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Episode TimeStamps:
00:00 - Intro and Thanksgiving reflections, gratitude and mood after the holiday
01:14 - Goldman report: trillions from wealthy investors and a seismic shift away from 60/40
03:38 - Why bonds stopped diversifying and the growth of the “other” bucket in portfolios
05:44 - Liquid alts vs illiquid alts and the timing of big firms launching trend ETFs
08:25 - Odd Lots, pods and Dalio’s skepticism on multi-strats’ future
09:22 - Bitcoin’s volatile run and rumors of a manipulated pullback
10:59 - November performance: zigzags in trend indices and short-term traders’ struggles
12:55 - How DBMF positioned: concentration, short yen, euro pain and being contrarian post “Liberation Day”
16:05 - Are we still “replication”? Alternative data beta, tracking error and what’s really being delivered
18:16 - Targeting “space beta” plus cost savings: is complexity in CTAs adding or destroying value?
22:14 - Indexing the replication strategy and using swaps: Simplify’s new "low" headline fee ETF built on Andrew’s index
30:49 - The fee and cost debate: headline fees, trading costs, swaps and what investors should really ask
34:33 - Implementation costs, incentive fees and tax efficiency versus simple fee labels
45:08 - A better story for managed futures: from black box trend to “cloudy crystal ball”
51:22 - How trend taps local information: “someone knows something” and prices as detectors
58:03 - Takeaways from the Stockholm roundtable: short vs long term, exotic markets and heterogeneity
01:01:07 - Alpha-beta separation, core CTA beta vs high-conviction managers and where the space is heading
01:03:44 - Closing thoughts: civilized disagreement, common mission and why every portfolio needs this exposure
