The Importance of Returns Stacking

This season has been about educating retail to approach investing more from a manager standpoint and portfolio construction. PIMCO realized, well, we don't actually necessarily need to do that because we can invest in things like futures contracts and swaps if we want to get the beta of equities and bonds. And this is something institutions did some incredibly successfully for decades. There were some hiccups in 2008 but I'd love to dive into what's right and wrong with portable alpha.

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