Are multi-strat risks hidden when scaled?

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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