Resolve Riffs Investment Podcast Rafael Ortega: Using Return Stacking To Build an All-Terrain Portfolio
May 29, 2025
In this engaging discussion, Rafael Ortega, a Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management, shares his groundbreaking insights on return stacking and developing all-terrain portfolios. He delves into the evolution of investment strategies, emphasizing the need for adaptability and risk balance. Rafael highlights the importance of clear communication for investors, customized portfolio strategies, and the integration of non-traditional diversifiers. He also explores the future of portable alpha in a changing market landscape.
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From Engineer to Investor
- Rafael Ortega started as an engineer and transitioned to investing due to his family's business crisis.
- Discovering Harry Browne's permanent portfolio idea was a transformative moment for him.
Structural Diversification Concept
- Economic cycles affect different assets in different ways, which can be anticipated structurally but not timed.
- A portfolio with assets for growth, inflation, deflation, and recession phases provides true diversification.
Leverage After Diversification
- Use leverage only after diversification to recover exposure lost through lowered volatility.
- This approach balances risk rather than simply increasing risk by applying leverage directly.