Podcasts about newfound research

Corey Hoffstein, the Co-Founder and CIO of Newfound Research is among the investors expanding the financial product set available to the RIA community. A client segment that has long been fed a diet of 60/40 exposures, the high-net-worth community is finding the need to diversify beyond stock and bond exposure. Using their innovative approach to return stacking, Corey and team are making alternative sources of risk premium accessible and packaged in an ETF format.Through our conversation, we first learn that from a behavioral standpoint, introducing entirely new securities with new exposures has been a challenging ask. With return stacking, the diversifying strategy is put on top of an existing stock or bond exposure, packaged in one security. We discuss Corey's recent white paper, comparing the risk characteristics of corporate bonds to that of merger arbitrage and how each exposure interacts with stock and bond markets. He finds the correlation of risk arbitrage returns to those of the equity market are lower than corporate bond spreads to equities.We also review a realm of trading strategies that Corey has focused on substantially over the years, trend following. He walks through the manner in which trend can be defensive and how it behaved specifically over this recent significant market drawdown. We finish by getting some of Corey's thoughts on the broad topic of risk premiums and which like merger arb and vol selling ought to be persistent sources of compensation.I hope you enjoy this episode of the Alpha Exchange, my conversation with Corey Hoffstein.

Is it possible to enhance diversification without sacrificing returns? In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo of ReSolve Asset Management and Corey Hoffstein of Newfound Research to discuss the game-changing concept of return stacking and the launch of the Return Stacked Global Balanced & Macro ETF (RGBM)—now listed on the Toronto Stock Exchange. Discover how this capital-efficient and tax-efficient strategy allows investors and advisors to stack returns from systematic macro strategies on top of a traditional 60/40 portfolio—all without selling core assets. Packed with institutional insights, behavioral solutions, and a dose of ETF innovation, this conversation reveals how ReturnStacked® ETFs is democratizing strategies once exclusive to pension funds and hedge funds. ⏱️ Chapters (Timestamps) 0:00 - Intro: Why diversification doesn't need to mean sacrifice 2:52 - Genesis of Return Stacking: Portable alpha reborn 6:45 - Institutional proof: The Delta Pension Plan case study 11:50 - Solving line item risk & behavioral drag 14:35 - "A spoonful of sugar helps the diversification go down." 17:30 - Kitchen vs. Solarium: Pierre's investing metaphor 20:00 - Defensive leverage vs. LICE (Leverage that's Illiquid, Concentrated, Excessive) 22:30 - Inside RGBM: Structure & allocation explained 26:00 - Three implementation strategies for RGBM 32:00 - Why use RGBM as a return enhancer 36:00 - "Why are we playing the game on hard mode?" 41:30 - Systematic macro: strategy, structure, and why now 47:50 - The power of long-term structural un-correlation 52:00 - Return stacking vs. alpha chasing in equity markets 58:00 - Triple Alpha: Strategy Alpha, Structural Alpha, Tax Alpha 1:00:00 - Closing thoughts & how to learn more

In this episode of On Boards, hosts Joe Ayoub and Raza Shaikh welcome Tom Rosedale, a partner at the law firm of Nutter McClennen & Fish.  Tom serves as chair of the firm's Corporate and Transactions Department and is a member its Executive Committee.  Tom has 27+ years of experience as a corporate attorney and regularly advises public and private company boards of directors in tech, life sciences and more. He has also served on the board of directors of multiple companies including Caring Cross,  Vector BioMed, and AMD Global Telemedicine.  The discussion with Tom underscores how evaluation processes can enhance accountability and productivity and address underperforming board members in a constructive manner. Key Takeaways Introduction of a board evaluation process Tom discusses a company with a board of directors with strong members but with members who were distracted, unengaged and unprepared in meetings. A new lead director pushed for change and asked Tom to work with him to develop and implement a peer evaluation process. The evaluation process was very well received, it included rankings of each board member, written feedback and questions on the functionality of committees. It had major impact on the function of the board and, ultimately, board composition.  2. Addressing board member underperformance Boards should apply some form of structured evaluation to regularly address performance issues and avoid abrupt dismissals.  3. Encouraging board diversity to improve strategic oversight A board composition that includes a diversity of perspectives whether by age, background, expertise or otherwise improves strategic oversight and innovation. Adding new members to the board as the company grows, changes, faces new challenges brings in different perspectives and approaches that will allow the board to perform at a high level.  4. Board and shareholders impact on executive compensation  Company executives used to receive compensation in the form of stock options but now many corporations are issuing stock, RSUs and guaranteed bonuses. Compensation amounts have increased exponentially over the last few decades, even though there is an increased focus on it.  When it comes to executive compensation, board members need to remember that their role is to represent shareholders and to make the right decisions on behalf of the company.    Quotes "The evaluation process works well when there's a culture of accountability and no surprises." "Ultimately, board members must prioritize representing shareholders and making decisions in their best interests." “ If shareholders feel that a board is approving compensation or not holding people accountable for poor performance, then shareholders should vote for other board candidates.” “The best functioning boards are the boards that don't stagnate. It's boards that don't have all 65-year-old guys who come from the same industry.” Guest Bio Tom Rosedale chairs Nutter McClennen & Fish's Corporate and Transactions Department and is a member of the firm's Executive Committee. He primarily advises clients on public and private company securities law matters including public offerings, ATM transactions, registered direct offerings and equity lines of credit (ELOCs)), mergers and acquisitions (public and private), venture capital transactions, and general corporate matters. Tom also represents family offices with their many diverse legal needs. He regularly advises public and private company boards of directors and clients on executive employment matters and incentive compensation arrangements. Tom also serves as outside general counsel to clients in various industries. Prior to joining Nutter, Tom founded and served as the managing member of a boutique corporate law firm for 19 years. Before that, he served as Associate General Counsel of CMGI, Inc. and Vice President and General Counsel of AltaVista Company.  Tom founded and co-founded several companies, including Corporate Filing Solutions (sold to Northwest Registered Agents), PackageFox (sold to Lojistic), Newfound Research, and Top Shelf Dog. He has served on the board of directors of multiple companies, including Caring Cross Inc., Vector BioMed, AMD Global Telemedicine (sold to Unidoc), Top Shelf Dog, Red Systems (dba Delegated.com and sold to Zirtual), and Newfound Research.  

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

Join us for an engaging live session as Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global, Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Asset Management Global, discuss recent macroeconomic events and their impact on managed future strategies, specifically trend following and multi-asset carry models. In this video, the panel analyzes key market-moving stories from the past few weeks, including European regulatory reforms, German fiscal stimulus, and international tariff battles. They also explore the recent performance and adjustments in their systematic strategies, providing valuable insights for advisors and investors navigating today's volatile market environment.

Newfound Research's Corey Hoffstein and Quantify Funds' David Dziekanski discuss the challenge of combating ETF copycats who repackage unique ideas as their own.  VettaFi's Stacey Morris provides an update on the energy sector and ETFs following President Trump's arrival in...

Today, we delve into the nuances of systematic investing with Rob Carver, focusing on the concept of replication in trend-following strategies. The discussion contrasts different approaches to replication, highlighting the potential pitfalls of return-based methods that attempt to mimic established indices. We emphasize that simply increasing the number of markets in a portfolio may not lead to better diversification, as it could ultimately expose investors to similar risk factors. We also explore the implications of a recent paper from Newfound Research, which uses random data to challenge traditional views on replication effectiveness. With insights on factors influencing CTA performance and the importance of understanding true diversification, this conversation offers valuable perspectives for both investors and practitioners in the systematic trading space.-----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 “Ten Reasons to Add Trend Following to Your Portfolio” 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 Rob on Twitter.Episode TimeStamps: 00:57 - What has caught our attention recently?05:55 - Should trend followers lower their horizon?09:26 - The AI CTA's are being tracked10:37 - An economic Kayfabe13:58 - Are interest rates approaching a Minsky moment?18:44 - Industry performance update20:33 - Q1, CryptoCaptainX3: How do you manage intraday adverse price movement risk while running a daily system?25:43 - Q1.1 CryptoCaptainX3: How to manage overnight gap risk for futures instruments which trade only 6 hours a day?26:13 - Q1.2 CryptoCaptainX3: Can...

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.

On this episode, Ben Carlson and Michael Batnick are joined by Corey Hoffstein of Newfound Research to discuss: managed futures, return stacking, using leverage effectively, and much more!

In this episode, host Bill Kelly is joined by Corey Hoffstein, a notable figure in quantitative finance and co-founder of Newfound Research. Corey revisits his unexpected journey from an aspiring video game developer to a financial strategist driven by a passion for quantitative finance.The discussion centers around the concept of "return stacking," a strategy developed to enhance portfolio diversification without sacrificing traditional asset classes. This innovative approach aims to leverage modern financial tools to navigate and harness the complexities of today's investment landscape, enhancing potential returns while managing risk through diversified beta rather than chasing elusive alphas. Listen in!

In today's ReSolve Riffs we're taking the opportunity to introduce the inaugural episode of a brand new podcast channel called the Get Stacked Investment Podcast. In this series, we dive deep into the world of Return Stacking, exploring the latest projects, content, and insights from the www.returnstacked.com website. Co-hosted by Corey Hosteen, CIO of Newfound Research, along with the support of our own Mike Philbrick and Adam Butler this promises to be an insightful and valuable too in your investment arsenal. Subscribe to the Get Stacked feed using the link in the description to stay up-to-date with the latest episodes and never miss a beat in the exciting new world of Return Stacking.In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large-cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.Topics Discussed• The difficulties of beating the large cap U.S. equities market and the need for diversification• The shift in conversations about return stacking from risk management to creating excess returns• The potential of diversification in generating consistent positive excess returns• The idea of dictum in the markets and the difference between behavioral time and statistical time• The concept of risk parity and the importance of maintaining balance in portfolio risk• The role of trend following in risk management and return stacking• The potential of stacking strategies in enhancing portfolio returns• The structural challenges in implementing return stacked strategies in portfolios• The importance of diversification in ensuring investment successThis episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.Topics Discussed• The difficulties of beating the large cap U.S. equities market and the need for diversification• The shift in conversations about return stacking from risk management to creating excess returns• The potential of diversification in generating consistent positive excess returns• The idea of dictum in the markets and the difference between behavioral time and statistical time• The concept of risk parity and the importance of maintaining balance in portfolio risk• The role of trend following in risk management and return stacking• The potential of stacking strategies in enhancing portfolio returns• The structural challenges in implementing return stacked strategies in portfolios• The importance of diversification in ensuring investment successThis episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.

