SI367: Portfolio Design in a Distorted World ft. Andrew Beer
Top Traders Unplugged
Do passive flows distort strategies and allocators?
They debate how passive investing, flows and paradigms like 60/40 have reshaped returns and active strategy viability.
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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