Antti Ilmanen - Unexpected Returns (S5E8)
Flirting with Models
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Hedge Funds
Hedge funds tend to be on one side of the defensive style premia. But when you get concentration in levered players, that's whereo potentially at the catastrophic unwinds. There certainly someben a foing way. We we hadt tried to identify things where, even like egeballing, whether the position intended to be onone side, you can't expect it to be very stable. The other result is when we really drilled into individual accounts with in 13 fty eight, and we did find that there is a tendency for whoever is onOne side of a tild tends to be on that side of the tilt six to 12 months later. They were telling
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