On this episode, Ben Carlson and Michael Batnick are joined by Corey Hoffstein of Newfound Research to discuss: managed futures, return stacking, using leverage effectively, and much more! 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. The Compound Media, Incorporated, 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

In this episode we answer emails from Paul, Greg and Stuart.  We discuss various portfolio visualizer analyses, correlations, Sharpe and Sortino ratios and issues pertaining to rebalancing.Links;Paul's Truncated Analysis:  https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&sl=3fTid2mNzw2PPRhYmjAGGzLonger Analysis with More Data:  https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&sl=2PBlJj89KNGhCiNBkCDMaVLarry Swedroe's Portfolio:  Show Us of Your Portfolio II: Larry Swedroe on Alternatives and Interval Funds (youtube.com)VISVX (VSIAX) vs. VBR Comparison:  https://www.portfoliovisualizer.com/backtest-portfolio?s=y&sl=2bfrlatwi8J4WhwvLR8dIoCorey Hoffstein on Rebalancing Timing #1:  Corey Hoffstein - Rebalance Timing Luck (S2E11) (youtube.com)Corey Hoffstein on Rebalancing Timing #2:  10 Reducing 'Timing Luck' and Liquidity Cascades - Corey Hoffstein, Newfound Research (youtube.com)Optimal Rebalancing Article:  Optimal Rebalancing – Time Horizons Vs Tolerance Bands (kitces.com)Smart Portfolios Book:  Smart Portfolios: A practical guide to building and maintaining intelligent investment portfolios: Carver, Robert: 9780857195319: Amazon.com: BooksSupport the show

This is Eric Golden and my guest this week is by Corey Hoffstein, the Founder and Chief Investment Officer of Newfound Research. Corey offers a fascinating and distinctive take on investing, which we delve into during our discussion. We cover topics like portfolio allocation, diversification and the innovative approach known as Return Stacking. We wrap up with lessons learned from 15 years of running an Asset Management firm. Please enjoy this conversation with Corey Hoffstein For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @makingmkts | @ericgoldenx Show Notes  (00:02:00) - (First Question) The origins of the 60/40 portfolio (00:04:30) - How to tackle the allocation problem when it comes to 60/40  (00:08:15) - How Corey deals with the doubters when the strategy doesn't work  (00:12:00) - Reasons why it makes sense to continue to participate even when there have been periods of underperformance (00:15:00) - Diversification in futures and stocks to create a less volatile investment journey (00:19:15) - The origins of return stacking (00:28:00) - Skepticism, evolution, and potential risks associated with portable alpha (00:33:30) - The need for careful risk management and the importance of rebalancing when using leverage to amplify investment returns (00:36:30) - Using historical data to determine the funding rate (00:40:00) - Implied funding rates and the spread between futures markets and spot markets (00:44:45) - The complexity of measuring market positions and strategies when it comes to futures and bonds (00:46:30) - The challenges Corey faced when starting an asset management firm (00:52:45) - The importance of presenting products in an understandable way for investors (00:54:30) - Examples of products or investment ideas that Corey got wrong (00:58:30) - The competitive nature of the ETF landscape and the importance of branding (01:02:00) - Corey's success navigating the challenging landscape of the ETF space (01:05:15) - Fee competition and brand differentiation have led to firms exploring regulatory grey areas (01:06:30) - The distinction between speculation and investing Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, August 28th, 2023, my company Newfound Research turns 15. It feels kind of absurd saying that. I know I've told this story before, but I never actually expected this company to turn into anything. I started the company while I was still in undergrad and I named it Newfound Research after a lake my family used to visit in New Hampshire. I fully expected the company to be shut down within a year and just go on to a career on Wall Street.But here we are, 15 years later. I'm not sure why, but this milestone feels larger than any recent birthday I can remember. I'm so incredibly grateful for what this company has given me. I'm grateful to my business partner, Tom. I'm grateful to employees – both past and present – who dedicated part of their lives and careers to work here. I'm grateful to our clients who supported this business. I'm grateful for all the friends in the industry that I've made. And I'm grateful to people like you who have given me a bit of a platform to explore the ideas I'm passionate about.Coming up on this anniversary, I reflected quite a bit on my career. And one of the things I thought about was all the lessons I've learned over the years. And I thought that a fun way to celebrate would be to take the time and write down some of those ideas and lessons that have come to influence my thinking.So, without further ado, here are 15 lessons, ideas, and frameworks from 15 years.

With an early passion for video games and teaching himself programming languages Q-Basic and C, Corey Hoffstein did not expect to ultimately wind up in money management. But exposure to various roles in the industry through an internship started him down the path, helping him see how to marry his love of computer science with markets.Now the CIO of Newfound Research, a firm he co-founded more than a decade ago, Corey is focused on delivering to investors the one free lunch they are entitled to: diversification. We spend most of the discussion here, with an emphasis on “return stacking”, a strategy that Newfound embraces to expand access to diversifying assets. In this light, a topic we spend some time on is trend following, a strategy that has proven to deliver attractive low correlation to stock and bond returns.Corey describes the manner in which the implementation of trend following is similar to the delta hedging of a long volatility position, allowing the strategy to provide some portfolio protection in risk-off events.And with risk-off in mind, we talk as well about “liquidity cascades”, research that Corey and his team have done to highlight the manner in which trades that live and breathe within the market's ecosystem of risk can create spill-over effects that amplify asset price movements. I hope you enjoy this episode of the Alpha Exchange, my conversation with Corey Hoffstein.

In this episode, Corey Hoffstein, CIO of Newfound Research, Rodrigo Gordillo, President of ReSolve Global* and Adam Butler, CIO of ReSolve Global, delve into the concept of return stacking and introduce the innovative RSBT Return Stacked™ Bonds & Managed Futures ETF.This podcast is essential for investors, financial advisors, and anyone interested in learning more about return stacking, the RSBT ETF, and the potential benefits of combining bonds and managed futures for portfolio diversification and risk management. Don't miss out on this insightful conversation to deepen your understanding of these innovative investment strategies and their potential impact on today's complex financial markets.They cover a wide range of topics, including: • The motivation behind the return stacking concept and its relevance in today's market environment • The history of institutional leverage and diversification in retail portfolios • The advantages of using return stacked strategies for portfolio construction and risk management • The role of bonds and managed futures in building a robust, diversified investment portfolio • The importance of low correlation between asset classes for effective diversification • The mechanics of combining bond exposure with a managed futures overlay in the RSBT ETF, including the use of cash collateral and Treasury Futures • The benefits of using ETFs as capital-efficient building blocks for return stacking • The potential for a family of return stacked ETF products to address various investor needs and preferences • The significance of managed futures as a "third leg of the stool" for managing inflation and mitigating market risks • The challenges and opportunities related to implementing managed futures strategies and managing leverage in retail portfolios • The goal of matching the RSBT ETF's bond strategy to core US fixed income, such as the Bloomberg US Core Aggregate Bond Index, and adjusting duration accordingly

If a replicant in the 1980s sci-fi classic Blade Runner was a genetically engineered, bio-enhanced person with para-physical capabilities, "composed entirely of organic substance," created for slave labor – what does that make Corey Hoffstein and his takes on replicating?  On this episode of The Derivative, we're joined by the model flirting, possible replicant, Corey Hoffstein, who takes us through the intricacies of replication strategies, comparing different approaches and digging deep into the pros and cons of indices vs strategies vs replication. Learn about the challenges faced by replicators in the hedge fund industry, the importance of benchmarks, and the complexities of dispersion in managed futures.  Corey and Jeff provide insights into the factors that drive trend-following performance in different markets, explore the potential of alternative markets for managers, and delve into the replication of Warren Buffett's strategy, decoding its secrets. Plus, Corey discusses risk weighting, the role of market makers in the ETF ecosystem, and the integration of AI in various domains. This conversation goes beyond robots writing catchy descriptions. Get ready to become a replicant — SEND IT! Chapters: 00:00-02:04= Intro 02:05-04:13= Babies are easy 04:14-22:20= Efforts in Replication & Leveraged equity 22:21-33:14= When did CTAs, MFs, and Trend Following, become synonymous? Explaining Dispersion 33:15-41:52= Two ways to replicate a strategy, first up: Top Down 41:53-56:07= Replicating a Strategy: Bottom Up 56:08-01:04:29= The immaculate rebalance & not everything needs to be in an ETF 01:04:30-01:10:09= Chat GPT – Good, bad, or ugly? 01:10:10-01:19:21= Word association Follow along with Corey on Twitter @choffstein and for more information on Newfound Research visit thinknewfound.com. Also make sure to check out Corey's podcasts Flirting with Models & Pirates of Finance! 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

Today's returning guests are Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, and Corey Hoffstein, co-founder and Chief Investment Officer of Newfound Research, and with this episode, ties for the most appearances ever on the show! In today's episode, we start off by discussing some takeaways from prior periods of inflation volatility and lessons on managed futures from the Tech Crisis.  Then we dive into return stacking. We first spoke to them about this back in 2021, but we get an update on the topic, lessons learned over the past few years, and the launch of their first return stacking ETF!  ----- 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 ----- Today's episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. To learn more about their latest offering, visit farmlandlp.com or email them at ir@farmlandlp.com.  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! 

-Follow Corey on Twitter @ choffstein -Learn more about return stacked ETFs and RSBT: ⁠⁠https://www.returnstackedetfs.com/ -Listen to Flirting with Models: ⁠https://open.spotify.com/show/1IXldCXztfTaZeHbtcDRQI⁠ -Learn more about Newfound Research: ⁠https://www.thinknewfound.com/⁠ The Trade Busters provides actionable ideas to take your option trading to the next level.  Through our educational podcast and instructional spreadsheets, we aim to empower the everyday retail trader.  Discover unique ways of thinking through sizing, risk and leverage in your option strategies. -View strategy mechanics, tradelogs and more at the trading page: ⁠https://www.thetradebusters.com⁠ -Follow me on Twitter @TheTradeBuster -The Trade Busters Discord server is now live!  Send me an email if you would like to join. **Everything discussed on this podcast is for informational purposes only and not to be construed as financial advice.

In this episode, Corey Hoffstein, CIO of Newfound Research, Rodrigo Gordillo, President of ReSolve Global* and Adam Butler, CIO of ReSolve Global, delve into the concept of return stacking and introduce the innovative RSBT Return Stacked™ Bonds & Managed Futures ETF. This podcast is essential for investors, financial advisors, and anyone interested in learning more about return stacking, the RSBT ETF, and the potential benefits of combining bonds and managed futures for portfolio diversification and risk management. Don't miss out on this insightful conversation to deepen your understanding of these innovative investment strategies and their potential impact on today's complex financial markets. They cover a wide range of topics, including:  The motivation behind the return stacking concept and its relevance in today's market environment  The history of institutional leverage and diversification in retail portfolios  The advantages of using return stacked strategies for portfolio construction and risk management  The role of bonds and managed futures in building a robust, diversified investment portfolio  The importance of low correlation between asset classes for effective diversification  The mechanics of combining bond exposure with a managed futures overlay in the RSBT ETF, including the use of cash collateral and Treasury Futures  The benefits of using ETFs as capital-efficient building blocks for return stacking  The potential for a family of return stacked ETF products to address various investor needs and preferences  The significance of managed futures as a "third leg of the stool" for managing inflation and mitigating market risks  The challenges and opportunities related to implementing managed futures strategies and managing leverage in retail portfolios  The goal of matching the RSBT ETF's bond strategy to core US fixed income, such as the Bloomberg US Core Aggregate Bond Index, and adjusting duration accordingly      *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.   Definitions:  Long/Short, Beta Disclosures: Indexes are unmanaged and do not have fees. One cannot invest directly in an index. For a full list of holdings, click here.   Investors should carefully consider the investment objectives, risks, charges and expenses of the Return StackedTM Bonds & Managed Futures ETF. This and other important information about the ETF is contained in the prospectus, which can be obtained by calling 1-310-498-7655 or clicking here. The prospectus should be read carefully before investing. Investing involves risk including possible loss of principle. Derivatives Risk. Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. Cayman Subsidiary Risk. By investing in the Fund's Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund's Prospectus, is not subject to all the investor protections of the 1940 Act. Bond Risks. The Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury securities, broad-based bond ETFs, and investments in U.S. Treasury and fixed income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by Fund (or underlying ETFs) to vary inversely to such changes. Commodity Risk. Investing in physical commodities is speculative and can be extremely volatile. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a registered investment company (RIC), the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Internal Revenue Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the internal Revenue Service, the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments. Commodity Pool Regulatory Risk. The Fund's investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and the Commodity Futures Trading Commission rules. Because the Fund is subject to additional laws, regulations, and enforcement policies, it may have increased compliance costs which may affect the operations and performance of the Fund. Credit Risk: Credit risk refers to the possibility that the issuer of a security will not be able to make principal and interest payments when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Foreign and Emerging Markets Risk. Foreign and emerging market investing involves currency political and economic risk. Leverage Risk: As part of the Fund's principal investment strategy, the Fund will make investments in futures contracts to gain long and short exposure across four major asset classes (commodities, currencies, fixed income, and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Underlying ETFs Risk. The Fund will incur higher and duplicative expenses because it invests in bond ETFs. The Fund may also suffer losses due to the investment practices of the underlying bond ETFs. New Fund Risk. The Fund is a recently organized with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Toroso Investments, LLC ("Toroso*) serves as investment adviser to the Funds and the Funds' Subsidiary. Newfound Research LLC ("Newfound*) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) ("ReSolve*) serves as futures trading advisor to the Fund and the Funds' Subsidiary. The Return StackedTM Bonds & Managed Futures ETF is distributed by Foreside Fund Services, LLC, Member FINRA/SIPC. Foreside is not affiliated with Toroso, Newound, or ReSolve.

