Ex–Bridgewater Insider Reveals the Hedge Fund Secret No One Talks About
In the Money with Amber Kanwar
Replicating Hedge Fund Strategies via ETFs
Bob explains building tech to replicate hedge fund positioning and package strategies into low-cost ETFs.
In this episode of In the Money with Amber Kanwar, Amber sits down with Bob Elliott, Co-Founder, CEO & CIO of Unlimited and formerly a member of the Investment Committee at Bridgewater Associates, where he led Ray Dalio’s investment research team. Few people understand hedge funds and macro the way Bob does — and he brings that depth straight into this conversation.
Bob explains how Unlimited Funds uses proprietary machine-learning technology to create ETFs that replicate the returns of alternative investments — like hedge funds, all with notably lower fees. Amber digs into how this works, why individual hedge fund managers don’t outperform each other, and how Unlimited tracks the “wisdom of the crowd” in real time.
From the chaotic Fed reaction function, to the U.S. macro data vacuum, to the truth behind the AI “investment boom” and the emerging risks in credit markets — Bob breaks down where the economy really stands and what most investors are missing. He also explains why household spending power is rolling over, what gold’s surge says about the market, and how hedge funds are actually positioned today.
In a different type of Pro Picks, Amber walks through Bob’s full ETF lineup — including HFND, the Multi-Strategy Return Tracker; HFGM, the Global Macro ETF; HFEQ, the Equity Long/Short ETF; and HFMF, the Managed Futures ETF — and explores how these strategies can complement portfolios and even outperform in both rising and falling markets.
If you want a clear, grounded, brutally honest look at the macro landscape — from someone who’s seen it from inside the world’s largest hedge fund — this is the episode to watch.
Timestamps
00:00 Show intro
02:20 Replicating hedge fund returns through ETFs
07:30 generating high quality returns with lower fees
11:00 What is hedge fund positioning telling Bob?
13:35 Understanding macro in a data vacuum
18:10 What is the Fed going to do?
21:40 AI as a driver of growth
26:00 AI, cracks in private credit and who will win AI?
31:50 The risks of the AI play
35:00 Should we expect a weaker U.S. dollar?
39:30 Why Bob spends a lot of time thinking about Japan
42:00 Think about gold from two different perspectives
45:00 Pro Picks: Unlimited’s ETFs (HFND, HFGN, HFEQ, HGMF)
Sponsors
For 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
The mailbag is brought to you by BMO ETFs. With tools like the ETF Compare Tool and Market Insights, you can easily identify ETFs that hold your favourite stocks, match your risk tolerance, and align with your investment goals. To explore these tools, head to www.bmoetfs.com and check out the Tools section.
Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information
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DISCLAIMERS
The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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