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44 episodes with risk parity
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5 episodes with risk parity
2 episodes with risk parity
2 episodes with risk parity
2 episodes with risk parity
2 episodes with risk parity
2 episodes with risk parity
2 episodes with risk parity
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RPAR Risk Parity ETF joins Michael A. Gayed, CFA to discuss lead-lag live: alex shahidi, evoke advisors — rpar risk parity etf. Topics covered in this episode: - Lead-Lag Live: Alex Shahidi, Evoke Advisors — RPAR Risk Parity ETF - Market insights from RPAR Risk Parity ETF - Practical takeaways for listeners GUEST: RPAR Risk Parity ETF --- Subscribe on YouTube: https://youtube.com/@leadlagmedia Host: Michael A. Gayed, CFA Lead-Lag Live brings on top investors, traders, and economists to discuss the most pressing issues in markets. Disclaimer: This podcast is for educational purposes only and does not constitute investment advice. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show
The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire joins Michael A. Gayed, CFA to discuss the 60/40 portfolio is dead: risk parity in a world on fire. Topics covered in this episode: - The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire - Market insights from The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire - Practical takeaways for listeners GUEST: The 60/40 Portfolio Is Dead: Risk Parity in a World on Fire --- Subscribe on YouTube: https://youtube.com/@leadlagmedia Host: Michael A. Gayed, CFA Lead-Lag Live brings on top investors, traders, and economists to discuss the most pressing issues in markets. Disclaimer: This podcast is for educational purposes only and does not constitute investment advice. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show
In this episode we answer emails from Thirsty Horse, Mark, and Mike. We discuss a wise friend and lessons on clarity, happiness, and preparing for the end, how we got involved with the Father McKenna Center and Fairfax CASA, and dig into the real work behind CASA and foster care. Then we pivot back to practical investing and tax planning without shortcuts. Links:Fairfax CASA Donation Page: Donate - Fairfax CASAChoose FI Episode on The Five Regrets of the Dying (and Mamie): Top Five Regrets of the Dying | Book Club | Ep 574Breathless Unedited AI-Bot Summary:You can have a rock-solid retirement portfolio and still miss the whole point. We start with a final push for Mary's Fairfax CASA fundraiser, then share why a Court Appointed Special Advocate matters for kids in the foster care system and what real advocacy looks like when courts, schools, and social services move slowly. Mary also tells a case outcome that sticks with you: a child moving from neglect and instability to a stable home after a parent does the hard work over years.From there, we answer a listener who asks the question behind so many “financial independence” plans: how do you decide what level of time, emotional commitment, and responsibility you can take on? Frank revisits the story of Mamie McCoy and the urgency that comes with a finite life, then we get concrete about the skills that make a strong CASA and the traits that help foster parents provide stability, empathy, and advocacy for children affected by trauma.We also handle classic Risk Parity Radio topics for the DIY investor: sustainable withdrawal rates, asset allocation, and diversification. We talk through an equity-heavy portfolio that adds long-term Treasuries like VGLT for recession insurance, plus our simple “give away 1% of your portfolio each year” goal for intentional generosity. Finally, we take on portfolio automation, rebalancing, and a big tax-planning mistake: discounting traditional IRA balances by a made-up percentage instead of modeling taxes properly and considering Social Security timing.If you get value from the show, subscribe, share it with a friend, and leave a rating and review. What's one cause you'd actually show up for with your time?Support the show
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Our guest on the podcast today is Bill Yount. Bill is a practicing emergency physician. He's also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor's degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University. Episode Highlights 00:00:00 From a Scarcity Mindset to the Hedonic Treadmill 00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50 00:11:05 Finding FIRE Late: Catching Up to Financial Independence 00:13:44 Budgeting, Downsizing, and Boosting Savings Rates 00:20:56 Landmarks on the Way to Financial Independence 00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals 00:34:51 Achieving FI and Knowing When It's Time to Retire 00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters More From Morningstar My Baptism by FIRE: Lessons on Financial Independence The Best Retirement Strategies for Leaving Money Behind Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta' If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
In this episode we answer emails from Nicholas, Nathan and Lisa. We discuss how much gold is enough and how much is too much, why calculators disagree and the best ways to use them, and what “better” means when the future is uncertain. We also walk through a FIRE portfolio headed toward retirement and talk briefly about finding an advisor familiar with risk parity principles.And before that, in our Queen Mary segment, we hear a Fairfax CASA story about how consistent advocacy supports kids in foster care.Links:Fairfax CASA Donation Page: Donate - Fairfax CASANicholas's Gold Analysis Link: Plotting withdrawal rates, drawdowns, and returns for different risk parity portfolios - Google SheetsTestfolio Golden Backtests: testfol.io/?s=45IearFlQbVAfford Anything Episode #618: They Ran Out of Money. I Didn't. Here's WhyAfford Anything Risk Parity Portfolio Blueprint: Afford Anything frank-vasquez-risk-parity-portfolio-BluePrint.pdf - Google DriveOptimus Bill's Interview on Bigger Pockets Money: The Decumulation Strategy After Hitting Financial Independence | Bill YountOptimus Bill on Catching Up to FI: Founder of 'Catching Up to FI' Just Hit Financial Independence, Now What? | Bill Yount | 196Optimus Bill's Financial Advisor: Kardinal Financial — Flat Fee & Fee-Only Financial Advisor Bryan Minogue | Madison, WIBreathless AI-Bot Summary:A backtest can make almost any portfolio look brilliant, especially when one tweak “wins” by a fraction of a percent. We dig into one of the most common examples: gold allocation in a risk parity portfolio. If PortfolioCharts shows 20 to 25 percent gold beating 10 to 15 percent for safe withdrawal rate, should you follow the numbers or trust your nerves? We explain where the 10 to 15 percent “sweet spot” comes from, why tiny gold slices rarely matter, and how overfitting turns a clean chart into a fragile plan.From there we zoom out to the real skill: comparing imperfect portfolios without pretending the future will match the past. I share why you should use multiple calculators and multiple datasets, how start dates can change results, and why swapping managed futures, commodities, and gold can flip the outcome. The point is not a magic formula, it is a durable range of allocations that survives uncertainty and keeps sequence of returns risk from wrecking your retirement.We also tackle a detailed FIRE email from a 45-year-old aiming to retire in about five years. We talk expense tracking as the foundation of retirement planning, why liquid assets matter more than net worth, and how to upgrade diversification with Treasury bonds rather than corporate-heavy bond funds. Finally, we cover inflation protection realities, including why TIPS can still drop in a rate shock and why managed futures often behave differently when inflation spikes.If you found this useful, subscribe, share it with a friend planning retirement, and leave a review so more DIY investors can find Risk Parity Radio.Support the show
In this episode we answer emails from TJ, John and Optimus Bill. We discuss TJ's modified Golden Ratio portfolio and backtests, maximizing withdrawals with flexibility, ZROZ vs. TLT simulated leverage, gambling problems, intermediate accumulation to pay down a mortgage, and assorted allocations questions about mid-caps and other funds.We also talk about our Fairfax CASA fundraiser in our Queen Mary segment and a recent Catching Up to FI presentation at the end.Links:Links:Fairfax CASA Donation Page: Donate - Fairfax CASATJ's Portfolio: testfol.io/?s=gJEgezdqVdyPortfolio Charts Risk Parity style Accumulation Article: Minimize Your Miss – Portfolio ChartsRisk Parity Chronicles ZROZ vs. TLT Analysis: Bond Allocation Sizing - Google SheetsRisk Parity Chronicles KBWP Article: The Search for a Low-Beta Equity Unicorn - by JustinCatching Up to FI Presentation: Catching Up To FI Illinois/Wisconsin Meeting Presentation - YouTubeCatching Up to FI Presentation Slides: The_Risk_Parity_Mission for Catching Up To FI.pdf - Google DriveCatching Up to FI Presentation Summary Video: Catching Up To FI Risk Parity Portfolios Meeting and Presentation.mp4 - Google DriveBreathless Unedited AI-Bot Summary:A listener writes from overseas with a situation that strips retirement down to the essentials: no pension, no Social Security “backup plan,” and a real need to get the portfolio right. We walk through his modified Golden Ratio style allocation using growth and value funds, small-cap value tilts, long-duration Treasury strips, gold, and alternatives like DBMF, then talk about what matters more than a pretty spreadsheet: whether you can live with the drawdowns and keep the plan steady for decades.From there we get practical about retirement withdrawals and the assumptions hiding underneath them. We explain why a 5.5% withdrawal rate can be realistic when you pair it with flexible rules like a floor and ceiling approach, and why “inflation” is not one number that applies to everyone. If you're living abroad, spending in another currency, or even willing to relocate, your personal inflation experience can diverge from CPI, which changes how you should think about risk, resilience, and what flexibility is worth.We also tackle the investor temptations that never seem to go away: debating ZROZ versus TLT, obsessing over duration ratios, and tinkering with allocations when the market gets loud. We share a simple constraint that helps many DIY investors stay sane: build a small sandbox for experiments so your core portfolio stays intact. We finish with an intermediate accumulation question about investing toward a future mortgage payoff, plus a clear framework for why splitting short and long Treasurys can be useful, and why international diversification often shows up as currency exposure in modern markets. Subscribe, share this with a friend who's rebuilding their portfolio, and leave a review with the withdrawal rate question you're trying to answer.Support the show
