In this episode of Excess Returns, hosts Justin and Matt sit down with Bob Elliott, founder of Unlimited Funds, to explore the fascinating world of multi-strategy hedge funds, also known as "pod shops." Bob breaks down how these complex investment vehicles work, discussing their unique structure where multiple portfolio managers operate independently while sharing infrastructure and risk management resources. The conversation covers crucial topics including: How pod shops attract and compensate top trading talent The economics and fee structures of modern hedge funds Risk management challenges when running multiple strategies The evolution from traditional hedge funds to pod shop models The impact of growing assets under management on performance The emergence of ETFs as alternatives to hedge fund strategies Drawing from his extensive experience in the hedge fund industry, Bob provides unique insights into why pod shops have captured headlines despite representing only a fraction of the overall hedge fund industry. He also discusses his current work at Unlimited Funds, where he's working to make hedge fund strategies more accessible through ETF structures.