TTU Trend Barometer
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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.

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Episode TimeStamps:

02:14 – Introduction to Richard Tomlinson
07:07 – What makes Tomlinson and LPPI stand out from their peers?
11:52 – Who are LPPI's clients?
13:26 – The investment philosophy behind LPPI's work
18:06 – How LPPI's allocators work together
19:05 – Getting the allocation right
21:29 – Are they worried about the decline of equities?
23:37 – Tomlinson perspective on global macro
26:55 – Public vs private markets
29:05 – Their approach to allocating domestically
31:15 – How their allocation is distributed
33:51 – Is there a place for multi strategies at LPPI?
36:01 – Balancing growth strategies with risk
39:13 – How much would they allocate to alternatives?
41:22 – Their framework for thinking about risk
43:59 – How they approach commodities in their strategy
45:39 – How much focus do they put on ESG?
48:15 – The challenges of high fees in the hedge fund space
50:36 – Is it best to keep managers in-house or external?
53:41 – How they create a strong team of managers
55:37 – The right way of evaluating success and performance
58:41 – Advice for others investors
01:00:19 – The structural themes and trends that are likely to continue

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:12 – Introduction to Cian Walsh
05:30 – How does institutional asset allocation stand out?
06:39 – Asset allocation in a shifting regime
09:33 – A move towards mass customization
10:26 – The 60/40 portfolio is dying – what is next?
13:28 – The challenges of implementing a total portfolio approach
17:16 – Dealing with underperforming strategies
20:09 – More growth or more all-weather?
23:30 – Why Walsh believes in systematic trading
28:51 – Do Walsh hold any long volatility strategies?
30:04 – Walsh's process for selecting managers
36:55 – Managing fees and the rise of Pod Shops
39:54 – Their approach to early stage allocation and risk
42:03 – How manager selection differs from asset allocation
44:32 – Their process of upholding expected returns and performance
46:55 – Balancing hedge fund allocation and private credit
50:20 – Does hedge fund allocation call for more caution?
52:46 – How to avoid sitting short on liquidity
54:48 – The pitfalls of the private credit space
58:19 – Will credit markets outperform growth equity markets?
01:00:27 – Walsh's key advice and book recommendations for other investors

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Read more about David 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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:20 – Introduction to David Giroux and T. Rowe Price
09:00 – Are mostly sectors overvalued?
11:43 – What has driven the change in valuations?
13:48 – How Giroux determines how much risk to allocate in markets
18:19 – The outlook for equity returns and Giroux stance on AI
21:42 – The relationship between market meltdowns and interest rates
23:29 – Giroux's outlook for inflation
28:32 – How Giroux uses his past experience to predict markets
31:37 – How Giroux constructs stock portfolios
35:35 – Giroux's view on today's capital allocation
37:26 – Key advice for how to think about valuations
40:47 – What kind of investors are T. Rowe Price
44:50 – How the microstructure of the markets has changed over time and how it has impacted their investment strategy
50:03 – The cyclicality of markets the implications of it
53:34 – Do geographical funds even make sense?
54:40 – How AI impacts the investing world
57:56 – How would Giroux run a longer term portfolio?
58:56 – Advice for other investors

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:26 – Introduction to Alexander de Bruin
09:08 – The clients and portfolios that Edmond de Rothschild
13:24 – Should the 60/40 portfolio be revamped?
15:45 – de Bruin's approach to implementing new strategies
19:46 – How de Bruin deal with the paranoia of something going wrong
22:33 – Is there a place for multi-strat approaches?
25:14 – The challenges of managing risk as a multi-strat manager
26:59 – How hedge funds deal with portfolio constraints
29:25 – Opportunities and risks in private markets
35:37 – How high yield portfolios are allocated
37:31 – Which managers do they prefer?
39:49 – How to assess hedge funds as a manager and vice versa
44:51 – How de Bruin uses his backgammon experience when selecting managers
47:54 – Move the managers to where there is more edge
50:05 – Where does the disappointment in hedge fund allocation stem from?
53:36 – Are hedge funds becoming more open to high volatility strategies?
54:49 – What are Edmond de Rothschild looking for in managers?
56:41 – Advice for other investors

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:30 – Introduction to Mark Haefele
05:13 – Behind the scenes of Haefele's job
06:46 – The key takeaways from Haefele's book
09:01 – The difference between managing your wealth and managing your investment
11:16 – How has the investing world changed over the years?
14:50 – Is now a culmination of previous crises?
16:58 – The 5 structural trends of the global economy and how it relates to government spending
19:58 – How they apply the 5 structural trends in a broad sense
22:19 – The most important thing you can do for your portfolio
24:09 – Big problems are big money
25:08 – A historical perspective of the economy
27:43 – Are we moving into an era of greater economic intervention?
30:11 – Was Covid19 the beginning of a new era for inflation?
34:07 – Why private markets are crucial for your portfolio
37:39 – Tips to avoid investing on trends that are peaking
42:41 – Overcoming the behavioural challenges as an investor
47:04 – Half of the battle is mental
49:55 – Advice to become a great investor
52:16 – Understanding your relationship to money
54:31 – Practical ideas for investing with ESG
57:25 – Haefele's perspective on US international relationships
01:00:15 – Key advice for other investors

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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 “10 Reasons to Add Trend Following to Your Portfolio” here.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

