Top Traders Unplugged

SI367: Portfolio Design in a Distorted World ft. Andrew Beer

78 snips
Sep 27, 2025
Guest
Andrew Beer
Andrew Beer, a seasoned allocator and hedge fund commentator, joins to dissect today’s perplexing market dynamics. Despite equities soaring, the global backdrop feels unstable. They dig into Bouchard’s inelastic market hypothesis, examine CalPERS' shift towards Total Portfolio thinking, and discuss the structural intricacies within multi-strategy hedge funds. The conversation highlights why multi-strats continue to succeed against the odds, while exploring market complacency and the quiet shifts that could reshape investing landscapes.
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INSIGHT

Markets Have Become Remarkably Resilient

  • Equity markets rose ~55% despite major geopolitical and political shocks, exposing a disconnect between market prices and real-world risks.
  • Andrew Beer finds the resilience astonishing and warns complacency may mask systemic risk build-up.
INSIGHT

Flows Can Make Markets Inelastic

  • JP Bouchard's "inelastic market" idea argues flows move prices more than fundamentals in modern markets.
  • Beer says paradigm shifts happen slowly and this idea could reshape asset-allocation thinking over years.
ANECDOTE

Memorized Libretto Illustrates Rare Talent

  • Beer recounts taking a brilliant mathematician colleague to an opera who had memorized the libretto.
  • He uses the story to illustrate the extreme, rare nature of exceptional talent.
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