SI367: Portfolio Design in a Distorted World ft. Andrew Beer
Top Traders Unplugged
When does the replication diverge from single managers?
Andrew outlines environments where replication underperforms or outperforms single managers, citing missed idiosyncratic trades and inflection points.
Equities are up more than 50% since the April lows, yet the world feels anything but stable. In this episode, Niels Kaastrup-Larsen and Andrew Beer examine the widening disconnect between market behavior and the backdrop it’s unfolding against. From drone incursions over Denmark to political fragmentation and a rising tolerance for systemic risk, they explore why nothing seems to break - and what that complacency might be masking. Along the way, they unpack Bouchard’s inelastic market hypothesis, CalPERS’ pivot toward Total Portfolio thinking, and the structural trade-offs inside multi-strat hedge funds. It's a conversation about signals in the noise - and the quiet shifts that could reshape the landscape.
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Episode TimeStamps:
01:04 - What has caught our attention recently?
05:38 - The tension between talents
11:08 - Is the popularity of certain alternative strategies just a sign of the times?
22:07 - Industry performance update
27:46 - Q1, Michael: Why shouldn't I sell Andrew's product when it's outperforming single managers and vise versa?
30:15 - The evolution of replication strategy performance
37:44 - The storytelling behind hedge fund losses
41:04 - Do all markets have the ability to trend?
48:57 - The rise of multi strategy hedge funds
57:47 - It shouldn't work but it does, so why?
01:04:27 - A reminder for Andrew's generous book offer
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