on them completely. [0:13:00] Locating the roots of the positive premium that Antti associates with bonds. [0:16:35] The effect of illiquid assets on expected returns. [0:19:44] Why recent historical returns in real estate are not indicative of future expected returns. [0:23:40] The response from institutional investors to lower expected returns. [0:26:09] Situating value's current dip in a broader historical picture. [0:29:57] Some comments on the recent performance of rates, growth, and value. [0:33:39] Today's expected value returns in comparison with other points in history. [0:37:19] Antti unpacks the idea of trend following and its performance during the most recent crash. [0:39:53] Defining the defensive style premium and its relation to quality. [0:41:26] Antti differentiates carry and value strategies from each other. [0:45:55] An explanation of the importance of being 'long-short' to capturing the premium. [0:51:24] Locating the difference between alternative risk premia and alpha. [0:55:31] Practical tips for investors to wait out periods of poor performance. [0:57:45] The need for investors to be more fee-conscious in today's, low-return world. [1:01:35] Antti shares about what he calls the investor's 'premier bad habit'. [1:02:33] The impact of Ken French on Antti's career and philosophy. [1:05:29] How Antti defines success at this point in his life and the priority he gives to balance. [1:07:33]