In this episode, we explore the concept of diversification by way of capital-efficient investing, through a strategy coined 'Return Stacking' and how historically, institutions have traditionally had more access to sophisticated strategies than retail investors and financial advisors. That has changed in the last 2-3 years with the advent of the introduction of ETF wrapped strategies now available to retail investors.We discuss why diversity and prudent use of implicit leverage are important factors in investing, and how adding leverage to an asset that is already expected to outperform cash can increase excess expected returns. We touched on the performance of a 60/40 portfolio and why adding something to the portfolio that will diversify and have positive expected returns may be beneficial, particularly if you don't have to trade down or out of core model portfolio allocations. We also discuss the 2022 market environment as an example of a growth down/inflation up environment and how using capital efficient ETFs can allow investors to introduce a diversifying secondary return stream and enhance returns, without introducing tracking error risks. The episode also covered the lack of building block solutions in the ETF space, led Newfound Research to partner with Resolve to bring several ETFs to market. The ETFs, called "Return Stacked," were launched in February 2022, offering diverse combinations of stocks, bonds, and alternative trading strategies as building blocks for diversified portfolios. Both Newfound Research and ReSolve Asset Management understand deeply the importance of education, which is why we prioritize engaging with the advisor community and providing accessible content. We encourage you to reach out to us via LinkedIn, Twitter, or our websites (Newfound.com, InvestReSolve.com and Returnstacked.com) with any questions or comments. We hope this episode provided valuable insights and tools to help you make informed investment decisions. Thank you for tuning in, and we look forward to bringing you more unique perspectives in future episodes.[00:07:24] "ETFs: Key Driver in Evolution of Investment Strategies"[00:14:10] The Capital Efficiency Strategies of Institutions Explained[00:24:15] "Unlocking Capital Efficiency through Alternative Investments"[00:35:39] "Exploring how investments respond to economic environments"[00:38:34] "Managed Futures and Systematic Macro: Diversification Done Right"[00:43:47] Newfound and ReSolve Launches ETF Building Blocks for Advisors.[00:48:37] The Pros and Cons of Leverage in Investing[00:59:51] "Understanding Hurdle Rates and Leveraging Investments"[01:04:05] "Efficient markets drive fair compensation for risk"[01:16:37] "Maximizing Advisor Allocation with Passive Investments"=======================Where to find Corey Hoffstein, Rodrigo Gordillo, ReturnStackedETFs.com=======================Return Stacked ETFsNewfound ResearchReSolve Asset ManagementCorey Hoffstein on LinkedinCorey Hoffstein on Twitter (@choffstein)Rodrigo Gordillo on Twitter (@rodgordillop)=======================Where to find the Raise Your Average crew:=======================ReSolve Asset ManagementReSolve Asset Management BlogMike Philbrick on LinkedinRodrigo Gordillo on LinkedinAdam Butler on LinkedinPierre Daillie on LinkedinJoseph Lamanna on LinkedinAdvisorAnalyst.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.

Rebecca Hotsko chats with Corey Hoffstein, and together they discuss the concept of return stacking, its mechanics, leverage determination, fund selection, and a whole lot more!Corey Hoffstein is the co-founder and Chief Investment Officer at Newfound Research, which is a quantitative investment and research firm managing strategies that implement Return Stacking concepts. IN THIS EPISODE, YOU'LL LEARN:00:00 - Intro.06:08 - The different types of funds that are available to investors to implement return stacking. 06:19 - What return stacking is and how this strategy works? 10:36 - The different ways this strategy can be implemented and the portfolio solutions it provides. 22:31 - How to decide how much leverage to take, and how much return stacking strategies should make up of the total portfolio allocation?40:03 - The factors that contributed to the poor performance of certain return stacking ETFs since 2021. 42:55 - The common mistakes investors make when implementing this strategy. 46:01- What factors impact the effectiveness of this strategy? 52:49 - How to mitigate risk when this strategy breaks down?*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESCheck out: Newfound Research. Related Episode: Listen to MI260: Top Stock Picks 2023 w/ Logan Kane, or watch the video.NEW TO THE SHOW?Check out our Millennial Investing Starter Packs.Browse through all our episodes (complete with transcripts) here.Try Robert and Rebecca's favorite tool for picking stock winners and managing our portfolios: TIP Finance.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts.P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet a FREE audiobook from Audible.Instead of trying to time the market or pick single stocks, automate your investments and invest in a variety of companies with Betterment.What does happen when money and big feelings mix? Tune in to find out on the new podcast, Open Money, presented by Servus Credit Union.Apply for the Employee Retention Credit easily, no matter how busy you are, with Innovation Refunds.Enjoy soft, stretchy bottoms that last forever with birddogs. Use promo code INVESTING and get a free Yeti-style tumbler with every order.Partner with a specialized agency focused on making insurance as easy as possible for real estate investors. Take advantage of monthly reporting, monthly billing, and coverage for all phases of occupancy with National Real Estate Insurance Group.Support our free podcast by supporting our sponsors.Connect with Rebecca: Twitter | InstagramEmail: Rebecca@theinvestorspodcast.comConnect with Corey: Website | LinkedIn HELP US OUT!Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

"If you look at every major financial catastrophe, leverage is there, but it's not leverage on its own. It's concentrated leverage. It's using leverage to do two and three times exposure to stocks rather than using leverage to unlock the benefits of diversification."-On this episode of Voice From the Hills, we discuss various topics related to investing and portfolio management.Corey Hoffstein explains how investors often misapply probabilities and trends and introduces the concept of return stacking.The conversation touches on asset location and its relationship with tax efficiency, with the importance of considering the vehicles used in the implementation process for maximum tax efficiency.The episode also includes personal anecdotes from Hoffstein about his family traditions and values that have served him well in athletic and business endeavors.-Mentioned in the episode:Return Stacked Bonds & Managed Futures ETFFollow Corey on Twitter-Corey Hoffstein is co-founder and Chief Investment Officer of Newfound Research. Investing at the intersection of quantitative and behavioral finance, Newfound Research is dedicated to helping clients achieve their long-term goals with research-driven, quantitatively-managed portfolios, while simultaneously acknowledging that the quality of the journey is just as important as the destination. At Newfound, Corey is responsible for portfolio management, investment research, strategy development, and communication of the firm's views to clients. Corey is a frequent speaker on industry panels and contributes to ETF.com, ETF Trends, and Forbes.com's Great Speculations blog. He was named a 2014 ETF All Star by ETF.com. Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University.-Follow us on socials and thank you for your continued support! Hosted on Acast. See acast.com/privacy for more information.

In our latest Show Us Your Portfolio episode, we speak with Newfound Research founder Corey Hoffstein. We discuss how he constructs his personal portfolio and how he applies concepts like return stacking and capital efficiency in that process. We also cover a wide range of other topics, including the importance of human capital, international diversification, the role of valuations in his investment process and a lot more. 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 FOLLOW OUR BLOG https://blog.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

Today's guests are Leigh Drogen, CIO of Starkiller Capital, which applies quantitative strategies to the blockchain based digital asset space, and Corey Hoffstein, co-founder of and CIO at Newfound Research, and a research partner and advisor to Starkiller.  In today's episode, the guys update us on a wild year in crypto. We talk about the GBTC trade, the value of FTX bankruptcy claims, and even some conspiracy theories around Binance. Then we get into their recent paper, which looks at the momentum factor in crypto markets, and the benefit of using trend-following strategies within crypto to avoid drawdowns like the one we've seen in the last year. As we wind down, the guys say if they think crypto is starting a new bull market.  ----- 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 ----- Today's episode is sponsored by YCharts.  YCharts enables financial advisors to make smarter investment decisions and better communicate with clients. YCharts offers a suite of intuitive tools, including numerous visualizations, comprehensive security screeners, portfolio construction, communication outputs, and market monitoring. Visit YCharts to start your free trial and be sure to mention "Meb" for 20% off your subscription. (New clients only).  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. ----- 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!

ETF Prime Host Nate Geraci is joined by VettaFi's Dave Nadig and VanEck's Jan van Eck to explore concerns around the growing concentration of corporate voting power among several large fund companies.  Newfound Research's Corey Hoffstein spotlights the Return Stacked Bonds & Managed Futures ETF (RSBT).

Today's episode features Corey Hoffstein  and Rodrigo Gordillo reading their piece, Return Stacking: Strategies for Overcoming a Low Return Environment. Corey is a co-founder of and Chief Investment Officer at Newfound Research. Rodrigo President of and a Portfolio Manager at ReSolve Asset Management Global and has over 15 years of experience in investment management. The Best Investment Writing series features top research pieces that we've shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- 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 ----- Today's episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest's choice. Today's sponsor dollars are being donated to the Malala Fund  on behalf of Corey & Rodrigo.

-Follow Corey on Twitter @ choffstein -Listen to Flirting with Models: https://open.spotify.com/show/1IXldCXztfTaZeHbtcDRQI Learn more about Newfound Research: https://www.thinknewfound.com/ The Trade Busters provides actionable ideas to take your option trading to the next level. Through our educational podcast and YouTube channel, we aim to empower the everyday retail trader. Discover unique ways of thinking through sizing, risk and leverage in your option strategies. Refine and analyze your option trades through custom spreadsheets in our focused YouTube series. And much more! -The Trade Busters YouTube channel: https://www.youtube.com/channel/UCa36k1NVoqhXyOoEqfEFMdw -View strategy mechanics, tradelogs and more at the trading page: TheTradeBusters.com. -Follow me on Twitter @TheTradeBuster -The Trade Busters Discord server is now live! Send me an email if you would like to join. **Everything discussed on this podcast is for informational purposes only and not to be construed as financial advice.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

In this episode, I talk with Corey Hoffstein, co-founder of and Chief Investment Officer at Newfound Research. Newfound Research LLC is a quantitative investment and research firm dedicated to helping investors pro-actively navigate the risks of investing through thought leadership and investment acumen. At Newfound, Corey is responsible for portfolio management, investment research, strategy development, and communication of the firm's views to clients. Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University. I hope you enjoy this conversation with Corey as much as I did...  

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

-- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

Corey Hoffstein & Jason Buck take viewers through the perplexing and ill-defined world of investment "alternatives." What are they? Private Equity? Racehorses? Wine? Crypto? The pirates discuss. -- ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

ETF Trends' Tom Lydon talks year-to-date ETF flows and performance.  Newfound Research's Corey Hoffstein explains the concept of “return stacking” and highlights their suite of Structural Alpha model ETF portfolios.  Bloomberg's Eric Balchunas discusses his new book, “The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions”.

