Bob Elliott: Uncensored, Unlimited & "Nonconsensus"

40 snips

Aug 20, 2025

Bob Elliott, co-founder and CEO of Unlimited, discusses his impressive journey from leading investment research at Bridgewater Associates to creating innovative ETFs using machine learning. He shares insights on the 2008 financial crisis, current macroeconomic issues like Federal Reserve actions, and global economic conditions in places such as Japan and China. Elliott dives into topics like the implications of oil prices, the role of gold, and Bitcoin’s dual identity as a risky asset and potential safe haven. He emphasizes the value of diversification and the future of hedge fund replication through technology.

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ANECDOTE

Early Warning To Tim Geithner

Bob Elliott recounts briefing Tim Geithner in 2007 that "every financial institution in America is broke."
He described building bank loss models and then advising policymakers during the 2008 crisis.

INSIGHT

Market Expects Cuts Misaligned With Data

Elliott argues markets are overly confident about Fed easing while data still shows sticky core inflation.
He expects Jackson Hole to be a key chance for Powell to signal a more hawkish path than markets price.

INSIGHT

Japan's Inflation Is Largely Transitory

Elliott rejects claims Japan needs aggressive tightening and points to transitory rice-driven inflation.
He highlights Japan's weak growth as the reason aggressive BOJ hikes are unlikely soon.

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Bob Elliott, co-founder, CEO, and CIO of Unlimited, joins the show to discuss his extensive investment experience, including his time as the head of investment research at Bridgewater Associates. The conversation covers Elliott's background, his work on significant economic events like the 2008 financial crisis, and the founding of Unlimited, which offers ETFs using machine learning for investment strategies. They discuss current macroeconomic issues such as the Federal Reserve's policies, global central bank actions, and economic conditions in regions like Japan, the UK, and China. They also delve into asset classes like gold, oil, and Bitcoin, and Elliott provides insights into the value of diversification and systematic investing over individual manager performance. Finally, they explore Unlimited's strategy of using technological advancements for hedge fund replication through ETFs.

Timecodes

0:00 - Intro

3:30 - GFC Lessons

7:05 - The Macro

12:30 - Global Central Banks

18:20 - Oil

20:40 - Gold & Bonds

26:05 - BTC & ETH Treasuries

33:45 - Private Credit

36:35 - Unlimited

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