In this episode we answer emails from Optimus Bill, Mark and Ryan. We discuss donor advised fund sponsor Daffy and a strips fund portfolio substitution, the challenges of figuring out accumulation without getting caught up in chasing shiny objects and magic investing buttons, and discuss commercial risk parity funds and why they probably won't work for your goals. Errata: I said "Mark" when I meant "Michael" Mauboussin.And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Fairfax CASA Donation Page: Donate - Fairfax CASAFather McKenna Center Donation Page: Donate - Father McKenna CenterCatching Up To FI Podcast with Daffy: A Donor-Advised Fund For You (Daffy): Democratizing Philanthropy for Everyone | Adam Nash | 200White Coat Investor Article: 150 Investment Portfolio Examples | White Coat InvestorInfinite Loops Podcast with Jim O'Shaughnessy and Cliff Asness: Surviving the Meme Stock Bubble | Cliff AsnessETF Slop Video: The Rise of ETF SlopSample Portfolio Idea for Mark: https://testfol.io/?s=flOaQQOXaH4Breathless Unedited AI-Bot Summary:A community gift turns into a movement: we celebrate more than $13,000 raised for Fairfax CASA and announce a surprise $20,000 match, then open the books on how donor-advised funds make generosity simpler, cheaper, and more strategic. From flat-fee platforms to custom portfolios and social giving, we share how to build a micro-foundation that aligns your values with long-term impact.Then we zoom out to the decisions that actually move the needle. Forget the hunt for a magic fund—macro allocation drives results. For savers 20-plus years from retirement, we unpack a clean, high-conviction approach: 100% equities with a two-fund core that pairs large-cap growth with small-cap value for balanced offense. We explain why investors underperform their own holdings, how to avoid shiny-object drift, and the simple rules that keep compounding on track.Curious about adding more “oomph” without reckless leverage? We walk through using Treasury Strips like ZROZ to amplify bond duration and free space for equities or gold. We also answer a big question: do risk parity ETFs solve the problem? They exist, but most are built for elegant theory, not your actual goals—be it maximum accumulation or higher safe withdrawal rates. For families who want one-ticket simplicity, we highlight how long-standing workhorses like Vanguard Wellington or Wellesley can deliver steady spending without complex overlays or buckets.We close with a brisk market recap, why alternatives like managed futures can shine during turbulence, and the habit that consistently wins: do nothing when your plan is sound. Support the show
Raphaël Gallardo is Chief Economist within the Cross-Asset team at Carmignac. Carmignac is a leading European investment management boutique established in 1989, with over EUR 40 bn in assets under management. Raphaël joined them in 2018. He started his career in 1997 at BNP Paribas, where he spent ten years as a Quantitative Analyst within the Risk Department, a Country-risk Economist, a Financial Engineer specialising in interest rate risk, and ultimately a cross-asset strategist. In 2007, he joined Axa IM as Head of Macroeconomic Research and moved to Rothschild & Cie Gestion in 2012 to occupy the same position. From 2013 to 2018, he was Cross-Asset Strategist at Ostrum Asset Management. Raphaël holds an Engineering Degree from École Nationale Supérieure des Mines de Paris. In this podcast, we discuss: Austrian Economics Framework Three "Wobbling" Bubbles The "Sad" AI Bubble Trump Risk Parity Portfolio Spain's "Virtuous Circle" France's Fiscal Existential Risk Japan's Vicious Circle China's Dual Economy Death of the Risk-Free Asset 2026–2027 Outlook
In this episode we read a lengthy email missive from our good friend Dr. Bill on reaching financial independence a few years early, designing a risk parity portfolio with an advisor, and facing the emotional fog that follows. We share how to replace optimization with intention and use time, not money, as the measure of value, and touch on these points:• hitting FI earlier than planned after high savings, growth and a modest windfall• shifting from global cap weight to risk parity for steadier withdrawals• choosing fee‑for‑service advice and aligning incentives• handling FI emotions, identity shifts and one‑more‑year urges• using four idols as red flags for decisions• buying happiness through relationships, experiences, time‑buying and generosity• satisficing small choices to protect energy and attention• building post‑career structure with short chapters and yearly subtractions• treating time as the scarce currency, not moneyLinks:Father McKenna Center Donation Page: Donate - Father McKenna CenterDr. Bill's Interview on Bigger Pockets Money: The Decumulation Strategy After Hitting Financial Independence | Bill YountKardinal Financial: Kardinal Financial — Flat Fee & Fee-Only Financial Advisor Bryan Minogue | Madison, WIAfford Anything Episode #618: They Ran Out of Money. I Didn't. Here's Why.Breathless Unedited AI-Bot Summary:The number hits, the accounts say you're free, and yet the feeling isn't triumph—it's fog. We dive into that messy, honest space after financial independence with a candid letter from Dr. Bill, a late starter who reached FI years ahead of schedule. His story opens the door to two challenges at once: how to build a portfolio that steadies withdrawals in uncertain markets, and how to build a life that isn't ruled by “one more year.”We start with the money. Risk parity isn't a magic trick, but it's a powerful framework for retirees and late starters: diversify by risk, not headlines, so stocks, bonds, and real assets share the load. That balance can dampen drawdowns and reduce sequence risk when you're finally taking income. We highlight why fee‑for‑service advice beats legacy models, what to expect from a thoughtful plan, and how to avoid turning markets into a source of constant anxiety. Sleep matters as much as return.Then we face the human side: identity, purpose, and the gravitational pull of more. Using a simple lens—avoid the four idols of money, power, fame, and unhealthy pleasure—we redirect focus to the only currency that compounds after FI: time. We break down practical ways wealth buys happiness through relationships, experiences that spark flow, time‑buying that deletes chores and commutes, and generosity that deepens community. You'll hear tactical rules to cut over‑optimization, pilot a lighter work schedule, structure short chapters instead of a rigid life plan, and run annual “stop doing” audits to keep your days aligned with what matters.If you're nearing FI, newly independent, or stuck in the fog, this conversation offers a clear path forward: design a portfolio for resilience, and design a life for meaning. Subscribe, share with a friend who's wrestling with “enough,” and leave a review to help more DIY investors find a saner way to retire on purpose.Support the show
Markets sit near record highs even as economic signals send mixed messages, and many portfolios are more concentrated today than ever. In this Lead-Lag Deep Dive, Melanie Schaeffer sits down with Alex Shahidi, CO-CIO at Evoke Advisors, to break down what risk parity really is and why traditional frameworks like 60 40 may leave investors exposed.Shahidi explains how growth and inflation cycles historically drive long term returns, why diversification is often misunderstood, and how a true balanced allocation uses equities, commodities, gold, treasuries, and inflation linked bonds to weather very different market regimes. He also discusses the philosophy behind the RPAR Risk Parity ETF and why more advisors are reconsidering how they approach portfolio construction.In this episode:Why most portfolios are less diversified than investors thinkHow growth and inflation surprises drive major market cyclesThe role of commodities, gold, and inflation linked bonds in a balanced allocationWhy equal risk contribution matters more than traditional 60 40 mixesHow advisors can use risk parity to build more resilient portfoliosLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#LeadLagLive #Investing #PortfolioStrategy #GlobalMarkets #RiskManagement #MacroTrends #AssetAllocation #Finance #MarketOutlook #ETFStrategiesStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V Support the show