ON OTHER PLATFORMS  Pirates of Finance on Twitter @ PiratesFinance (https://twitter.com/FinancePirates) OUR FIRMS ️ Mutiny Fund: https://www.mutinyfund.com ️ Newfound Research: https://www.thinknewfound.com OUR PODCASTS  The Mutiny Podcast: https://mutinyfund.com/podcasts/  Flirting with Models: https://www.thinknewfound.com/podcast CONTACT US  Jason on Twitter @ JasonMutiny (https://www.twitter.com/jasonmutiny)  Corey on Twitter @ choffstein (https://www.twitter.com/choffstein) INTRO MUSIC  By taylorgalford.bandcamp.com THIS VIDEO IS FOR ENTERTAINMENT AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UP AS A BASIS FOR INVESTMENT DECISIONS. THE VIEWS EXPRESSED IN THIS SHOW ARE OF THE HOSTS AND DO NOT REFLECT THE VIEWS OF THE MUTINY FUND OR NEWFOUND RESEARCH. THE MUTINY FUND OR NEWFOUND RESEARCH MAY MAINTAIN POSITIONS IN SECURITIES DISCUSSED IN THIS SHOW.

Ever wondered what it's like to manage a crypto investment firm? Leigh Drogen, the CEO of Starkiller Capital, is walking that walk, and he joins Corey Hoffstein, the CIO of Newfound Research, to describe his journey so far. Leigh explains to Corey how, in his experience, TradFi investment trading strategies such as momentum- and/or trend-following can lead to above-average performance in the crypto space as well. Their conversation highlights the importance of a healthy balance between consistency and flexibility, a requirement of those who'd like to successfully navigate any trading environment. Leigh and Corey share key lessons they've learned, including coping with high volatility, the importance of open-mindedness, and dealing with uncertainty. And Leigh describes the limitations of traditional investment valuation methods applied to crypto. Recorded on April 4, 2022.

Corey Hoffstein, chief investment officer of Newfound Research, and Jason Buck, chief investment officer at Mutiny Funds, talk the "end times" approaching as the markets get crazier, sell offs increase, and the only thing left is the survivor's guide for hedging-- which this episode focuses on.

Corey Hoffstein, chief investment officer of Newfound Research, and Jason Buck, chief investment officer at Mutiny Funds, talk gamma squeezes, structured products, and the lack of substance that easy macro narratives offer to long-term investors.

Michael Green and Harley Bassman together with guest Corey Hoffstein, CIO at Newfound Research, discuss portfolio efficiency and return stacking strategies. First aired on 1/21/22. _______________________________________________________________________________________________________________________________________ Important Disclosures Simplify Asset Management Inc. is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Simplify Asset Management Inc. and its representatives are properly licensed or exempt from licensure. SEC registration does not constitute an endorsement of the firm by the Commission, nor does it indicate that the advisor has attained a particular level of skill or ability. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice. This content is solely for informational purposes and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. These materials are made available on an “as is” basis, without representation or warranty. The information contained in these materials has been obtained from sources that Simplify Asset Management Inc. believes to be reliable, but accuracy and completeness are not guaranteed. This information is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Neither the author nor Simplify Asset Management Inc. undertakes to advise you of any changes in the views expressed herein. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. Hypothetical strategies and indices presented are unmanaged, do not reflect any fees, expenses, transaction costs, commissions or taxes, and one cannot invest directly in any of these. The results presented should not be viewed as indicative of the adviser' skill and do not reflect the performance results that were achieved by any particular client. During this period, the adviser was not providing advice using this model and clients' results may have been materially different. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.

Everybody loves the 60/40 portfolio. And why not? It's worked really well for a long time, especially the past decade when both stocks (the 60) and bonds (the 40) went up. Yet investors fear the current inflationary environment could push both down. Enter “return stacking,” which attempts to solve this conundrum. Investors get the standard 60/40 allocation, only it's leveraged in a way to add diversification and protection. (Oh, and by the way, that frees up a chunk of your portfolio for other exposures so you can have your cake and eat it, too….or at least that's what the backtest shows.) On this episode, Eric and Joel speak with Corey Hoffstein, chief investment officer of Newfound Research, and Rodrigo Gordillo, president and portfolio manager of ReSolve Asset Management. Together, the two pioneered the concept with a widely-circulated research paper (which you can find at returnstacking.com) and an open-source model portfolio that allows anyone to implement the concept. The approach means higher fees than most ETF-based portfolios, but as the group discusses, inflation and rising rates mean investors might want to consider reconsidering their toolbox.See omnystudio.com/listener for privacy information.

Everybody loves the 60/40 portfolio. And why not? It's worked really well for a long time, especially the past decade when both stocks (the 60) and bonds (the 40) went up. Yet investors fear the current inflationary environment could push both down. Enter “return stacking,” which attempts to solve this conundrum. Investors get the standard 60/40 allocation, only it's leveraged in a way to add diversification and protection. (Oh, and by the way, that frees up a chunk of your portfolio for other exposures so you can have your cake and eat it, too….or at least that's what the backtest shows.)  On this episode, Eric and Joel speak with Corey Hoffstein, chief investment officer of Newfound Research, and Rodrigo Gordillo, president and portfolio manager of ReSolve Asset Management. Together, the two pioneered the concept with a widely-circulated research paper (which you can find at returnstacking.com) and an open-source model portfolio that allows anyone to implement the concept. The approach means higher fees than most ETF-based portfolios, but as the group discusses, inflation and rising rates mean investors might want to consider reconsidering their toolbox. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

In episode 368, we welcome our guests, Corey Hoffstein, CIO and co-founder of Newfound Research, and Rodrigo Gordillo, President and PM at ReSolve Asset Management In today's episode, we're talking about return stacking! Corey and Rodrigo joined forces to try and tackle the issue of how to generate returns in an environment with stretched equity and fixed income valuations. We hear how using a little bit of leverage to the traditional 60/40 portfolio can provide more than one dollar of exposure for every dollar invested. Our guests then walk us through what strategies investors can stack on top of their 60/40 portfolio, including global systematic macro, trend following, and tail hedging, and what that does to the risk/return profile. Be sure to stick around until the end to hear stories about what life is like for people who have actually lived in an inflationary environment. Please enjoy this episode with Newfound Research's Corey Hoffstein and ReSolve Asset Management's Rodrigo Gordillo. ----- 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 ----- Today's episode is sponsored by Public.com. Public.com is an investing platform that helps people become better investors. On Public, ownership unlocks an experience of content and education, contextual to your portfolio, created by a million+ strong community of investors, creators and analysts. Start investing with as little as $1 and get a free slice of stock up to $50 when you sign up today at public.com/faber.   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. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library.

Corey Hoffstein is the co-founder and Chief Investment Officer of Newfound Research as well as an enthusiast of cryptocurrencies and various crypto projects. Newfound is a quantitative asset management firm seeking to help investors proactively navigate the risks of investing through better diversification. Learn more about your ad choices. Visit megaphone.fm/adchoices

Show from 10/8/21Wharton Finance Professor Jeremy Siegel kicks off the show with his market update discussing the employment report, fed posture, volatility in overseas commodities, and more. Then, are you interested in using an adaptive approach to investing? Host Jeremy Schwartz brings on the authors of a new paper titled “Return Stacking” about how to leverage to boost returns. Learn how to create an inflation sensitive basket of commodities, emerging market currencies, and more. Guest:Corey Hoffstein – Co-Founder and Chief Investment Officer of Newfound Research. Co-author of a new paper called “Return Stacking.”For more on Newfound Research visit their website: https://www.thinknewfound.com/Follow him on Twitter: @choffsteinListen to his podcast here: https://blog.thinknewfound.com/podcast/Rodrigo Gordillo – President and Portfolio Manager at Resolve Asset Management. Co-author of the book “Adaptive: Asset Allocation, Dynamic Global Portfolios Profits in Good Times and Bad.” Co-author of a new paper called “Return Stacking.”Follow him on Twitter: @RodGordilloP For more on Resolve Asset Management visit their website: https://investresolve.com/ Follow WisdomTree on Twitter: @WisdomTreeETFsFollow Jeremy Schwartz on Twitter: @JeremyDSchwartzDefinitions:CRB index: Commodity Research Bureau Index acts as a representative indicator of today's global commodity markets. It measures the aggregated price direction of various commodity sectors.CPI: Consumer Price Index is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.PPI: Producer Price Index measures the average change over time in the selling prices received by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services.TIPS: Treasury Inflation Protected Securities.Derivative: a security whose value is determined by another asset.Sharpe ratio: Measure of risk-adjusted return. Higher values indicate greater return per unit of risk, specifically standard deviation, which is viewed as being desirable.Beta: A measure of the volatility of a security or a portfolio in comparison to a benchmark. In general, a beta less than 1 indicates that the investment is less volatile than the benchmark, while a beta more than 1 indicates that the investment is more volatile than the benchmark.Coupons: The annual interest rate stated on a bond when it's issued. The coupon is typically paid semiannually. This is also referred to as the “coupon rate” or “coupon percent rate.Basis point: 1/100th of 1 percent.Drawdown: Periods of sustained negative trends of return.Put option: an option to sell assets at an agreed price on or before a particular date. See acast.com/privacy for privacy and opt-out information.

The NFT space continues to gain attention and Corey Hoffstein, the CIO of Newfound Research, has been researching and exposing himself to the asset class. Corey is able to provide a unique balance of quantitative perspective with the real-life experience of NFTs, DeFi, and crypto.  In this episode, we discuss the opportunities Corey sees in the space and what he's learned from his hands-on education. Be sure to continue to follow Corey on his show Pirates Of Finance.

With bonds yields near all time lows and stock valuations near all time highs, the future returns of the 60/40 portfolio don't look promising. This has led many investors to move up the risk curve in an effort to boost their returns. But that increased risk also comes with an increased chance of significant problems in future market drawdowns. This week, we talk to two guests who have come up with an interesting approach that attacks the problem of lower future expected returns in a very different way. We talk to Corey Hoffstein of Newfound Research and Rodrigo Gordillo of Resolve Asset Management about their new paper, Return Stacking: Strategies For Overcoming a Low Return Environment. We discuss how the combination of prudent leverage and uncorrelated return streams can potentially add return to a portfolio without a substantial increase in risk. We hope you enjoy the discussion. ABOUT THE PODCAST Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors. SEE LATEST EPISODES https://www.validea.com/excess-returns-podcast FIND OUT MORE ABOUT VALIDEA https://www.validea.com FOLLOW OUR BLOG https://blog.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

Jeff is “stacking” two guests in this episode, welcoming 1. Corey Hoffstein, CIO and co-founder of Newfound Research, host of Flirting with Models Podcast, and co-conspirator on the Pirates of Finance YouTube channel; and 2. Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management and host of the Resolve Riffs Friday live stream. They're talking about their new research paper: “Return Stacking: Strategies for Overcoming a Low Return Environment,” which takes a novel approach to solving a few problems. Such as: How do you endure the ‘line item risk' of an alternatives allocation? How do you participate in the upside of an increasingly overvalued stock market? What value do bonds bring as a diversifier at the zero bound? The answer boils down to some new capital-efficient ETFs and mutual funds, which stack asset classes and returns on top of one another at greater than 100% exposure. How does that work exactly? What are the pros and cons? What types of products can investors look at? Listen in to find out more. Chapters: 00:00-02:36=Intro 02:37-10:30=It's the Cayman Islands…not Caymans 10:31-29:55=Return Stacking: The Paper, the Problem & the Solution 29:56-38:33= Leverage and Capital Efficiency 38:34-01:04:14= Managed Futures, Macro, and Convexity as Diversifiers 01:04:15-01:12:09= Are you just Stacking Fees? 01:12:10-01:26:16= I'm Scared to Buy at All-Time Highs (and to Own Bonds) 01:26:17-01:30:24=Favorites From the episode: Download the whitepaper here: https://info.rcmalternatives.com/return-stacking Podcast: Noodling on Ensembles, Trend, & Convexity with Newfound's Corey Hoffstein: https://podcasts.apple.com/us/podcast/noodling-on-ensembles-trend-convexity-newfounds-corey/id1497570451?i=1000478501833 Podcast: Asset Allocation, AI, and the Alpha Process with Resolve Asset Management: https://podcasts.apple.com/us/podcast/asset-allocation-ai-alpha-process-resolve-asset-management/id1497570451?i=1000467460922 Flirting with models podcast: https://blog.thinknewfound.com/podcast/ ReSolve's Riffs: https://investresolve.com/single/resolve-riffs/ The picture from space that shows why commodities are non-correlated: https://www.rcmalternatives.com/2013/10/the-picture-from-space-that-shows-why-commodities-are-non-correlated-to-the-stock-market/ Follow along with Corey & Rodrigo on Twitter @choffstein https://twitter.com/choffstein and @RodGordilloP https://twitter.com/RodGordilloP?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Don't forget to subscribe to The Derivative (https://www.rcmalternatives.com/the-derivative-podcast/), and follow us on Twitter at @rcmAlts (https://twitter.com/rcmAlts), and our host Jeff at @AttainCap2 (https://twitter.com/AttainCap2), or LinkedIn (https://www.linkedin.com/company/rcm-asset-management/), and Facebook (https://www.facebook.com/RCMAlternatives/), and sign-up for our blog digest (https://info.rcmalternatives.com/get-our-blog-alternatives). And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. 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

