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Top Traders Unplugged
SI263: Changes aren't permanent, but change is ft. Mark Rzepczynski
Sep 30, 2023
Mark Rzepczynski, an economic and financial analyst, discusses the trend following industry's performance, passthrough fees in multi-strategies, and the current state of the economy. He emphasizes the importance of understanding psychology when building models. The podcast also touches on topics such as the performance of stocks and bonds, big moves in the commodity space, and managing risk in portfolio returns.
01:06:09
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Quick takeaways
- Financial professionals exhibit countercyclical risk aversion, taking on more risk in boom periods and cutting back during downturns.
- Traders react differently to realized and unrealized losses, adjusting risk-taking behavior more strongly to realized losses.
Deep dives
Countercyclical Risk Aversion and its Impact on Professionals
A study suggests that professionals in the financial industry exhibit countercyclical risk aversion. During boom periods with positive stories, professionals tend to take on more risk, while during periods of pessimistic news or the possibility of a recession, they tend to cut back on risk.
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