In this episode we answer emails from Patrick, Kyle, and Dave. We discuss the advantages of using risk parity style portfolios for higher withdrawal rates, how to manage a sleeve of individual REITs, the joys of giving in its various forms, a risk parity style portfolio in a Donor Advised Fund, and reverse glide paths. We share how planned generosity, donor-advised funds, and employer matches can make retirement more meaningful.Links:Father McKenna Center Donation Page: Donate - Father McKenna CenterKitces & Carl podcast about "Frugal Bob": Helping Retired Clients To Actually Start Spending And Enjoying Their Money - Kitces & Carl Ep 178Bigger Pockets Money Test Risk Parity Style Portfolio: We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)Choose FI Podcast #574: Top Five Regrets of the Dying (Book Club with Frank Vasquez and Ginger) | Ep 574Kitces Reverse Glidepath Article: The Benefits Of A Rising Equity Glidepath In RetirementBreathless AI-Bot Summary:Most retirees don't fail because they spend too much; they struggle because their portfolios weren't built for withdrawals. We unpack how risk parity, smarter rebalancing, and a reverse glide path can protect early-retirement years while keeping growth on the table. Along the way, we share listener stories that show what happens when a 100% stock believer embraces diversification and discovers the joy of giving—through donor-advised funds, employer matches, and a simple plan to distribute one percent or more each year.We start with a real allocation shift: blending large growth, small value, long Treasuries, gold, managed futures, and a small sleeve of REITs to reduce sequence risk. Then we get tactical. For individual REIT holdings, we treat the sleeve as one allocation and only rebalance when the sleeve moves versus the rest of the portfolio. Inside the sleeve, focus on outliers—trim oversized winners, reassess laggards with deteriorating stories—and keep transactions light to minimize taxes and churn.The heart of the episode explores how generosity reshapes retirement planning. Using a donor-advised fund to “stress test” withdrawals at high rates teaches mechanics and builds confidence, while employer matching turns donations into leveraged impact. We talk practical tools—automating gifts, donating appreciated shares, setting “use-by” dates on giving accounts—and nontraditional forms of giving that create work, support local businesses, and deepen relationships.We close by breaking down the reverse glide path championed by Michael Kitces and echoed by Bill Bengen: start retirement with lower equity exposure and increase it over time. Our working template moves from the low 40% equity range toward 60–70% as years pass—an evidence-informed band that historically supports higher safe withdrawal rates and tamps down sequence risk. Paired with risk parity diversification and a deliberate giving plan, it's a path that funds a life you actually want to live.Support the show
In this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-Chief Investment Officer at Evoke Advisors, to explore why traditional portfolio construction is failing investors.From lost decades in the S&P 500 to the dangers of overconcentration, Alex lays out why diversification is more than a buzzword—and how risk parity creates a framework that can withstand both growth and inflation shocks.In this episode:– Why owning the S&P 500 alone exposes investors to hidden– The lessons from the 1970s inflation era and what they mean– How risk parity differs from traditional 60/40– The biggest misconceptions investors have about risk– Practical first steps investors can take to diversifyLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.#LeadLagLive #Diversification #RiskParity #Investing #Inflation #StockMarketStart your adventure with TableTalk Friday: A D&D Podcast at the link below or wherever you get your podcasts!Youtube: https://youtube.com/playlist?list=PLgB6B-mAeWlPM9KzGJ2O4cU0-m5lO0lkr&si=W_-jLsiREjyAIgEsSpotify: https://open.spotify.com/show/75YJ921WGQqUtwxRT71UQB?si=4R6kaAYOTtO2V Support the show
In this episode we answer emails from Postmaster, John, and Patrick. We discuss the ins and outs of managed futures, the outs of international bonds and currency funds, and Risk Parity Chronicles. Reborn!And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Father McKenna Center Donations: Donate - Father McKenna Center Demystifying Managed Futures Article: Demystifying Managed Futures AQR.pdfDBMF Video (and link to YouTube channel): DBMF in Four MinutesMorningstar Article re Alternatives: How ETF Diversifiers Performed During Market Turmoil | MorningstarRisk Parity Chronicles Shannon's Demon Article: Shannon's Demon Explainer - by JustinRPC Article re Rebalancings: Does threshold rebalancing work with leveraged funds?RPC Portfolios: Overview of the RPC Portfolios - by JustinRPC Subscription Link: Risk Parity Chronicles | Justin | SubstackBreathless Unedited AI-Bot Summary:Ever wondered how managed futures work and why they're becoming increasingly popular in diversified portfolios? This episode delivers a comprehensive explanation of these powerful but often misunderstood investment vehicles.Managed futures use trend-following strategies (academically called "time series momentum") to profit from price movements across commodities, currencies, interest rates, and equity indexes. Dating back to the 1960s, these strategies challenge efficient market theory by capitalizing on the observation that when prices start moving in a direction, they often continue that trajectory for extended periods.What makes managed futures particularly valuable is their complete lack of correlation with traditional assets like stocks and bonds, combined with their positive skew. Unlike stocks that "go up the stairs and down the elevator," managed futures typically deliver modest returns during normal markets but can produce extraordinary gains during extreme market environments - precisely when conventional investments struggle most. This unique return profile was on full display in 2022 when many managed futures funds gained 20-30% while both stocks and bonds suffered.The democratization of managed futures through ETFs like DBMF, KMLM, and newer offerings from Fidelity and BlackRock has made these institutional-quality strategies accessible to everyday investors at reasonable costs. DBMF, in particular, uses an innovative replication approach to match the performance of the Société Générale CTA Index, functioning somewhat like a Vanguard for the managed futures space.We also discuss why international bond funds make less effective diversifiers than managed futures, share exciting news about the return of Risk Parity Chronicles blog, and review the performance of our eight sample portfolios.Support the show
Rethinking Diversification: Alex Shahidi on Risk Parity and the 60/40 ProblemIn this episode of Lead-Lag Live, I sit down with Alex Shahidi, Managing Partner and Co-CIO at Evoke Advisors, to talk about why most portfolios aren't nearly as diversified as investors think — and how risk parity aims to fix that.We dig into why the traditional 60/40 portfolio fails, how to truly diversify against growth and inflation shocks, and why today's market risks make balance more important than ever.In this episode:Why “balanced” portfolios are still stock-heavyHow risk parity works — and why it's really about true diversificationBuilding portfolios that avoid “lost decades”Why inflation risk has returned after decades of stabilityHow today's concentration in U.S. mega caps could backfireLead-Lag Live brings you inside conversations with top financial minds shaping markets in real time.Subscribe for more interviews, insights, and raw takes that cut deeper than the headlines.#LeadLagLive #Investing #PortfolioStrategy #RiskParity #StockMarket #AlexShahidi #AssetAllocationSupport the show
In this episode we answer emails from Tracy, Mike and "Some Call Me" Tim. We discuss the speculations and gambles of Forex, portfolio transitions, the Vanguard Market Neutral Fund and moving overseas. And we have a mystery guest reader!Links:Father McKenna Center Donation Page: Donate - Father McKenna CenterCatching Up To FI Website: Financial Independence - Catching up to FIVMNFX Testfolio Comparative Analysis: https://testfol.io/analysis?s=eFgblWT8SJOVMNFX Home Page: VMNFX-Vanguard Market Neutral Fund Investor Shares | VanguardMorningstar VMNFX: VMNFX – Vanguard Market Neutral Inv Fund Stock Price | MorningstarBreathless Unedited AI-Bot Summary:Navigating the complex world of personal finance often means confronting tough questions about investments we don't fully understand, partners who approach money differently, and life transitions that demand portfolio adjustments. This episode dives deep into three listener questions that illuminate these challenges.When Tracy's husband becomes deeply invested in forex trading despite a significant loss, she makes the bold decision to split their investment portfolios. This raises fascinating questions about marriage, money, and risk tolerance. Frank unpacks the reality of forex trading, explaining why it's neither an investment nor typically suitable for most individual investors. Drawing from his own trading experience in the 1990s, he distinguishes between disciplined speculation and outright gambling, offering clarity for anyone tempted by the allure of currency trading. As Tracy approaches her financial independence number, Frank provides thoughtful guidance on transitioning from an accumulation portfolio to a more conservative allocation while markets remain strong—wisdom applicable to anyone approaching their financial goals.The exploration continues with an analysis of Vanguard's Market Neutral Fund, revealing how even traditional investment companies offer alternative strategies that many investors overlook. While this long-short fund provides impressive diversification benefits, its lackluster returns highlight the trade-offs investors must consider when pursuing uncorrelated assets. For listeners curious about expanding beyond conventional index funds, this segment offers valuable perspective on evaluating alternative investments.Finally, for those contemplating international moves while managing US retirement accounts, Frank provides practical advice that cuts through confusion. By focusing on investment fundamentals rather than geographical considerations, he reminds us that solid financial principles transcend borders. Whether you're wrestling with a spouse's different investment philosophy, considering alternative assets, or planning an international life change, this episode delivers insights to help navigate your financial journey with confidence and clarity.Support the show
Frank Vasquez (also affectionately known as Uncle Frank) is a mostly retired lawyer and host of the 'Risk Parity Radio' podcast. In this episode, he gives us a dose of his investing wisdom complete with his unique 'SpongeBob' sense of humor. We discuss financial independence (FI) in the older years, emphasizing the importance of enjoying the fruits of your labor after decades of saving. We explore diversified portfolios, the principles of risk parity, and introduce listeners to various investment approaches such as the 'Golden Butterfly' and 'Golden Ratio' portfolios. Frank also shares his thoughts on the shortcomings of traditional personal finance gurus, who often fail to provide viable strategies for retirement spending.