### Takeaways from Ep. 10 with Corey Hoffstein, CIO, Newfound Research:• Thinking of diversification in portfolios in terms of three axes: What, How, and When?• The unintended consequences of 'timing luck' (re: 'when?' diversificatio)• How to reduce 'timing luck' from portfolios• How rebalancing premium trumps "timing luck"• Market distortions caused by the shift from actively managed funds to passive funds• What are 'Liquidity Cascades," and how to 'smoothe' against unforeseen destructive convergences of trading activity in markets.'Luck' is a double-edged sword which, if you're an allocator of capital, can, more often than not, disadvantage you in investing and asset management.In our conversation with Corey Hoffstein, CIO, at Boston-based Newfound Research we discuss three axes of diversification:What, How, and When?The 'What?' aspect involves deciding what you're going to invest in. 'How?' is where you decide what process you'll use, e.g. stylistic tilts, value, momentum, active, passive, systematic or rules based investing, and factors, etc. The 'When?,' aspect is the consideration of timing, or rather, 'when' you choose to invest, or rebalance.While luck plays a role in all three aspects of diversification, of the three aspects, timing is the one that gets the least amount of consideration, and luck seems to have a disproportionately low amount of consideration.As we discuss timing luck, you realize how the luck of timing, with all else being equal, i.e. multiple managers using, for the sake of argument, the exact same investment strategy, and even the same holdings can wind up experiencing a wide range of investment returns due to the variability of 'when' the invested, or rebalanced into given investment holdings.Corey Hoffstein eloquently describes how advisors, allocators, and other investment professionals can reduce or eliminate timing luck from portfolios, which we know, can more frequently go against us, and instead harvest the 'rebalancing' premium. If you're at all wondering about the ways in which you could establish greater advisor alpha, rebalancing and the rebalancing premium are among the most valuable and manageable ways to do so, and in turn, reduce the occurrence of when 'timing luck' can turn against you as an allocator. Our conversation then turns to Liquidity Cascades, coined by Corey Hoffstein. This is his well researched findings of what have culminated in more recent times as unforeseen destructive convergences of trading activity in markets, how they occur, and what to do to navigate through them. We talk about how to construct tactical portfolios that 'smoothe' out the heavy drawdowns across financial markets, as experienced in Q1 2020.Full transcript: Coming soon*****Where to find Corey Hoffstein:Corey Hoffstein on LinkedinCorey Hoffstein on TwitterNewfound ResearchNewfound Research on LinkedinWhere to find the Raise Your Average crew:ReSolve Asset ManagementReSolve Asset Management BlogMike PhilbrickRodrigo GordilloAdam ButlerPierre Daillie - https://www.linkedin.com/in/pierre-daillie-advisoranalyst/

This is “ReSolve's Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global*. “As the discount rate drives towards zero, it inflates every asset on the planet, including their correlations. Today's dominant factor is discount rate risk.” Fasten your seatbelt and dial down the speed on your podcast player, because you are in for an epic ride. With our good friend Corey Hoffstein (CIO of Newfound Research) as co-host, we were once again joined by one of the most interesting and thought-provoking guests we've had on the show: Chris Schindler (Co-founder, CEO and CIO of Castlefield Associates). This incredibly rich and nuanced conversation touched on themes that included: Who is “on the other side” of trades and investment strategies – persistent wealth transfers that lead to positive utility for both parties, with no “willing losers” Crowded and anti-crowded trades – drilling into the reflexive nature of markets What leads to crowding – structural and behavioral reasons, along with naturally-long players Why alternative risk premia (aka investment factors) have become shockingly crowded, and where investors might find blue ocean in the space Behavior doesn't manifest in a vacuum – why the efficient market hypothesis is naturally at odds with human synchronization Alpha in traditional investments implies being early and/or different Social media, riot theory and the emergent phenomenon of crowds The ultimate CIO's dilemma – where do we go from here? The moral hazard trade – governments, central banks, and self-fulfilling prophecies A basket of call options is always preferable to a call option on a basket We also covered some of the underlying reasons for market synchronization, how many steps ahead of the crowds are likely to lead to profitable trades, and much more. This episode contains more nuggets of wisdom than we could count and is certainly worth saving for future reference. Thank you for watching and listening. See you next week.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.    

Show from 5/21/21Wharton Finance Professor Jeremy Siegel opens the show talking about the Fed and inflation, bitcoin, equity markets, and more. Then Host Jeremy Schwartz discusses model portfolios with returning guest Corey Hoffstein of Newfound Research. Corey discusses how it has become harder to achieve a reasonable rate of return from an expectations perspective, risk assets, the global central banks moving into an active player role, a dramatic rise in passive investing vehicles, and a large rise in volatility contingent investors. Guest:Corey Hoffstein - Chief Investment Officer of Newfound ResearchFor more on Newfound Research visit their website: https://www.thinknewfound.com/Follow him on Twitter: @choffsteinListen to his podcast here: https://blog.thinknewfound.com/podcast/Follow WisdomTree on Twitter: @WisdomTreeETFsFollow Jeremy Schwartz on Twitter: @JeremyDSchwartz See acast.com/privacy for privacy and opt-out information.

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, Corey Hoffstein and Thomas Braziel. See our latest episodes at https://acquirersmultiple.com/ Thomas Braziel is the managing partner at 507 Capital, an investment firm specializing in unlisted credit opportunities. Thomas's Twitter: https://twitter.com/thomasbraziel His websites: http://www.becapitalmanagement.com/ (B.E. Capital Website) http://www.beclaims.com/ (B.E. Claims Recovery Website) http://www.fndmreceivership.com/ (Fund.com Receivership Website) Corey Hoffstein is co-founder of and Chief Investment Officer at Newfound Research. Founded in August 2008, Newfound Research is a quantitative asset management firm based out of Boston, MA. Newfound/ReSolve Robust Equity Momentum Index https://www.thinknewfound.com/nrromot U.S. Equity ETF Style Premia: https://www.thinknewfound.com/style-dashboard Blog: https://blog.thinknewfound.com/ Flirting with Models Podcast: https://www.thinknewfound.com/podcast Corey's Twitter: https://twitter.com/choffstein ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Website: https://acquirersmultiple.com/ Firm: https://acquirersfunds.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.

Show from 5/7/21In this Behind the Markets Podcast Special Host Jeremy Schwartz and Guest Host Corey Hoffstein talk to the brains behind the Twitter famous account SquishChaos, Nikhil Shamapant. "In the past week, I’ve spent sleepless nights working on what I believe to be an institutional grade research report on Ethereum. In my report, I will explain why I believe a $150,000 price target in the next 18 months is actually achievable. My thesis is entirely based upon the concept of “The Triple Halving,” where I show that Ethereum will have a sell pressure reduction equivalent to undergoing all three of Bitcoin’s halving events consecutively." - Squish ChaosGuests:Nikhil Shamapant - From the Twitter famous account Squish ChaosFollow Nikil on Twitter: @SquishChaosFor more information on his paper please visit: https://squish.substack.com/p/ethereum-the-triple-halving Corey Hoffstein - Co-Founder and Chief Investment Officer at Newfound ResearchFollow Corey on Twitter: @choffsteinFor more on Newfound Research: https://www.thinknewfound.com/Follow WisdomTree on Twitter: @WisdomTreeETFsFollow Jeremy Schwartz on Twitter: @JeremyDSchwartz See acast.com/privacy for privacy and opt-out information.

Corey Hoffstein, host of Flirting with Models, stopped by The Business Brew to have a wide ranging conversation about markets and his career.  Corey is an amazing thinker.  Rather than summarize his thoughts we would direct listeners to his website: https://blog.thinknewfound.com/author/choffstein/. You can find his podcast links at https://www.thinknewfound.com/podcast.   He's a great guy, incredibly smart, and this is one cool conversation.  We hope you listen and enjoy!   Corey is the Co-Founder and Chief Investment Officer of Newfound Research, a quantitative investment manager.  Corey received his BS in Computer Science from Cornell University and his MS in Computational Finance from Carnegie Mellon University. 

DB-Mar10,2021. Real Vision editors Jack Farley and Max Wiethe analyze price action in U.S. equities as well as today’s print of the Consumer Price Index, which met but did not exceed expectations and indicates muted inflation. In the main segment, Jack speaks to Corey Hoffstein, co-founder and chief investment officer of Newfound Research. Using advanced quantitative modeling, Corey charts the rotation from growth to value stocks and notes how the underperformance of “momentum” investing is evidence of that very rotation. Corey investigates the claim that growth stocks are vulnerable to increases in interest rates, which he finds true but incomplete. Lastly, Hoffstein shares his view on the vulnerability of the Ark Innovation ETF ($ARKK) to bouts of reflation, looking at metrics such as implied correlation and implied volatility. Corey can be reached on Twitter at @choffstein. Learn more about your ad choices. Visit megaphone.fm/adchoices

For this episode of the Planet MicroCap Podcast, I spoke with Corey Hoffstein. He is the Co-Founder and Chief Investment Officer at Newfound Research, and Host of the "Flirting with Models" podcast. This was a long time coming, I've been a fan Corey, his work at Newfound, as well as his show, and really enjoyed meeting him, and learning about his investing journey, strategy, Liquidity Cascades white paper, benefits of diversification, market timing and his recent move to the Cayman Islands. For more information about Newfound Research, please visit: https://www.thinknewfound.com/ Subscribe to "Flirting with Models" here: https://www.thinknewfound.com/podcast You can Follow Corey Hoffstein @choffstein: https://twitter.com/choffstein Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the SNN Network YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast The Planet MicroCap Podcast is brought to you by SNN Incorporated, publishers of StockNewsNow.com, The Official MicroCap News Source, and the MicroCap Review Magazine, the leading magazine in the MicroCap market. You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft

Corey Hoffstein, Chief Investment Officer at Newfound Research, joined the Market Banter podcast to discuss why he thinks the shifting role of the central banks from passive referees to active players in markets is creating a systemically dangerous situation. --- Send in a voice message: https://anchor.fm/market-banter/message

Corey Hoffstein is one of the giants in the quant world, and the CIO of Newfound Research. He has written an incredible whitepaper called Liquidity Cascades. Here we discuss what happens with Smart Beta strategies, passive flows, ETFs, gamma hedging, and how to put these ideas into action! You can find the paper here: https://www.thinknewfound.com/liquidity-cascades

Retail investors have driven the prices of stocks like Tesla and Sasol and they are immersing themselves ever-deeper in trading. Before you ride the momentum, take a listen to what risk expert Cory Hoffstein - Chief Investment Officer of Newfound Research - has to say. He was speaking to BizNews partner Bloomberg about the changing market dynamic for quants amid the influx of retail investors

Retail investors have driven the prices of stocks like Tesla and Sasol and they are immersing themselves ever-deeper in trading. Before you ride the momentum, take a listen to what risk expert Cory Hoffstein - Chief Investment Officer of Newfound Research - has to say. He was speaking to BizNews partner Bloomberg about the changing market dynamic for quants amid the influx of retail investors

Liz Pancotti, a senior advisor at Employ America, joined to discuss President Biden's stimulus plan and the economic challenges ahead for the new administration. Nobel Prize-winning economist and Columbia professor Joe Stiglitz explained why he thinks the White House stimulus package is sufficient enough to ensure that we get back to pre-pandemic levels of output. Conference Board chief economist Dana Peterson went through the biggest issues weighing on the minds of CEOs for the year ahead. Then Corey Hoffstein, the Co-founder and CIO of Newfound Research, joined on the changing market dynamic for quants amid the influx of retail investors.