03:02 – Introduction to Amy Flikerski
08:02 – How they think about manager selection
09:28 – How do they categorize their strategies?
11:40 – How they assess their investment objective
13:07 – How they manage risk
14:29 – How the global macro environment affects them
15:41 – How they manage a billion dollar portfolio
17:11 – How the hedge fund industry have evolved
19:13 – Is there a place for multi-manager pods?
20:47 – A war for talent
22:34 – How they approach internal vs external management
26:34 – How is their team set up?
28:48 – What are they looking for when assessing managers?
30:54 – Making allocation to emerging managers
33:10 – What characterize their managers?
34:48 – Assessing the scalability of a strategy
37:29 – What makes a good allocator
39:23 – Advice for independant hedge funds
41:40 – What types of early stage managers do they look out for?
42:55 – How they approach their portfolio construction
45:25 – How they manage fund constraints
46:48 – What is their typical ticket size?
47:31 – Reaching the right level of transparency
49:46 – Characteristics of a succesful discretionary manager
51:14 – Managing drawdowns
52:56 – Their decision-making process
55:58 – How they approach commodities
57:33 – Advice for other managers
01:00:18 – Advice for people coming into the industry

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:37 – Introduction to John Jackson
05:40 – A changed environment for hedge funds?
08:42 – Best strategies for a high rates environment
11:50 – Are clients stuck in the past?
13:40 – A framework for building hedge fund allocations
18:13 – More art than science
19:15 – Define your objectives clearly
20:51 – A multi-strat dominance – pros and cons
25:14 – Getting comfort in your hedge fund strategies
28:32 – How to incorporate diversifying strategies in your portfolio
30:48 – How Jackson approaches return expectations
33:13 – Typical number of managers
34:00 – The role of hedge funds
35:44 – Their process of selecting managers
38:56 – What makes an opportunity compelling to them?
43:28 – How they trade in the systematic space
45:10 – Quant managers – are they any different?
47:08 – AI and machine learning in the quant space
49:25 – How important is transparency?
50:54 – Their process of deselecting and changing their manager roster
54:07 – Identifying talents in the manager space
56:18 – How much capital is needed to launch a macro fund?
57:52 – The pros and cons of committees
01:00:21 – Getting through the committee

01:02:12 – Advice for other investors

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:45 – Introduction to Richard Urwin
06:31 – A noticeable shift?
08:49 – What is Saranac's investment philosophy?
13:06 – Dealing with structural shifts as an asset allocator
18:07 – How confident are they in forecasts?
24:24 – Balancing competing forces
30:08 – How Saranac builds balanced portfolios
33:55 – Do they consider supply shocks in their portfolios?
40:00 – The dangers of pessimism
44:27 – Their approach to alternative assets and strategies
48:38 – Their perspective on high-risk managers
51:15 – Their manager selection process
55:06 – How does the current environment dictate investing?
58:13 – About Urwin's PhD on option pricing
01:02:40 – Advice for other allocators
01:05:16 – Thanks for listening

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:34 – Introduction to Tad Fallows
12:38 – The risk appetite of Long Angle investors
15:45 – What defines the Long Angle community?
19:52 – Why not the traditional route?
23:14 – How are they allocated?
27:20 – How they incorporate private equity in their portfolio
35:02 – How much of their returns are resilient to changes in global macro?
40:18 – Micro or macro?
45:08 – Taking advantage of inefficiencies in markets
47:04 – Why are they staying away from hedge funds?
49:32 – Why are they using trend following?
52:24 – Their thoughts on crypto
56:29 – Generating ideas and finding priorities
01:01:29 – Advice for other investors
01:07:05 – Thanks for listening

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:50 – Introduction to Christophe L'Ahelec
07:06 – A new initiative
10:01 – What kind of strategy drives their asset allocation?
12:40 – What goes into which bucket?
14:45 – What makes absolute return exposure more attractive at the moment?
16:31 – Constructing an absolute return portfolio
18:38 – How they approach trend following
21:58 – Why do they use leverage?
23:32 – What do they expect from their portfolio?
25:12 – Managing liabilities
27:58 – Public equities – where do they stand?
30:59 – Investing in niche strategie
34:11 – How they evaluate managers
36:21 – Open to early stage manager risk?
41:42 – What makes a manager stand out?
44:56 – When should you remove a manager?
46:47 – What is their governance process?
50:36 – How they make decisions as a team
52:20 – Advice for new investors
55:34 – Thanks for listening

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:56 – Introduction to Peter Madsen and his firm
06:54 – How is their portfolio charactarized?
09:16 – Their investment philosophy
14:33 – A skepticism about equities?
17:04 – How do the macro environment influence them?
21:23 – What is reasonable return expectation for equities?
25:19 – Splitting between public and private markets
28:20 – Where lies the most risk?
30:25 – Opportunities in the private credit space
33:21 – Building a strong defense
38:29 – Why don't more people invest?
40:41 – Madsen's view on CTAs and Global Macro
45:51 – The pitfalls of manager selection
49:29 – How important is performance?
51:39 – Constructing an efficient decision-making process
56:24 – Guiding and assessing a team of managers
59:55 – Advice for other investors

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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.

Learn more about the Trend Barometer here.

And 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.

Episode TimeStamps:

02:45 – Introduction to Casey Clark
07:02 – How do Rockefeller Capital Management manage their assets?
10:01 – What is their investment philosophy?
12:04 – Who are their clients?
12:45 – How do they build their strategies?
14:24 – How are they setting themselves up for mega trends like AI
16:55 – What is driving the ETF growth?
17:32 – Their approach to evaluating managers
21:49 – Having the right benchmark
24:34 – What makes a good investment process?
26:08 – How do they come up with new ideas?
30:13 – Investing with ESG in mind
34:30 – A constraint or opportunity?
36:56 – Are we approaching a changing investment environment?
41:55 – How mega trends will shape the macro landscape
50:36 – A shift in the 60/40 portfolio?
54:17 – Is there a place for alternatives?