Dive into the world of investment strategies with our latest episode focused on risk parity and the innovative ETFs, RPAR and UPAR. Join financial expert Alex Shahidi as he unpacks the evolving landscape of portfolio management, encouraging listeners to reassess their traditional views on asset allocation. The conversation covers the importance of diversification, revealing the limitations of the conventional 60/40 model that many investors continue to favor. With insights backed by historical data, we explore how equities, commodities, treasuries, and gold have performed through various market cycles. Shahidi clarifies the concept of risk parity, shedding light on how it can create a resilient investment portfolio that adapts to market fluctuations while aiming for consistent returns. He discusses the potential returns from traditionally lower-risk assets, explaining how leverage can enhance their performance to match or even exceed that of equities. Through this engaging discussion, listeners gain a better understanding of how to structure their portfolios for greater stability and consistency. Shahidi also highlights the risks associated with focusing solely on short-term market trends, urging investors to adopt a long-term perspective that prioritizes diversity in their asset allocation. As you tune in, consider your own investment approach. Are you gambling by putting all your eggs in one basket, or are you ready to embrace a diverse, strategic framework that stands the test of time? Share your thoughts about risk parity and how it has influenced your financial planning. Your journey to informed investing starts here—demand the answers you need and engage with us! Remember to subscribe and leave a review for more insightful discussions!DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of Evoke Advisors and Lead-Lag Publishing, LLC expressly disclaims any responsibility for action taken in connection with the information provided in the discussion. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:
In this frolic and detour from our regularly scheduled programming, we create a "Reference Episode" by employing two AI podcasters to summarize the information contained in Episodes 1, 3, 5, 7 and 9, which are some of the foundational episodes for this podcast. BTW, choose PFFV instead of PFF if you are interested in that. But the point was to teach you how to analyze investments.Here are (most of) the original links and notes from those episodes.Episode 1:In this episode we answer five basic questions:1. What is Risk Parity Radio?2. Who is this podcast for?3. Gee willikers, what does "Risk Parity" mean anyway, Uncle Frank?4. How will will make this real and actionable for you?5. How can you get involved?Episode 3: In this episode we explore the ancient origins of asset allocation and diversification. Bava Metzia 42a: https://steinsaltz.org/daf/bavametzia42/70-year History of Investment Consulting: https://seekingalpha.com/article/4357226-70-year-history-of-investment-consulting-1950minus-2020Episode 5: In this follow-up to Episode 3, we explore the development of risk-parity style investing from the 1980s to the present day.The All Weather Strategy Paper: Bridgewater Paper 2009.12 AW Info Pack.doc (granicus.com)Risk Parity Portfolios: Efficient Portfolios Through True Diversification: https://www.panagora.com/assets/PanAgora-Risk-Parity-Portfolios-Efficient-Portfolios-Through-True-Diversification.pdfRisk Parity: Silver Bullet Or A Bridge Too Far: chapter-4-from-managing-multiasset-strategies-2018.pdf (callan.com)Episode 7:In this episode we discuss the three basic principles are (1) the Holy Grail Principle; (2) the Macro-Allocation Principle; and (3) the Simplicity Principle.March draw-downs for professional risk-parity style portfolios: https://www.markovprocesses.com/blog/risk-parity-funds-in-the-coronavirus-market-rout/Ray Dalio explains the Holy Grail principle of risk-parity style investing: https://www.youtube.com/watch?v=Nu4lHaSh7D4Episode 9:In this episode we discuss how NOT to choose investments and how to employ a good process to analyze an investment. We adopt the process of David Stein's 10 Questions and apply it to an exchange-traded fund of preferred stocks.Ishares description of PFF: https://www.ishares.com/us/products/239826/ishares-us-preferred-stock-etfThe 10 Questions To Ask When Considering An Investment:1. What is it?2. Is it an investment, a speculation, or a gamble?3. What is the upside?4. What is the downside?5. Who is on the other side of the trade?6. What is the investment vehicle?7. What does it take to be successful?8. Who is getting a cut?9. How does it impact your portfolio?10. Should you invest?Support the show
Naviga in totale sicurezza con NordVPN (#ad). Il Three-Fund Portfolio dei Bogelheads vs il portafoglio All Seasons di Ray Dalio. L'impostazione tradizionale del portafoglio fatta di azioni e obbligazioni vs il concetto di Risk Parity. Pro e contro dei due modelli più diffusi di asset allocation. Bridegwater, The All Weather Story Acquista il libro di The Bull! Sei già ricco ma non lo sai (disponibile a questo link) =============================================== Investi con Scalable in azioni e ETF a prezzi imbattibili. Investi con Fineco, 60 trade gratis nei primi tre mesi con il codice TRD060-TB. Migliaia di audiolibri riassunti in 15 minuti con 4Books. L'Assicurazione sulla Vita semplice e conveniente: Turtleneck. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. =============================================== ATTENZIONE: I contenuti di questo canale hanno esclusivamente finalità di informare e intrattenere. Le informazioni fornite sul canale hanno valore indicativo e non sono complete circa le caratteristiche dei prodotti menzionati. Chiunque ne faccia uso per fini diversi da quelli puramente informativi cui sono destinati, se ne assume la piena responsabilità. Tutti i riferimenti a singoli strumenti finanziari non devono essere intesi come attività di consulenza in materia di investimenti, né come invito all'acquisto dei prodotti o servizi menzionati. Investire comporta il rischio di perdere il proprio capitale. Investi solo se sei consapevole dei rischi che stai correndo. Learn more about your ad choices. Visit megaphone.fm/adchoices
Unlock the secrets to crafting a truly balanced investment strategy that withstands the test of time and market volatility. Join us for an insightful episode with Alex Shahidi from Evoke Advisors as we dissect risk parity investing and its potential to revolutionize traditional portfolio strategies. Discover how this approach aims to mitigate the shortcomings of the classic 60-40 asset allocation model by evenly distributing risk across various economic environments and asset classes.We challenge conventional wisdom by diving into historical market events like the dot-com bubble and the global financial crisis, examining how they exposed vulnerabilities in traditional investment strategies. With risk parity, we introduce a framework that seeks to spread growth and inflation risks more evenly, helping investors avoid the pitfalls of concentrating holdings in a single asset class. This conversation is packed with strategies to reduce volatility and provides insights into the dynamics of constructing a diversified portfolio, especially in the context of cash dominance and shifting economic landscapes.Explore the complexities of leveraging balanced portfolios with innovative tools like RPAR and UPAR, and learn how they can serve as strategic alternatives to maximize your investment potential. With real-world examples and expert insights, we delve into the nuances of economic cycles, interest rates, and inflation expectations. Gain an understanding of how these factors impact investments and why a diversified approach can offer both security and enhanced returns. Whether you're an aggressive investor or seeking a new diversification strategy, this episode offers valuable perspectives on navigating the ever-evolving financial markets.DISCLAIMER – PLEASE READ: This is a sponsored episode for which Lead-Lag Publishing, LLC has been paid a fee. Lead-Lag Publishing, LLC does not guarantee the accuracy or completeness of the information provided in the episode or make any representation as to its quality. All statements and expressions provided in this episode are the sole opinion of Evoke Advisors and Lead-Lag Publishing, LLC expressly disclaims any responsibility for action taken in connection with the information provided in the discussion. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.Sign up at LearnCorporate.com and take control of your career and finances. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:
In this episode we answer emails from Jenny, Arun and Jeff. We discuss setting up a risk parity style portfolio for an elder relative, what to do with 529 money and college funds when you are getting close, and the use of risk parity style portfolios for intermediate goals or accumulation.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Yours Truly On The Earn & Invest Podcast: Why Risk Matters w/ Frank Vasq - Earn & Invest - Apple PodcastsJared Dillian And The Awesome Portfolio: Show Us Your Portfolio: Jared DillianFather McKenna Center Donation Page: Donate - Father McKenna CenterAmusing Unedited AI-Bot Summary: What if you could unlock the secrets of risk parity and transform your investment strategy? Join us on Risk Parity Radio as we explore how strategic gold allocation and portfolio diversification can revolutionize your financial journey. Dive into the humor-laden world of market fluctuations and portfolio reviews, and learn from our recent discussion on the Earn and Invest podcast with Jordan Grumet about integrating risk parity into modern portfolio theory. We also respond to a thoughtful email from Jenny, a dedicated Patreon supporter, who's crafting a risk parity portfolio for her mother-in-law. Get insights on asset allocation, the timing of gold investments, and how to utilize current market conditions to make savvy decisions.In this episode, we delve into diversifying investment strategies during the accumulation phase, particularly for DIY investors like Jeff, a mid-40s Gen Xer contemplating a 401k rollover. Explore a variety of strategies, including Tyler's Golden Butterfly, the Weird Portfolio by Value Stock Geek, and Jared Dillian's Awesome Portfolio. Discover how these can complement ventures in real estate or business, and draw inspiration from Bruce Lee's philosophy to tailor an approach uniquely your own. Whether you're a novice or a seasoned investor, expect to walk away with practical advice and fresh perspectives to enhance your financial strategy.Support the show