It goes without saying that 2020 was a year like no other when it comes to the markets. A historic crash, and then a raging recovery, all set against the backdrop of a pandemic and deeply depressed economy. One implication of this is that trading strategies based on historic rules and patterns didn't perform particularly well in this environment. On this episode, we speak with Corey Hoffstein, a fund manager at Newfound Research, which employs trend following and momentum signals in its trading. He talks about what worked and didn't last year and what that says about overall market structure.

📊En esta entrevista Corey Hoffstein nos desvela su proceso de inversión, nos ayuda a entender el underperformance del Value, nos explica las ventajas de usar un modelo compuesto de diferentes factores así cómo la ventaja de no usar una sola métrica para capturar el premium de un factor sino varias a la vez, nos ayuda a navegar del problema de cuantificar los intangibles y nos comenta el poder de las redes sociales y de hacer público tú trabajo. [APÚNTATE A NUESTROS WEBINARS]►►https://zonavalue.com/cursos [APÚNTATE A NUESTROS EVENTOS]►►https://zonavalue.com/actividades [UTILIZA NUESTRAS HERRAMIENTAS DE INVERSIÓN]►►https://bit.ly/2KtIipx 📺Entra en ZONAVALUE TV. Nuestra plataforma Streaming👉https://zonavalue.com/zonavalue-tv CURSO DE INICIACIÓN AL ANÁLISIS CUANTITATIVO►►►https://bit.ly/3avjTLj Si no quieres perderte nuestros vídeos, suscríbete al canal 👉https://bit.ly/3gheXZY Brett Winton👉https://youtu.be/TRwoKRs2qrU Wesley Gray👉https://youtu.be/xdSN_sNwPEo John Boyar👉https://youtu.be/osXgVd4k43Q Tobias Carlisle Parte 1👉https://youtu.be/iR5X31xhsao Tobias Carlisle Parte 2👉https://youtu.be/WPNvCC6UPtI Meb Faber👉https://youtu.be/Ze4s4WO6Xis Ciclo económico actual con Juan Ramón Rallo👉https://youtu.be/8_1D1xVhxgA Tavi Costa👉https://youtu.be/1VJsvOUc7UI Jesse Felder👉https://youtu.be/tPSWIAm5KCA Jeff Gramm👉https://youtu.be/vN1UtgyziVc Links a vídeos de Zonavalue TV: Emérito Quintana►https://bit.ly/3ahzvlB La aplicación de la Inteligencia Artificial en las finanzas►https://bit.ly/3h7Z223 Masterclass con Brett Winton►https://bit.ly/2Wo5b0p Phil Bak – ¿cómo crear cartera de ETF para batir al mercado?►https://bit.ly/37nOaJP Carl Icahn y la Inversión Contrarian►https://bit.ly/34P3I87 Tesis de inversión – Delta Plus►https://bit.ly/2Wilwnc Curso – Iniciación al análisis cuantitativo►https://bit.ly/3oRxAIi Curso – Iniciación a los fondos de inversión►https://bit.ly/2WmKMZC ¿Qué son los CFD´s?►https://bit.ly/3nEL0Y2 ¿Qué es la bolsa y cómo funciona?►https://bit.ly/3pcrWRb ★SÍGUENOS EN NUESTRAS REDES REDES★ 👉Facebook: https://bit.ly/3f2d9nL 👉Twitter: https://bit.ly/3ij05w7 👉Instagram: https://bit.ly/2ZjJteQ 👉Linkdn: https://bit.ly/2AjzTjM

I just interviewed Corey Hoffstein, Chief Investment Officer and co-founder, of quant shop Newfound Research. Corey has a background in computer science Newfound Research is a quantitative asset management firm based out of Boston, MA. Its first focus is on managing risk and the firm developed a lot of knowledge around the trend-following approach.Corey recently wrote a very interesting quarterly letter and published a fascinating piece of research called The Liquidity Cascade a while back. In the liquidity cascade, Corey dives into the effect of a number of theories about market distortion and concludes these together result in a Lollapalooza effect on the market and S&P 500. These theories include Fed policy, flows into passive, market cash flows, and the effects of hedging needs. Ultimately, his research led Corey to think about designing a whole new portfolio framework.Newfound Researchhttps://www.thinknewfound.com/Corey Hoffstein Twitterhttps://twitter.com/choffstein

During uncertain times, it's critical that advisors remind and reinforce the value that they are providing to their clients. In this episode, Laura Gregg welcomes Corey Hoffstein, Founder and Chief Investment Officer at Newfound Research, a quantitative asset manager offering a suite of separately managed accounts and mutual funds to advisor firms and institutional investors. … Continue reading Ep 33: Lessons Learned from the Pandemic and Beyond – With Corey Hoffstein →

Corey recently wrote an excellent piece on market liquidity and I had to have him as a guest. For background, he is co-founder and Chief Investment Officer of Newfound Research, a quantitative tactical asset management firm. At Newfound, he is responsible for portfolio management, investment research, strategy development, and communication of the firm's views to clients. He holds a Master of Science in Computational Finance from Carnegie Mellon University. In this podcast we discuss: How central banks have pushed investors up the risk curve How central banks have introduced moral hazard to investors The importance of passive investing as marginal flow into assets The impact of passive on how trades are executed The procyclicality of HFT liquidity provision How dealers hedging magnifies volatility shifts The prevalence of volatility contingent strategies in markets When do liquidity cascades end How to position of liquidity cascades Books that influenced Corey: Fooled by Randomness (Nassim Taleb) and Red-Blooded Risk (Aaron Brown)

Our guest today is the Co-founder & CEO of Newfound Research, host of the popular podcast Flirting with Models, and FinTwit “influencer” – Corey Hoffstein. In this episode, we're talking with Corey about the impact of “data”, the juvenile meaning behind Flirting with Models, 1000s of flavors of trend, hitting the gym, the founding of Newfound, suicides in Ithaca, sticking to your strategy through investor unrest, alts vs equities firm, the value of managed futures, implementing an ensemble approach, the mismatch between expected and market convexity, is trend actually dead, applying AI and machine learning – in alts & the world, and Corey's favorite Boston restaurants. Follow along with Corey on LinkedIn& Twitter. Check out Newfound Research's website & blog, and listen to Corey on his podcast, Flirting with Models. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, 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

Robert Carver joins us to discuss the huge outperformance year-to-date of systematic funds vs discretionary funds, negative prices & their effects on market participants, systematising volatility strategies, whether there is a Holy Grail for eliminating risk completely, Newfound Research’s article on Options Straddles & Trend Following, and where we currently see the strongest trends in our portfolios. Article mentioned: Straddles & Trend Following by Newfound Research If you would like to leave us a voicemail to play on the show, you can do so here. Learn more about the Trend Barometer here. IT's TRUE - most CIO's read 50+ books each year - get your 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. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Rob on Twitter: @TopTradersLive, @RJparkerjr09, @MoritzSeibert and @InvestingIdiocy And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary 0:00 - Intro1:32 - Macro recap from Niels4:15 - Weekly review of returns1:07:37 - Question 1; Brian: Where do you see the strongest trends in your portfolio?1:08:34 - Performance recap Subscribe on:

Corey Hoffstein is the CIO of quantitative asset management firm Newfound Research. In this interview, he articulately lays out his 'What-How-Why' framework for rethinking risk management. We also discuss the history of momentum investing, potential recovery outcomes from our current crisis and how a 'Dimmer Switch' approach to portfolio tilts can improve client outcomes.

This episode of Gestalt University could not be timelier, having been recorded two weeks prior to the current market correction that began in late February 2020. The discussion of fragile versus robust approaches is especially important given how recent volatility has led simpler tactical strategies to signal a complete shift away from equities and towards cash. This in turn has left practitioners second-guessing the wisdom of their indicators and hesitant to pull the trigger. For this fascinating conversation we bring none other than Corey Hoffstein of Newfound Research. Corey has lived by the “risk cannot be destroyed, only transformed” dictum, which has guided the core of his investment philosophy across three axes of diversification – sources of risk, process and time.  Our similar thinking (including recent warnings of the dangers involving simple DIY tactical heuristics) led to an extensive research collaboration and ultimately to co-launch the Newfound / ReSolve Robust Equity Momentum Index (following requests from our FinTwit brethren). Our discussion with Corey goes deep into the benefits of building strategies based on Ensemble Methods while considering the impacts of cost, the role of timing and luck, and ways to increase one’s confidence in a back-test. We also examine the behavioral benefits of strategy execution using an array of signals as opposed to binary approaches. A plateful for investors of all stripes, especially practitioners.

Hello Listeners, Today is a very special episode with Corey Hoffstein, CIO and Co-Founder at Newfound research back in 2008. Newfound research is a quantitative asset management firm with a focus on risk-managed, tactical asset allocation strategies. He is a graduate of Cornell University with a BS in computer science and earned his MS in computational finance from Carnegie Mellon University. In today’s episode we discuss his overall approach and why we should diversify our thinking by learning about different investment approaches. Enjoy and thanks for the listen!

PreMarket Prep is a live trading talk show that airs weekdays from 8-9 am ET on YouTube as well as http://premarket.benzinga.com/pre-market-show/ Check out our chat rooms to get your questions answered on the show! We pride ourselves on being the best source of premarket trading strategy, and we feature some of Wall Street’s best traders as guests. On today’s show, we discuss…. - The impact of a financial transaction tax - Earnings from GRPN, HLF, WING, GRMN, and more - The continued rise of TSLA and SPCE Featured Guests: Corey Hoffstein, Chief Investment Officer, Newfound Research (15:00) Kim Rivers, CEO, Trulieve (59:15) For FASTER NEWS and IN-DEPTH market data, check out Benzinga Pro. For a free two-week trial go to https://pro.benzinga.com/?afmc=6c Meet the Hosts: Dennis Dick Bio: http://www.premarketprep.com/author/premarketinfo/ Twitter: https://twitter.com/TripleDTrader Joel Elconin Bio: http://www.premarketprep.com/author/joelelconin/ Twitter: https://twitter.com/Spus Tune in to the show live or via podcast! iTunes: https://itunes.apple.com/us/podcast/benzinga-tv Soundcloud: https://soundcloud.com/bztv Stitcher: https://www.stitcher.com/podcast/benzinga-morning-show TuneIn: https://tunein.com/podcasts/Business--Economics/Benzinga-TV-p1006070/ Google Play: https://play.google.com/music/listen?u=0#/ps/Id2myc5nfdgd4pry47sjss2n2my Like the show? Keep up with all Benzinga news! Visit https://www.benzinga.com/ to subscribe to our newsletter Visit https://twitter.com/Benzinga to follow us on Twitter Visit https://www.facebook.com/Benzinga/ to like us on Facebook Be sure to check out https://pro.benzinga.com/. Benzinga’s real-time news platform with all the information you need to invest better today

Corey Hoffstein is co-founder of and Chief Investment Officer at Newfound Research. Founded in August 2008, Newfound Research is a quantitative asset management firm based out of Boston, MA. Newfound/ReSolve Robust Equity Momentum Index https://www.thinknewfound.com/nrromot U.S. Equity ETF Style Premia: https://www.thinknewfound.com/style-dashboard Blog: https://blog.thinknewfound.com/ Flirting with Models Podcast: https://www.thinknewfound.com/podcast Corey's Twitter: https://twitter.com/choffstein ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer.

