Eric Crittenden, CIO of Standpoint Asset Management, and Jason Buck, CIO of Mutiny Funds, discuss trend-following sentiment and optimal diversifiers. They touch on the Herschel Walker trade, portfolio construction, diversification myths, away from 60/40 portfolios, interest abroad, Paul Mulvaney's success, and pairing trend following with factor investing.

Today’s guest is Jason Buck, founder and CIO of Mutiny Funds, which specializes in volatility, options, hedging, and portfolio construction.In today’s episode, Jason shares the winding path that led him to launch Mutiny Funds and focus on the risk management side of things. We spend a lot of time talking about what true diversification looks like and why people don’t consider human capital when constructing portfolios. Jason shares how this led him to launch the cockroach portfolio and long volatility strategies.-----Follow Meb on Twitter, LinkedIn and YouTubeFor detailed show notes, click hereTo learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com-----Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here.-----Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com-----Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. -----Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Jason Buck is the co-founder and CIO of Mutiny Funds and maybe one of the most interesting people I know. Jason made, and subsequently lost, a fortune in commercial real estate in the 2008 crash.  This “ego destroying event” was the catalyst for him to completely rethink the idea of resiliency, both in business and investments. Jason spent the better part of the 2010s developing the Cockroach portfolio, a modern take on Harry Brown’s permanent portfolio.  A quarter stocks, a quarter bonds, a quarter CTA, and a quarter long volatility, Jason has designed the portfolio to provide all weather returns, with the possibility of serving as an entrepreneurial hedge. We discuss the value of tail hedging, tail hedges versus long volatility trades, the limits of manager diversification, and managed futures/CTAs versus static commodity positions. As a final note, this episode was recorded live at the Exchange ETF event in Miami. Enjoy.

Join Jason Buck from Mutiny Funds, an expert challenging conventional stock investing wisdom. He argues that historical U.S. stock returns might be an anomaly and stresses understanding real versus nominal returns. Buck shares insights on building resilient, diversified portfolios through concepts like fractal diversification. He challenges traditional views on withdrawal rates in retirement and discusses the advantages and risks of leveraging investments. Plus, discover unconventional investing strategies that could reshape your financial mindset.

Jason Buck, Founder and CIO of Mutiny Funds, sheds light on the innovative 'Cockroach Portfolio' strategy designed to thrive in diverse market conditions. He emphasizes the blend of defensive and offensive tactics for robust, long-term capital growth. Buck discusses the importance of adaptability and volatility management, grounding his insights in risk mitigation principles. He also navigates complex trading strategies and stresses the significance of education for investors in understanding market intricacies while avoiding common pitfalls.