In this episode we answer emails from David, Jennifer and Byron. We discuss Risk Parity books and finance books and sources in general, considerations in taking control of a complicated portfolio from a (former) AUM advisor, and portfolio considerations for the younger investor considering tech, leverage and other various and sundry things.Links:Book #1: Risk Parity: How to Invest for All Market Environments by Alex Shahidi | GoodreadsBook #2: Risk Parity Fundamentals by Edward E Qian | GoodreadsBook #3: Introduction to Risk Parity and Budgeting by Thierry Roncalli | GoodreadsRisk Parity Radio RSS Feed Page: Risk Parity Radio RSS Feed (buzzsprout.com)Ben Felix Video On Leverage: Investing With Leverage (Borrowing to Invest, Leveraged ETFs) (youtube.com)Amusing Unedited AI-Bot Summary:Prepare to unlock the secrets of risk parity investing and transform your retirement portfolio. Ever wondered which books can truly elevate your understanding of risk parity? We offer a curated list of essential reads, including Alex Shahidi's "Risk Parity: How to Invest for All Market Environments," to guide you in this complex yet rewarding approach. These books cater to the savvy investor ready to harness academic and professional insights, focusing on diversification and modern portfolio theory as powerful tools for financial success.Navigating the maze of investments alone can be daunting, especially post-advisor. Jennifer's story highlights the challenges and opportunities of consolidating a vast portfolio without triggering hefty tax bills. We provide actionable strategies to streamline investments, emphasizing the critical role of cost basis data and aligning your current holdings with future goals. Tax efficiency takes center stage, with insights into evaluating investment overlaps, leveraging different account types, and smartly planning around income changes to maintain a cohesive and tax-savvy portfolio.Are you ready to supercharge your investments for growth? Self-employed young investor Byron's journey reveals the excitement and risks of tech and leveraged ETFs in an aggressive growth strategy. Balancing high-risk potential with a thoughtful approach is key, and we emphasize the importance of a low-cost index-based portfolio strategy. With humor and practicality, we explore how to achieve impressive returns while managing risks, encouraging a balanced investment approach that doesn't gamble your financial future. Clear financial goals and consistent strategies are your allies in navigating the unpredictable markets.Support the show
#191: Grow your wealth and build a resilient portfolio by making smarter decisions with these 11 investing lessons. Financial advisor Ben Carlson and I share actionable insights on managing risk, overcoming psychological barriers in investing, and the power of simplicity and diversification to ensure long-term, fulfilling financial success. Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of four books on investing and personal finance. He runs the popular blog A Wealth of Common Sense, where he shares insights on financial markets and investing strategies. Ben also co-hosts Animal Spirits, one of my favorite podcasts. Link to Full Show Notes: https://chrishutchins.com/ben-carlson-money-lessons Resources Mentioned Ben Carlson: Website | Animal Spirits Podcast | X 20 Lessons From 20 Years of Managing Money My All-Time High in Savings You Probably Need Less Money Than You Think For Retirement Wealthfront Risk Parity Fund | What is Risk Parity? JP Morgan: S&P 500 Market Concentration Chart Fractional Vacation Homes: Pacaso Paula Pant's Podcast: Afford Anything Safe Withdrawals: Free DIY Withdrawal Rate Toolbox | Safe Withdrawal Rate Series Study: Spending Habits of Retirees ATH Podcast Ep #41: Beating Inflation, Alternative Assets, and Simplifying Your Finances with Ben Carlson Ep #59: Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli Ep #91: Die With Zero: Net Fulfillment Over Net Worth with Bill Perkins Ep #117: Navigating a High Rate Market: Buying a Home, Preparing for a Recession and Where to Put Cash with Ben Carlson Ep #168: Building an Investment Portfolio to Grow and Protect Your Wealth with Chris Doyl Ep #180: Stocks vs. Real Estate: What's the Best Investment to Build Wealth? Ep #186: 25 Money Rules (and When to Break Them) with Brian Feroldi Ep #189: Beyond the 4% Rule: Smarter Strategies for Financial Independence with Karsten Jeske Join our Newsletter Follow & Review on Apple Podcasts Email us for questions, tips, deals and feedback Full Show Notes (00:00) Introduction (02:30) Experience in Investing Is Not the Same as Expertise (03:24) Intelligence Doesn't Guarantee Investment Success (05:42) No One Lives Life in the Long Term (07:32) Experiences Shape Your Perception of Risk (10:12) The Biggest Risks Are Always the Same yet Different (13:29) Optimism Should Be Your Default (20:03) There Is No Such Thing as a Perfect Portfolio (22:31) Overthinking Can Be Just as Debilitating as Not Thinking at All (24:30) How to Think About a Simple Portfolio with International Exposure (26:17) Less Is More (30:17) Ways to Reduce Overthinking (32:02) Tax Loss Harvesting vs. Direct Indexing (39:02) Why Ben Wrote a Post on 20 Money Lessons (40:11) Lesson #10: There Is a Big Difference Between Rich and Wealthy (43:37) The Reason Ben and Chris Invested in Holiday Homes (48:27) What's a Reasonable Amount to Save? (51:29) You Probably Need Less Money Than You Think for Retirement (56:47) The Final Biggest Takeaway Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
In this episode we answer emails from Ed, Cy, Visitor 5002, and Lucas. We discuss preferred shares funds, rebalancing and ranting, how the podcast sausage is made and Risk Parity Chronicles. And the charitable matching opportunity with the Financial Quarterback for the benefit of the Father McKenna Center.Links: Father McKenna Center Donation Page (don't forget to include "The Financial Quarterback Match" in the comment/dedication box): Donate - Father McKenna CenterFinancial Quarterback Podcast With Yours Truly: Breaking Down the Holy Grail of Diversified Portfolios w/ Frank Vasquez Jr. (Risk Parity Radio) (youtube.com)PFFV On Morningstar: PFFV – Global X Variable Rate Preferred ETF – ETF Stock Quote | MorningstarRisk Parity Chronicles On YouTube: Risk Parity Chronicles - YouTubeGolden Butterfly Portfolio In Depth: Golden Butterfly Portfolio – Portfolio ChartsUnedited Artificial Intelligence Description:Ever wondered how to double the impact of your charitable donations while navigating the world of preferred shares funds? On this episode of Risk Parity Radio, we kick things off with something special—a segment dedicated to answering listener emails and revealing our latest charitable promotion for the Father McKenna Center. Learn about an incredible matching donation opportunity connected to my appearance on the Financial Quarterback podcast, and hear about a clever donation strategy using donor-advised funds suggested by our listener, David.Thinking about adding preferred shares to your portfolio but not sure where to start? Listener Ed's email prompts a deep dive into the mechanics and benefits of preferred shares funds. Discover why these funds are appealing, particularly for those in high tax brackets, as we compare ETFs such as PFF, PGX, PFXF, and FPE. I'll share my current top picks, PFFV and PFFD, which boast lower expense ratios and higher dividend payouts, and discuss the tax advantages of qualified dividends. Whether you're looking to enhance your yield or add stability to your investments, this segment is packed with actionable insights.Finally, we turn our focus to the critical practice of portfolio rebalancing, illustrating how this strategy can help you buy low and sell high. We'll share recent examples to highlight its effectiveness, all while adding a bit of entertainment with a playful nod to "Willy Wonka & the Chocolate Factory." Don't forget to engage with us by subscribing, giving ratings, and leaving reviews on your favorite podcast platforms. Tune in for a perfect blend of insightful financial advice, engaging listener interactions, and tips on making a difference through thoughtful charitable contributions.Support the Show.
Are you maximizing your portfolio's potential for financial independence? In this episode, Josh welcomes Frank Vasquez Jr., host of Risk Parity Radio, for an in-depth conversation. Together, they explore Frank's journey from international arbitration to becoming a financially independent investor, sharing strategies for managing diversified portfolios. Josh and Frank delve into the importance of risk parity investing, a method designed to balance risk across various asset classes. They discuss common pitfalls like recency bias, which can skew long-term financial planning. Frank provides valuable insights on constructing portfolios that include a mix of equities, bonds, and alternative assets to ensure stability across different economic conditions. They also cover the role of long-term bonds in diversifying investments and optimizing safe withdrawal rates for retirees. The discussion rounds out with Frank sharing his passion for community involvement and his work with the Father McKenna Center in Washington, D.C. Can't get enough of the Financial Quarterback? Click 'Subscribe' to never miss a play. New episodes touchdown right here! Loving the playbook? Drop us a 5-star rating and share your thoughts in a review. Your feedback fuels the game plan!