On today's show we talk with Corey Hoffstein of Newfound Research about all things tactical, including their new ETF, ROMO. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

This week, we’re joined by Corey Hoffstein from Newfound Research, who also hosts the Flirting With Models podcast.  We discuss his journey into Systematic Investing, why the year you enter the markets will likely impact how you invest in the future, and why random returns can actually be worse for your system than bad returns.  Corey explains the term ‘Sequence Risk', why investors should avoid being too short-term, why risk can only be transformed and not destroyed, and if past performance is actually indicative of future returns.  We also get Corey’s views on simplicity versus complexity, how he approaches diversification, and how he invests personally. You can download your free guide to Systematic Investing, and subscribe to our mailing list by visiting TopTradersUnplugged.com Get a free copy of my latest book "The Many Flavors of Trend Following" here. Send your questions to info@toptradersunplugged.com Follow Niels, Jerry, Moritz & Corey on Twitter: @TopTradersLive, @RJparkerjr09 @MoritzSeibert, & @choffstein And please share this episode with a like-minded friend and leave an honest rating & review on iTunes so more people can discover the podcast. Episode Summary • 00:00 - Intro including discussion of weekly events and the latest news from the FED • 05:35 - Weekly review • 08:50-  Corey describes his background • 22:00 - Corey breaks down the 3 components of diversification: What, How and When • 35:10 - Question: How do you know when your model is broken? • 42:15 - Question: Do you think TF will continue to work? • 52:00 - Question: What is sequence risk? & Why we should pay attention to it! • 56:50 - Question: What do you mean by risk cannot be destroyed it can only be transformed? • 1:01:20 - Question: How do you convince investors to include TF in their portfolio? • 1:06:45 - Question: Please discuss simplicity, complexity, model robustness, etc. • 1:17:40 - Question: How do you prioritize drawdown management above all else? • 1:21:20 - Question: Why is it easier to predict markets & performance 10 years out...unlike most other things in life? • 1:27:00 - Question: Do you think past performance is a guide? • 1:29:15 - Question from Christian: Do you think more information in models adds value? • 1:33:00 - Question from another Moritz: How do you invest personally? • 1:36:50 - Performance recap Subscribe on:

In this episode, Corey Hoffstein, Chief Investment Officer of Newfound Research joins us to talk about factor investing and how investors can manage risks in their portfolios. His genius is demonstrated in his story of how he made his first product while in college, licensed it to a financial advisor who managed millions before he decided to start his own business. I appreciated the opportunity to exercise my curiosity and nerd out with Corey. If you're into the nitty gritty of investing, this one is for you. You are #YoungMoney. Enjoy!

Corey Hoffstein of Newfound Research talks about his "No Pain, No Premium" approach to risk-managed tactical allocation strategies with with Tobias Carlisle on the Acquirers Podcast. Why Newfound embraces a "risk-first" approach to investing. The problems with most approaches to backtesting and research.

Guest profile Corey Hoffstein is a co-founder of and chief investment officer at Newfound Research, a firm founded in August 2008, which is a quantitative asset management firm specializing in risk-managed, tactical asset allocation strategies. At Newfound, Corey is responsible for portfolio management, oversight of research and communication of the firm’s views to clients. He received his degree in BS in computer science from Cornell University and finished his MS in computational finance from Carnegie Mellon University. Early investing foray – road to the fall Corey’s tale takes place about a decade ago when he was starting out in investing. He thought he had erased the details of its telling as it was such a painful episode of this life. He believed he was playing his part with considerable research on the world of investing, starting with titles such as Benjamin Graham’s Security Analysis and The Intelligent Investor and anything available by Warren Buffett. From this he became engrossed in the analysis of individual securities and developed the idea that the “real” opportunity was in micro-cap stocks, finding that special stock no one had found and holding it until the market realizes that one is a genius.   Green investor’s vision blurred in the Internet’s salad days As an impressionable young investor in the days when the Internet was also young, he was greatly taken by all these investment boards, some prominent and large, some with a dozen or so members, all completely anonymous people sharing ideas with one another. In the sort of blind date equivalent of seeking financial advice, he got to know the people, their investment styles, their stock picks and, eventually, that they could be totally making it all up. But, he built a measure of trust in this hidden little world and on one such board a hot tip was suggested, a pink-sheets, over-the-counter (OTC) stock in a company known as Deep Down Incorporated (DPDW.PK, DPDW.US). DPDW is (still) a deep-sea oil exploration and production-services-related company that builds underwater umbilical cords and submarine drones to explore wells. It either leases or sells such technology to big companies.   ‘Underdog target for a buyout’ thesis means ‘gold’ in the offing His thesis was that there was a great R&D operation, a company that is always one big deal away from being “not just profitable, but ultra-profitable” and a sure-thing target for a buyout – The underdog team dealing with big-league industry players. For a time, his “inside scoop” delivered some joy as the stock’s price climbed in a short period, and he took the bait.   “People on these web forums are claiming they’re talking to the CEO and they’re sharing the inside scoop and so you really feel like you have your pulse on it. In retrospect, I didn’t have my pulse on anything but I thought I did and so I watched the stock climb from say 40 cents to 80 cents and I think: ‘You wanna know what? This is happening!’ One of those situations where price confirmed my narrative that probably should’ve been a sign, I probably should have dug a little deeper, didn’t even really understand the fundamentals I was getting involved in. This was pure story-driven investing and I bought. I then watched the stock go from about 80 cents to about a US$1.20.” - Corey Hoffstein   Early success on half-baked research spells peril Corey believes now that these types of early gains are among the worst things that can happen when an investor has made an ill-conceived investment because it ramps up their overconfidence gene and they become so attached to belief in their own abilities. Corey was no exception. Equating luck with genius, and ignoring his own profit target, he said to himself again:   “You wanna know what? The story’s only getting better … now I think we’re going to get to $5”. - Corey Hoffstein   His perceived future was getting rosier because the price was supporting all the myths he had built around the stock. So instead of taking some risk off the table, and banking his gains, he ploughed more funds back in. He then saw the stock price decline. Again he interpreted this as other people taking profit, some pain before the big, long-term gain. But it kept sliding. Did he stop? No. Rather, he thought:   “You wanna know what, this is a buying opportunity. So not only did I buy at the top, I then doubled down on the way down, which you know, again, in retrospect, is not such a smart move because I really didn’t at all understand what I was buying. And then it just continued to dwindle and it probably got back to around 40 cents and stayed at 40 cents.” - Corey Hoffstein   By this time, Corey was so appalled that he stopped checking the price. After three or four years, it was still at 40 cents and he finally let it go. He added that it was not actually his worst investment by dollar value but it was a case in which he made every mistake textbooks say he could have. What is a ‘penny stock trading on a pink sheet’? A pink sheet is a type of stock that is not trading on the main exchanges, such as The New York Stock Exchange or the Nasdaq and therefore it does not meet the regulatory and exchange requirements to be listed on the main courses. It is also OTC traded, which means it is very illiquid (difficult to sell and turn into cash). And if trusting in web-forum strangers’ was not bad enough, Corey invested in a penny stock. Rather than seeing this as a red flag at the start, it was instead was one of the main reasons that the stock seduced him to invest in it. His belief was that such a stock offered more opportunity for upside. But the turn of events proved otherwise.   Corey’s Takeaways 1. Invest in a manner that aligns with your personality, both the positives and the negatives. If you are someone who truly enjoys the process of understanding company fundamentals, a more discretionary value approach can be totally warranted and appropriate. For Corey personally, he had to see the negative side, which was that he was quite vulnerable to a stock’s story, which thus put him at risk of being an emotional investor. His takeaway, in essence, was what makes him more successful today in that it drove him to find a way to invest in an unemotional manner. How did he do that? 2. Adopt a fully quantitative methodology. This is one you can control from A to Z and would certainly ensure that you are not going to be drawn in and seduced by your own emotions. “Everything I do today is quant. It’s not quant because I’m a robot. I’m quant because I’m emotional and I need those rules to make sure I stay on the straight and narrow.” - Corey Hoffstein 3. Recognize that mistakes are going to happen with investing. It is impossible to avoid all mistakes, even when you are very knowledgeable and aware of them. You are working without all the information, you cannot know who is necessarily on the other side of a trade. It is very important to always consider that you are going to be wrong, and not just wrong once, but many times. Survival, ultimately, is key.   Andrew’s Takeaways The team at A.Stotz investment and Andrew have identified six core mistakes that investors make. Corey made three (although he feels his story could cover them all). 1. Failed to do their own research. We never in the world of investing would invest without doing our own research. 2. Failed to properly assess risk. Risk, as he often says, is a separate item. In this case, there were the risks to liquidity and the structures that were insufficiently put in place and then ignored for the moment that the shares started going down and the investor's response to that moment. 3. Misplaced trust. Corey placed trust in an anonymous forum where people can be releasing different stories for different reasons. They could have neither been investing themselves nor risking anything in what they were proposing and that Corey had no way of knowing it. He pointed out that there are honest people who are sharing their investment experience on the Internet and they are just unable to share it accurately. “I looked on your (Corey’s) website and I see that you’re GIPS® compliant with the CFA, the Global Investment Performance Standard. And basically what GIPS® compliance requires is that you look at your complete portfolio, of all your different asset classes. You don’t omit things that you don’t want to put in.” - Andrew Stotz Even good investors engaging with these types of web boards or groups on sites such as Facebook groups and other types of groups, even good people, find out how it is hard for them to be truthful.   “That doesn’t even consider the liars and the cheaters out there that are everywhere. And I can’t tell you the number of times that people have come to me about how they’re starting to trade in forex. We did have one story already on my worst investment ever where he lost most of his money trading in forex. But I just think of all areas, you know, forex, I just think you’re betting against the central banks of the world. And what’s your angle?” - Andrew Stotz Final words from Corey 1. Investors should really make sure they are well diversified. They should also think about all the ways that a trade can go against them and their criteria for cutting losses. 2. It’s not going to be your only bad trade. You’re going to make many throughout your career. It’s not about not making them. It’s making sure you can survive them. How to avoid having the same fate “Don’t buy penny stocks based on someone else’s recommendation.” “First and foremost acknowledge your own weaknesses. For me, that very much meant acknowledging that I could be very much drawn in by a narrative, was clearly willing to make mental shortcuts in my analysis and allow others to do the work for me at that point in my investing career. And so I wanted to make sure that could never happen again.” Final words from Andrew “There’s great people out there, men and women who can find great investment ideas and make a ton of money from them without having all the structures in place. But for me, it makes me feel better. And I think the best thing in investing is that there’s space in investing for everybody with every style. So find your style and implement your style.” - Andrew Stotz   Resources from Andrew Stotz:  How to Start Building Your Wealth Investing in the Stock Market  My Worst Investment Ever  9 Valuation Mistakes and How to Avoid Them      Connect with Corey Hoffstein: thinknewfound.com LinkedIn Twitter   Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Join Jonathan Krueger as he interviews Corey Hoffstein, Co-founder & CIO at Newfound Research, a financial technology and product innovation company that provides quantitative investment research. IN THIS EPISODE:   On today’s show we will be talking to Corey Hoffstein, Co-founder & CIO at Newfound Research, a financial technology and product innovation company that provides quantitative investment research and author of Red Blooded Risk and article    During this episode you’ll hear:   For most investors, long-term “failure” means not meeting one’s financial objectives. In the portfolio management context, failure comes in two flavors. “Slow” failure results from taking too little risk, while “fast” failure results from taking too much risk. In his book, Red Blooded Risk, Aaron Brown summed up this idea nicely: “Taking less risk than is optimal is not safer; it just locks in a worse outcome. Taking more risk than is optimal also results in a worse outcome, and often leads to complete disaster.” A third type of failure, failing very fast, occurs when we allow behavioral biases to compound the impact of market volatility (i.e. panicked selling near the bottom of a bear market). In the aftermath of the global financial crisis, risk management was often used synonymously with risk reduction. In actuality, a sound risk management plan is not just about reducing risk, but rather about calibrating risk appropriately as a means of managing risk of both slow and fast failure.   RESOURCES:   Corey is co-founder and Chief Investment Officer of Newfound Research, a quantitative asset management firm that specializes in risk-focused tactical asset allocation.  Corey holds a Master of Science in Computational Finance from Carnegie Mellon University and a Bachelor of Science in Computer Science, cum laude, from Cornell University.   Opinions expressed on this program do not necessarily reflect those of LionsGate Advisors. The topics discussed, and opinions given are not intended to address the specific needs of any listener. LionsGate Advisors does not offer legal or tax advice, listeners are encouraged to discuss their financial needs with the appropriate professional regarding your individual circumstance.