Frank Vasquez is a financially independent retired lawyer who hosts a great podcast, Risk Parity Radio, where he talks about risk parity investing concepts from the perspective of DIY investors.This is our second conversation. I highly recommend that you also check out our first one.This is a very wide ranging discussion.Links* Frank's Risk Parity Radio website, where he posts podcast episodes and also posts detailed updates on real-money risk parity portfolios. https://www.riskparityradio.com/* Our first conversation on this podcast: DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe
Prices were around $89/bbl last week, but since then there's been a noticeable uptick - not quite reaching $92/bbl and oscillating around $90/bbl since. Refinery margins have weakened, with refined products struggling - with the exception of gasoline. Gasoil is extremely weak, with poor distillate performance in all regions. EBOB has seen greater strength with the market keen to buy into last week's weakness. Looking to our macro news segment, James unpacks the latest headlines shaking up financial markets. A significant move ensued yesterday (Wednesday 10th April) following yet another robust CPI print. Notably, 2-year bond yields surged a staggering 23 basis points, marking a substantial 4.6% increase on the day. Concurrently, the dollar strengthened by over 1%, sending equities futures tumbling by 1.4% on the open. The Federal Reserve finds itself in a delicate position after adopting a dovish stance in Q4 2023, with the Overnight Index Swap (OIS) now pricing in just 42 basis points of cuts this year. As commodities face headwinds amidst tighter financial conditions and a stronger dollar, James, Greg and Martha analyse the implications for investors and the broader economic landscape. The trade idea for this week is to short the May/Jun C3 CP spread. You can watch this trade idea in further detail here: https://youtu.be/8N2bNTOYOqcIf you would like to connect with any of our hosts on LinkedIn, please click on the hyperlinks below: Greg Newman: https://www.linkedin.com/in/oilderivatives/Martha Dowding: https://www.linkedin.com/in/martha-dowding-ab84801a6/James Brodie: https://www.linkedin.com/in/jamesbrodiecmt/Chapters for this episode are:0:00 Welcome 1:43 This week in trading 5:58 Macro market news 25:00 Refinery margins 34:04 Ones to watch 41:43 Poll results and outro
On this new TDAM Talks ETFs podcast, Jonathan Needham, VP and Director, ETF Distribution, TDAM, and Thomas Grant, VP, ETF Capital Markets, TDAM, welcome special guest Julien Palardy, Managing Director, Quantitative and Passive Investing, TDAM, to discuss how quantitative investment strategies may assist investors with navigating an ocean of data by learning from the past and looking into the future to help achieve their investing goals. For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/Please follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/X: @tdam_canada
Intellectual curiosity is a guiding principle for Katherine Molnar, CIO at Fairfax County Police Officers Retirement System (PORS). Katherine began investing as a teenager with the money she earned from summer jobs. She regularly questioned the critical elements of investing and often explored deep technical details in search of an answer. Eagerness for knowledge is a through line in Katherine's career, motivating her to find innovative methods to strengthen portfolios. Prior to working at Fairfax County PORS, Katherine spent a decade at AIG Investments (later Pinebridge Investments) where she became deeply acquainted with hedge funds and how they respond to various environments. This experience made for a seamless transition into her role at Fairfax County PORS, where the team was developing all-weather portfolios. Largely dependent on risk parity, this all-weather approach seeks to balance risks between numerous factors and maintain adequate performance regardless of the current state of economic growth and inflation. “So whether that is expansion, contraction, trough or peak, we try to have a portfolio where something is always working.” In this episode we discuss: Risk parity and building all-weather portfolios Intellectual curiosity The power of liquidity After graduating from the University of North Carolina-Chapel Hill with a Bachelor of Science in Business Administration/Finance, Katherine spent two years in Frankfurt, Germany where she worked as an intern for J.P. Morgan. Katherine continued to expand her global perspective in Warsaw, Poland and London, England. In the former, she helped launch the first retail mutual fund in the polish market; in the latter, she worked as Vice President, Senior Research Analyst for AIG. She then transitioned to her current position of Chief Investment Officer at Fairfax County Police Officers Retirement System. Resources: Top Traders Unplugged | 7 Allocator Series: Learnings from Fairfax County ft. Katherine Molnar and Andrew Spellar Listen to Other Successful Investors: Charmel Maynard (University of Miami) | Paying It Forward Aoiffin Devitt (Moneta Group) | Finding Clarity Ari Bergmann (Penso Advisors) | The Edge in Hedges Chapter Summaries: [00:03:00] An Early Start to Investing [00:04:00] Studying at UNC [00:09:02] Hedge Funds at AIG [00:14:11] Liquidity and Financial Crises [00:27:28] Risk Parity and All-Weather Portfolios [00:40:38] Relationships with Managers [00:48:30] Transitioning to Fairfax County PORS [00:58:39] Intellectual Curiosity Disclaimer: This podcast is not investment advice, and should not be relied upon as a basis for investment decisions. All content in this podcast reflects the opinions and views of the speakers. This podcast is for informational purposes only, without representation as to accuracy or completeness. The guest(s) on this episode did not have a client relationship with SEI Novus at the time of recording.
In this episode we answer emails from Justin of Risk Parity Chronicles and Chris. We discuss Justin's new blogpost and a new fund that mixes stocks and managed futures, RSST, and follow up on Episode 288 with some useful references from Chris.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio. We have a rebalancing of the Levered Golden Ratio portfolio.Additional links:Justin's Blog Post: Quick Musings on RSST (riskparitychronicles.com)Corey Hoffstein's Return Stacked Portfolio: Show Us Your Portfolio: Corey Hoffstein - YouTubeAndrew Beer Interview on Forward Guidance: How Hedge Funds Take Too Much Of Investors' Money (Way Too Much) | Andrew Beer - YouTubeWikipedia Article about Modern Portfolio Theory: Modern portfolio theory - Wikipedia MIT Opencourseware for Finance and MPT: Ses 14: Portfolio Theory II - YouTube Khan Academy Video on Normal Distributions: Introduction to the normal distribution | Probability and Statistics | Khan Academy - YouTube Normal Distribution Calculator: Normal Distribution Applet/Calculator (uiowa.edu)Walk4McKenna: Walk4McKenna - Father McKenna CenterSupport the show
In this episode we answer a loooooong email from Kevin. We discuss how to use backtesting and Monte Carlo simulations and how they related to safe and perpetual withdrawal rates, classic and modified Risk Parity-style portfolios, assorted variables and metrics, sizing allocations, Kevin's overall portfolio. And conclude with Monty Python and Kevin singing.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio.Additional links:Early Retirement Now Toolbox with Over 100 Years of Data: An Updated Google Sheet DIY Withdrawal Rate Toolbox (SWR Series Part 28) - Early Retirement NowRay Dalio Holy Grail Principle Video: Ray Dalio breaks down his "Holy Grail" - YouTubeMichael Kitces Risk Parity Article: Microsoft Word - Kitces Report November-December 2013 - RISK PARITY - FINALBill Bernstein TIPS Ladder Article: Riskless at Age 104 - Articles - Advisor PerspectivesWealth of Common Sense Article re the Epidemic of Over-saving: You Probably Need Less Money Than You Think For Retirement - A Wealth of Common SenseWalk4McKenna Sign-up Page: Walk4McKenna - Father McKenna CenterSupport the show
Frank Vasquez is a retired lawyer with degrees in economics and engineering from Cal Tech and a law degree from Georgetown. Frank's focus is on risk parity investing for DIY investors. He believes in constructing portfolios of diversified asset classes to achieve a smoother and more reliable rate of return which helps maximize safe withdrawal rates during retirement. Additionally, these portfolios are useful for intermediate term goals or for those who simply want the behavioral benefit of reduced volatility.He runs a great podcast called ‘Risk Parity Radio' where he discusses risk parity investing concepts. On the podcast, he covers core investing concepts and answers questions from the audience. I highly recommend that you check out his podcast. It is very entertaining and contains a wealth of information.Frank is an expert on the topic of risk parity. His podcast is a tremendous educational tool for anyone interested in this style of investing.Links:* Frank's Risk Parity Radio website, where he posts podcast episodes and also posts detailed updates on real-money risk parity portfolios. https://www.riskparityradio.com/* The Portfolio Charts website. Tyler, who has also been on this podcast, runs this website that features some of the sample portfolios discussed. https://portfoliocharts.com/* The Portfolio Visualizer website. This is another incredibly powerful tool for investors to examine the performance of funds and asset classes. https://www.portfoliovisualizer.com/* Common Sense Investing by Jack Bogle, which covers the concept of the macro allocation principle. https://www.amazon.com/Little-Book-Common-Sense-Investing/dp/0470102101DisclaimerNothing on this podcast is investment advice.The information in this podcast is for information and discussion purposes only. It does not constitute a recommendation to purchase or sell any financial instruments or other products. Investment decisions should not be made with this article and one should take into account the investment objectives or financial situation of any particular person or institution.Investors should obtain advice based on their own individual circumstances from their own tax, financial, legal, and other advisers about the risks and merits of any transaction before making an investment decision, and only make such decisions on the basis of the investor's own objectives, experience, and resources.The information contained in this podcast & show notes is based on generally-available information and, although obtained from sources believed to be reliable, its accuracy and completeness cannot be assured, and such information may be incomplete or condensed.Investments in financial instruments or other products carry significant risk, including the possible total loss of the principal amount invested. This podcast, the host, and the guest do not purport to identify all the risks or material considerations that may be associated with entering into any transaction. This host & guest accepts no liability for any loss (whether direct, indirect, or consequential) that may arise from any use of the information contained in or derived from this content. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.securityanalysis.org/subscribe
In this episode we answer emails from Drew, Carlos and Eric. We discuss the UPAR and RPAR risk parity ETFs and their construction, rant a bit about TIPS, discuss attractive narratives about de-dollarization in the context of cognitive biases (the possibility effect and ignoring base rates) and how our adult children use a Golden Ratio-style portfolio to save for intermediate goals.Links:Father McKenna Center donation page: Donate - Father McKenna CenterUPAR webpage: UPAR Risk Parity ETF (rparetf.com)Michael Kitces interview: Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning | The Long View (simplecast.com)De-dollarization article: De-dollarization Has Begun. | AIERSupport the show
In this episode we answer emails from Kevin, Graham and Boone. We discuss the risk parity ETFs, RPAR and UPAR, leveraged portfolios, alternative assets, ETFs and some of the podcasts I'm listening to these days.Links:RPAR webpage: RPAR Risk Parity ETF (rparetf.com)Risk Parity Book Review: Top 10 Risk Parity Resources: #10... Shahidi (2021) (riskparitychronicles.com)CFA Institute Manual Article: chapter-4-from-managing-multiasset-strategies-2018.pdf (callan.com)Rational Reminder Video about Leverage: Investing With Leverage (Borrowing to Invest, Leveraged ETFs) - YouTubeSound Investing Podcast: Sound Investing on Apple PodcastsMoney With Katie Podcast: The Money with Katie ShowMoney With Katie Portfolio Analysis Blogpost: How to Diversify Outside of the Total Stock Market — Millennial Money with KatieRamit Sethi Podcast: Podcast - I Will Teach You To Be RichMacro Trading Floor Podcast: The Macro Trading Floor on Apple PodcastsEurodollar University Podcast: General 2 — Eurodollar UniversityGestalt University Podcast: Resolve's Gestalt University on Apple PodcastsAlpha Exchange Podcast: Alpha Exchange on Apple PodcastsExcess Returns YouTube Channel (Corey Hoffstein Episode): Show Us Your Portfolio: Corey Hoffstein - YouTubeRetirement Planning Education YouTube Channel: Retirement Planning Education - YouTubeSupport the show
In this episode we answer two looooong emails from Mark and Andreas. We discuss Mark's quandaries with a 457 plan and Andreas's Risk Parity fever brought on by topics that include how to choose ETFs for each asset class, leverage in bond funds, TIPS, a proposed portfolio, other alternatives like long-short, market neutral and options strategies and musings about taxes and currency exposures. And then we conclude with Polo Hofer.Links:Father McKenna Center donation page: Donate - Father McKenna CenterRisk Parity Chronicles video tutorial on asset swapping: How to Do an Asset Swap - YouTubeRisk Parity Chronicles series on TIPS: Eight Observations About TIPS (riskparitychronicles.com)ETF Database: ETF Database: The Original & Comprehensive Guide to ETFs (etfdb.com)Bloomberg Presentation on Asset Classes in Inflationary Environments: MH201-SteveHou-Bloomberg.pdf (markethuddle.com)Vanguard Commodities Paper: Commodity investing and its role in a portfolio (vanguard.com)Antti Ilmanen books: Books by Antti Ilmanen (Author of Expected Returns) (goodreads.com)EconoMe Conference: EconoMe Conference - March 17th-19th, 2023Support the show
CPI hits the bullseye – perfectly inline with expectations. Optimism returns – market on the move - but what about those pesky valuations? Earnings season – starts...right now. Our guest Alex Shahidi – Evoke Advisors, talking about Risk Parity. Check this out and find out more at: http://www.interactivebrokers.com/ Alex is a Managing Partner and Co-Chief Investment Officer at Evoke Advisors. Alex has over 22 years of experience as an investment consultant managing multibillion-dollar portfolios. He began his career at Merrill Lynch, where he led one of the firm's largest institutional consulting groups, advising more than $10 billion in assets. In 2014, Alex co-founded ARIS, where he, along with co-founder Damien Bisserier, oversaw the firm's research and client service efforts. In 2019, they launched the RPAR Risk Parity ETF, which quickly became one of the largest Alternative ETFs in the country. ARIS merged with Evoke Advisors in 2020 and the combined firm currently advises over $20 billion in assets. Alex focuses on advising large pension funds, foundations, endowments, and ultra-high-net-worth families. He works with his clients in a variety of financial areas including developing investment policy statements, managing asset allocation, selecting managers, monitoring portfolio performance, and creating financial plans. Alex is a Chartered Financial Analyst (CFA®), a Certified Investment Management Analyst (CIMA®), a Certified Financial Planner (CFP®), a Chartered Life Underwriter (CLU®), and a Chartered Financial Consultant (ChFC®). Barron's magazine has repeatedly ranked him as one of America's Top 100 Independent Financial Advisors, Top 1,200 Financial Advisors and Top 1,000 Financial Advisors. Alex graduated cum laude from University of California, Santa Barbara, with degrees in business economics and law. He earned a JD from the University of California, Hastings Law School, and is a licensed attorney in California. Alex is a prolific writer. His first book titled Balanced Asset Allocation: How to Profit in Any Economic Climate, was released in late 2014. The article introducing the premise of the book was recognized with the IMCA 2012 Stephen L. Kessler Writing Award as well as in the Wall Street Journal, Market Watch, Money News, Fidelity.com, and Wall Street Daily. In 2021, he launched his second book titled Risk Parity: How to Invest for All Market Environments. Alex has been interviewed on Bloomberg Television and Radio, BBC World News, and Yahoo Finance and for articles in the Wall Street Journal, Barron's, and other major publications. He has also been featured in numerous podcasts including Capital Allocators, The Investor's Podcast, and Seeking Alpha. Alex is also a member of the Forbes Finance Council and regularly contributes content for Forbes.com. Table Discussed in this episode Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy - HERE Stocks mentioned in this episode: (SPY), (AMZN), (SBUX)
In this episode we answer emails from Bradley, Chris and Andreas. We discuss traditional versus Roth considerations in retirement accounts, REITs, some risk parity fundamentals about the interplay between asset classes and macroeconomic environments and how that relates to correlations, a recent risk parity backtest to 1926 and the real reasons to use small cap value allocations. I'm telling you, fellas, you're gonna want that Cowbell!Links:REIT Sectors and Directory: REIT Sectors | NareitEpisode 5 Bridgewater Article on Risk Parity Fundamentals: Microsoft Word - 2009.12 AW Info Pack.doc (granicus.com)Early Retirement Now Article re Small Cap Value: My thoughts on Small-Cap and Value Stocks – Early Retirement NowAnalysis of Small-Cap Value vs. Total Market since 1972: Backtest Portfolio Asset Class Allocation (portfoliovisualizer.com)Bloomberg Presentation re Performance of Various Asset Classes in Inflationary Environments: MH201-SteveHou-Bloomberg.pdf (markethuddle.com)Merriman Podcast (12/21/2022) on Small Cap Value Stocks: 10 reasons small-cap value can make you richer - Paul MerrimanSupport the show
Today's guests are Damien Bisserier and Alex Shahidi, Co-CIOs of Evoke Wealth, a $20b+ billion RIA. They also entered the ETF game in 2019 when they launched the RPAR Risk Parity ETF. In today's episode, we're talking all things risk parity. The guys share their approach to portfolio construction, which focuses on risk management and while still seeking an attractive expected return. We also talk about what true diversification looks like, something many investors are learning in a year with both stocks and bonds down. As we wind down, we discuss the benefits of utilizing the ETF structure compared to mutual funds or SMAs. ----- 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 ----- This episode is sponsored by AcreTrader. AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. ----- 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!