Corey Hoffstein, Co-Founder and CIO of Newfound Research, joins host Jeremy Schwartz to discuss risk management, portfolios, 60/40 investments, and more on Behind the Markets. See acast.com/privacy for privacy and opt-out information.

In this episode of Behind the Markets Jeremy talks to the CIO of Newfound Research about risk management, portfolios, 60/40 investments, and much more. Tune in!Guest:Corey Hoffstein - Co-Founder and CIO of Newfound ResearchMore about him here: https://www.thinknewfound.com/about-usFollow him on Twitter @choffsteinListen to his podcast here: https://blog.thinknewfound.com/podcast/ See acast.com/privacy for privacy and opt-out information.

Corey Hoffstein is the co-founder and Chief Investment Officer at Newfound Research, as well as an ETF Strategist. Hoffstein and his colleagues have produced some of the more innovative research papers in recent years, venturing into debates such as using style factors at a sector level, combining leverage and trend-following to reduce the scope of drawdowns and admitting that investing will often be frustrating and always risky. Hoffstein's motto therefore is: 'Risk cannot be destroyed, it can only be transformed' Corey Hoffstein podcast overview: 1:45 Mount Rushmore of Quants: Would you put Asness and Arnott together? 5:30 I thought that I would make a living programming computer games. 7:30 Father’s financial planner introduced Corey to financial data. 9:00 First journey into quant data methods: rediscovering value and quality 12:30 Pointing fingers at each other for who is responsible for risk 14:00 But it is not simply about passing the risk buck. 16:30 Catastrophe is the result of tiny mistakes compounding 19:30 For us risk management is the mitigation of drawdown 20:00 Most financial plans don’t assume to outperform the market. Alpha is the gravy on top 22:00 Style-factors can be used at the sector level as well to manage risk 23:00 Is momentum market timing? 25:30 Risk cannot be destroyed, it can only be transformed 26:00 Trend-following can really help you cut out those really nasty left tails 30:00 When the market whipsaws, you pay a very high premium for trend-following 34:00 Application of trend-following in retirement portfolios 36:00 Review of the 4% rule in retirement planning 37:30 But at today’s yields, if you use the 4% rule your risk suddenly skyrockets 38:00 Retirees today will have to allocate to asset with which they feel uncomfortable 40:00 Weaknesses of a quant approach: where are you embedding your biases? 49:00 To proof that a risk premium has disappeared might take longer than the lifetime of a typical investor. 50:00 Similarly, if a factor doesn’t work for 10 years that doesn’t mean it has disappeared 57:00 Looking in a rearview mirror, diversification is always going to disappoint. But without a crystal ball, we don’t know which approach is going to outperform. 58:00 Dealing with concentrated markets. 1:03:00 Investing is like cooking; ingredients are important, but so is the recipe. In asset management we focus too much on the ingredients. 1:04:30 Are smart beta strategies becoming too crowded and get arbitraged away? 1:09:00 A real anomaly must by definition be hard to follow. If it was easy, everyone would do it. 1:10:30 It also means that an active strategy that works, must have its days of underperformance 1:11:00 If you are going to have an active approach, you should be prepared for a frustrating experience 1:13:00 Can we time factors? Well maybe, but it is just going to compound frustration. It is better to take a few approach that you understand and belief in and then diversify 1:16:00 A mandate to a manager should be an allocation, not a trade 1:17:00 We spend a lot of time talking about alpha, but for most people alpha is not part of their retirement plan 1:19:00 There are certain strategies that benefit from a human touch, because there are too many degrees of freedom for a computer to deal with. 1:21:00 Taking a ‘quantamental’ approach

The tenth episode of All About Your Benjamins The Podcast welcomes yet another member of the Newfound Research crew. I’m joined by Nathan Faber, Vice President of Investment Strategies, to discuss a paper he recently wrote comparing a dollar-cost averaging strategy with a lump sum investment strategy. You might be surprised to learn which strategy the research suggests is optimal.… Continue Reading→ The post Dollar-Cost Averaging or Lump Sum Investing With Nathan Faber (010) appeared first on All About Your Benjamins™.

The ninth episode of All About Your Benjamins The Podcast is a special one–in this episode, I’m joined by Corey Hoffstein, co-founder and CIO of Newfound Research. I’ve followed Corey for a few years now and have had the opportunity to talk with him on a number of occasions, so when he agreed to come on the podcast I was… Continue Reading→ The post Factor Investing with Corey Hoffstein (009) appeared first on All About Your Benjamins™.

In Episode 68, we welcome Meb’s friend and Newfound Research founder, Cory Hoffstein (or as Meb refers to him, a “fellow nerd”). Per usual, we start with Corey’s background, but then Meb jumps in by asking Corey to describe his general, 10K foot investing framework.   Corey tells us that a specific product and/or style doesn’t necessarily define him or Newfound. Rather, he believes in a consistent, well-researched process that takes into account the behavioral challenges that accompany any given investment strategy. This is because the journey is often just as important as the destination. Meb asks where Corey starts when creating a portfolio. Corey tells us it’s about the balance of risk. This is because “risk cannot be destroyed, only transformed.” Therefore, when building a portfolio, there’s no single holy grail. You need to understand the goals and fears of your client, then figure out how to balance various strategies in order to find a robust, flexible portfolio that handles risk appropriately. This dovetails into one of Newfound’s white papers, “Portfolios in Wonderland,” which tackles today’s investing climate. Corey tells us that we’re in a unique environment, whether focusing on equity valuations or interest rates. It used to be that stocks and bonds zigged when the other zagged. But in the 1980s, both became cheap. Today, we have the opposite: high equity values and low yields on fixed income. This leads to a great discussion on bonds, including Corey’s rule of thumb for estimating future bond returns, and his research into the source of bond returns – how much was due to the coupon, versus declining rates and roll yield. The guys agree that with U.S. equities richly valued, and bond yields so low, future returns of the classic 60/40 portfolio don’t look too appetizing. So, what’s the solution? Corey likes the proliferation of asset classes that used to be found almost exclusively in hedge funds. Now, we can use them to diversify our portfolios and reach a solid rate of return. The conversation bounces around a bit here – how 8%-10% returns aren’t likely going forward unless you’re invested exclusively in emerging markets... how if you let a portfolio optimizer do its thing, you’d have almost no U.S. exposure in either equities or bonds... and how, behaviorally, most people couldn’t have 0% allocated to the S&P, so finding a balance between the best portfolio and the most realistic portfolio is needed. Meb asks how much drag there is on returns when moving away from the mathematically “best” portfolio to a portfolio which investors can actually stomach. Corey tell us investors are probably giving up 50-100 basis points of return which, over the long run, is a meaningful difference. It’s not long before Meb asks about new research Corey is working on. Corey tells us he’s looking at much complexity an investor should bring into a portfolio. Some small details can make a huge difference. This leads to a great discussion about “timing luck” when it comes to trend following. More specifically, when you choose to rebalance can make a huge impact on your returns. If you’re a trend follower, make sure to catch this part. A bit later, the guys discuss another white paper from Corey, “Outperforming by Underperforming.” This leads into a conversation about the challenges of looking different with your strategy, as well as the right time-frame needed to evaluate any strategy. The conversation includes a great quiz Corey often asks his audiences regarding Buffett and how badly he has lagged the S&P at times. Chances are you’ll be surprised to hear what Corey says. There’s way more in this episode, including answers to “Should we be holding more cash?” “Is dividend investing dangerous” and “How do you factor in various global interest rates when looking at a bond allocation?” There’s also how Corey constructs multi-asset portfolios… how value works across asset classes… the biggest concerns Corey is hearing from clients today… an idea Meb has for a “weird ETF”… and of course, Corey’s most memorable trade. What is it? Find out in Episode 68.

In this episode of Strategic Investor Radio, host Charley Wright talks with Andrew Gogerty of Boston-based Newfound Research. The firm was founded in 2008 and is known for its tactical investment models and the mutual funds that are based on them. Prior to joining Newfound, Mr. Gogerty spent a decade analyzing alternative investment strategies for Morningstar. What exactly is meant by “tactical” investing? In Newfound’s case, the term refers to using sector momentum and asset-class volatility to inform investment decisions. The models are based on the premise that investors always care about capital preservation, no matter what their other investment objectives may be. Newfound’s tactical models generally work across all asset classes and represent strategic “tilts” toward either better returns or more safety – whatever suits the investor’s needs. The firm originally provided research and sub-advisory services, but in 2013 it built its own suite of strategies that are now available in both mutual funds and separately managed accounts (“SMAs”). When asked were the optimal conditions for the Newfound models’ success, Gogerty cited consistent trends, either up or down. The worst conditions for the strategies are when markets are choppy, with big swings up and down but no consistent pattern. No investment strategy can be right 100% of the time, and that’s why Newfound dollar-cost-averages into and out of positions. According to Gogerty, every time the S&P 500 has gone up or down 20%, the index has taken more than a year to complete the move – thus, an incremental, dollar-cost-averaging approach to entering or exiting positions doesn’t present a great deal of timing risk. When asked what keeps him up at night, Gogerty said people who “invest walking backwards through time.” He drove home the point with a Yogi Berra quote: “The future ain’t what it used to be.” Just because “60/40” worked in the past, doesn’t mean it will in the future. Gogerty also cited Research Affiliates projections for ultra-low returns from the stock and bond markets over the next ten years, and added that the “FANG” stocks – Facebook, Amazon, Netflix, and Google – accounted for the vast majority of the S&P 500’s gains in 2015.

Newfound Research has created ten strategies focused on risk management through quantitative analysis applying tactica, , rules based elements to asset allocation, using ETF's.  They manage according to a risk adjusted momentum approach.  They basically determine when to be in and out of various markets and sectors.  Disclaimer - As of the date of this interview, Partnervest Advisory Services did not have any ownership interest in the mutual funds nor the investment strategies referenced by this guest, nor should the interview be interpreted as an offer to sell any of the referenced mutual funds or strategies.  

Here is the 2 Minute Summary of the interviews with Silver Portal Capital and Newfound Research.