In this episode we answer emails from Ethan, Eric, MyContactInfo and Jon. We discuss using the Golden Ratio portfolio for intermediate accumulations, Hedgehogs and Foxes in economic forecasting, total bond funds, momentum factor investing and Frankie Goes To Hollywood.And THEN we our go through our weekly portfolio reviews of the seven sample portfolios you can find at Portfolios | Risk Parity Radio. With rebalancing this week!Additional links:Wealthtrack Interview of Jim Grant: INFLATION'S DAMAGE: FINANCIAL CONSEQUENCES & INVESTMENT STRATEGIES WITH HISTORIAN JAMES GRANT : WealthTrackFlirting With Models Podcast with Andrew Beer (DBMF): Flirting with Models: Andrew Beer - Replicating Hedge Fund Beta (S5E9) (libsyn.com)Bogleheads Forum Link on Total Bond Funds: Bogle said 75% Total Bond and 25% Investment Grade Corp. Bond? - Bogleheads.orgFama on Momentum Article (I found it!): Fama on Momentum (aqr.com)Support the show
In this episode we answer emails from Harvey (a large rodent), MyContactInfo and Mark. We discuss the Dragon Portfolio and managed futures funds like DBMF, reprise Episode 202, some common mistakes of amateur investors, reverse mortgages (briefly), and how we have incorporated and modified classic and theoretical risk parity principles.Links:Recent Interview of Andrew Beer (DBMF): 214 Systematic Investor Series ft. Andrew Beer – October 16th, 2022 | Top Traders UnpluggedHarvey's First Link re Dragon Portfolio: How to Build a Recession-Proof Investment Portfolio (w/ Danielle DiMartino-Booth & Chris Cole) - YouTubeHarvey's Second Link re Dragon Portfolio: How to Build the Dragon Portfolio - YouTubeIn Pursuit of the Perfect Portfolio book: In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest by Andrew W. Lo (goodreads.com)CFA Manual Chapter re Risk Parity: chapter-4-from-managing-multiasset-strategies-2018.pdf (callan.com)Early Retirement Now Gold Study: Using Gold as a Hedge against Sequence Risk – SWR Series Part 34 – Early Retirement NowSupport the show
In this episode we answer emails from MyContactInfo, Rob and Justin. We discuss a paper about GDP and the problems with using it to predict stock market returns, why China may never overtake the U.S. and ascend to reserve currency status and a most excellent rebalancing resource you can find at the Risk Parity Chronicles website and blog.Links:Economic Growth and Equity Returns Paper: Microsoft Word - EconGrowth.doc (ssrn.com)GDP Article: Gross domestic product - WikipediaRisk Parity Chronicles Rebalancing Resource: Version 1.1 of the Simple Portfolio Rebalancing Spreadsheet (riskparitychronicles.com)Support the show
For this week's special episode, Adam, Mike, Rodrigo and Richard gathered to explore the building blocks of an ultimate All Weather portfolio. Our conversation included: The blind spots of the 60/40 stock-bond portfolio Regime dependency and economic shocks Diversifiable versus non-diversifiable risks How to create an optimal portfolio that can navigate most regimes Why Global Risk Parity is the natural starting point for any investor with a long-term view Different ways to implement Risk Parity Time horizons and rebalancing Tactical tilts and the beta-alpha continuum Yield as another proxy for risk Global Carry as a complement to risk parity beta The Existence Proof as a threat to alpha Trend following, seasonality, carry, counter-trend, relative value and volatility Why one man's alpha can sometimes be another's (smart) beta Ensembles and thinking beyond traditional factors Considering speed and size And much more 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* and Richard Laterman of ReSolve Asset Management Inc. *ReSolve Global Inc. 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 Inc. is a registered person with the Cayman Islands Monetary Authority.
In this episode we take a deep dive into risk parity with Adam Butler of Resolve Asset Management. We discuss the foundational principles of the strategy and its advantages over standard stock and bond portfolios. We also dig into the details of how risk parity portfolios are constructed and address some of the major misconceptions about the strategy. 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
Our guest this week is Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR's website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor's degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.BackgroundBio@CliffordAsnessReturn Environment Antti IlmanenInvesting Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.“An Update to Cliff Asness's Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.“Bonds Are Frickin' Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.ESG“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.“Virtue Is Its Own Reward: Or, One Man's Ceiling Is Another Man's Floor,” by Cliff Asness, aqr.com, May 8, 2017.Taxes“Now There's Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021.
We're talking with the purveyors of one of the best performing mutual funds thus far in 2022, the dynamically shifting asset allocator, RDMIX (past performance is not necessarily indicative of future results). It hasn't all been rainbows and lollipops, however, for the ReSolve Asset Management Global team of Rodrigo Gordillo and Mike Philbrick, and they explain why and when a core of Risk Parity should work, and exactly what is and isn't a Risk Parity approach (hint: it's not just levered stocks and bonds). In this episode, we're tackling topics like; does anyone actually use 60/40, The RDMIX 50/50 portfolio (50% Risk Parity/50% Alpha Strategies), ensembles of alpha sources, diversification of betas, and asset allocation in general, commodity trend following, return stacking and dispersion, and more. Plus, we're getting personal with Rodrigo and Mike (we even include Adam), and it's up to our host Jeff to decipher what is true and what is not. Chapters: 00:00-02:03 = Intro 02:04-20:19 = Does anyone actually use 60 /40?, "TIPS", and inflation 20:20-30:25 = No, bonds aren't the end of Risk Parity, Risk Parity isn't just Stocks/Bonds 30:26-46:01 = RDMIX's 50/50 portfolio = 50% in Risk Parity/50% in Alpha Strategies 46:02-01:00:53 = Ensembles, Diversification & Asset Allocation in RDMIX 01:00:54-01:16:13 = Commodity Trend Following, Return Stacking & Dispersion 01:16:14-01:24:54 = Three Truthful/not true, well... Manager "stories" from ReSolve From the Episode: Return Stacking Whitepaper | Lunch & Learn webinar with ReSolve Asset Management | ReSolve's Riffs Podcast Previous Podcasts: Researching the Risks of Return Stacking | Talking Asset Allocation, AI, and the Alpha process with Resolve Follow along with Rodrigo Gordillo @RodGordilloP & Mike Philbrick @MikePhilbrick99 on Twitter and visit investresolve.com for more info Don't forget to subscribe to The Derivative, and follow us on Twitter @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
In this episode we answer questions from Doron, George, Eddie J. and Alexi (a/k/a "Duder"). We discuss the Macro-Allocation Principle and when to diversify your stock portfolio, what to do with dividends, experimenting with leveraged two-fund portfolios and options for investing in volatility and managed futures/trend following with the Dude.We also talk about reaching 250,000 downloads and about what's happening over at Risk Parity Chronicles.Links:Johnny Ball and his Pentagram: Drawing an Egg (with a Pentagon) - Numberphile - YouTubeRisk Parity Chronicles post re Backtester Tool: Portfolio Backtest Shortcut Tool explainer (riskparitychronicles.com)Risk Parity Chronicles tutorial: Screencast for Portfolio Backtest Shortcut Tool - YouTubeRisk Parity Chronicles Inflation Post: Best Asset Classes for Surviving Inflation: a test (riskparitychronicles.com)The Dude's Proposed Dragon-Type Portfolio: Backtest Portfolio Asset Allocation (portfoliovisualizer.com)The Dude's Portfolio Correlation Analysis: Asset Correlations (portfoliovisualizer.com)Support the show (https://www.riskparityradio.com/support)
In this episode we announce the roll out of the Risk Parity Chronicles blog and website from our listener Justin. We also address emails from MyContactInfo, Spencer, Satoshi and Andre. We discuss an interview of Eugene Fama about the war in the Ukraine, the ETF SAA (ProShares 2x Small Cap), the inherent problems with analyzing gold in a portfolio pre-1971 and related issues, and how to value a property to be inherited.Links:Justin's Risk Parity Chronicles blog and website: Risk Parity Chronicles Summary of Eugene Fama Interview: Fama: It's Putin who's irrational, not the markets | The Evidence-Based Investor (evidenceinvestor.com)Next Level Life Analysis of Golden Butterfly Portfolio: The Golden Butterfly Investing Strategy Explained (Most CONSISTENT Investing Strategy Ever?) - YouTubeArticle Regarding the London Gold Pool of the 1960s: London Gold Pool - WikipediaSupport the show (https://www.riskparityradio.com/support)
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