Resolve Riffs Investment Podcast

In this episode, the Doomberg team explores the complexities of energy policy, market dynamics, and innovative solutions for a decarbonized and sustainable future. The discussion covers a range of topics, including: •  Balancing passion, authenticity, and market strategies in business, writing, and investing •  The pros and cons of various energy solutions, such as solar, nuclear, and alternative energy sources • Evaluating the political context of energy policies and the role of government in shaping the future of global energy • The impact of innovations in battery storage and fusion on the future of nuclear power and decarbonization • Germany's experience with energy policy and the implications of deindustrialization • The importance of risk management and waste disposal in the nuclear energy sector • China's influence on the global solar industry and the need for a domestic supply chain in the United States • Overcoming challenges with limited resources, optimism, and innovation • The power of rational, polite debate, and the role of authentic, data-driven content in the Doomberg brand This episode offers invaluable insights for anyone interested in energy policy, renewable energy sources, and sustainable economic growth. The Doomberg team's in-depth analysis and thought-provoking debates will help listeners navigate the complexities of today's energy landscape and engage with the critical decisions shaping the future of global energy. This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this comprehensive exploration of global liquidity, Michael Howell shares his expertise and insights on a range of critical topics affecting financial markets, economies, and investment opportunities. Throughout the discussion, the following themes are explored: •Central bank policies, inflation, and market liquidity: Global perspectives and challenges • Monetary policy, government spending and inflation: Impacts on the global economy and investment • Global liquidity, monetary inflation, and central bank balance sheets: Evolving dynamics and effects • Quantitative easing, liquidity, and the US Dollar: Challenges and implications for policymakers • Government spending, inflation and global money flows: Impacts on currency and financial markets • Central bank strategies, inflation and liquidity: Managing growth in a debt-ridden economy • Government fiscal policies, liquidity and debt management: Global perspectives and impacts • US dollar dominance, global liquidity and market implications: Exploring currency and capital • Interest rates, quantitative easing and global liquidity: Investment strategies and economic effects This intensive examination of global liquidity is ideal for anyone interested in understanding the complexities and impacts of liquidity on financial markets, economies and investment decisions. Don't miss out on these valuable insights and analyses to help you stay informed and adaptable in today's constantly changing financial landscape. This is “ReSolve Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Corey Hoffstein, CIO of Newfound Research, Rodrigo Gordillo, President of ReSolve Global* and Adam Butler, CIO of ReSolve Global, delve into the concept of return stacking and introduce the innovative RSBT Return Stacked™ Bonds & Managed Futures ETF. This podcast is essential for investors, financial advisors, and anyone interested in learning more about return stacking, the RSBT ETF, and the potential benefits of combining bonds and managed futures for portfolio diversification and risk management. Don't miss out on this insightful conversation to deepen your understanding of these innovative investment strategies and their potential impact on today's complex financial markets. They cover a wide range of topics, including:  The motivation behind the return stacking concept and its relevance in today's market environment  The history of institutional leverage and diversification in retail portfolios  The advantages of using return stacked strategies for portfolio construction and risk management  The role of bonds and managed futures in building a robust, diversified investment portfolio  The importance of low correlation between asset classes for effective diversification  The mechanics of combining bond exposure with a managed futures overlay in the RSBT ETF, including the use of cash collateral and Treasury Futures  The benefits of using ETFs as capital-efficient building blocks for return stacking  The potential for a family of return stacked ETF products to address various investor needs and preferences  The significance of managed futures as a "third leg of the stool" for managing inflation and mitigating market risks  The challenges and opportunities related to implementing managed futures strategies and managing leverage in retail portfolios  The goal of matching the RSBT ETF's bond strategy to core US fixed income, such as the Bloomberg US Core Aggregate Bond Index, and adjusting duration accordingly      *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.   Definitions:  Long/Short, Beta Disclosures: Indexes are unmanaged and do not have fees. One cannot invest directly in an index. For a full list of holdings, click here.   Investors should carefully consider the investment objectives, risks, charges and expenses of the Return StackedTM Bonds & Managed Futures ETF. This and other important information about the ETF is contained in the prospectus, which can be obtained by calling 1-310-498-7655 or clicking here. The prospectus should be read carefully before investing. Investing involves risk including possible loss of principle. Derivatives Risk. Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. Cayman Subsidiary Risk. By investing in the Fund's Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund's Prospectus, is not subject to all the investor protections of the 1940 Act. Bond Risks. The Fund will be subject to bond and fixed income risks through its investments in U.S. Treasury securities, broad-based bond ETFs, and investments in U.S. Treasury and fixed income futures contracts. Changes in interest rates generally will cause the value of fixed-income and bond instruments held by Fund (or underlying ETFs) to vary inversely to such changes. Commodity Risk. Investing in physical commodities is speculative and can be extremely volatile. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a registered investment company (RIC), the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Internal Revenue Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the internal Revenue Service, the income of the Fund from certain commodity-linked derivatives, including income from the Fund's investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund's use of such derivative instruments. Commodity Pool Regulatory Risk. The Fund's investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and the Commodity Futures Trading Commission rules. Because the Fund is subject to additional laws, regulations, and enforcement policies, it may have increased compliance costs which may affect the operations and performance of the Fund. Credit Risk: Credit risk refers to the possibility that the issuer of a security will not be able to make principal and interest payments when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. Currency Risk: Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Foreign and Emerging Markets Risk. Foreign and emerging market investing involves currency political and economic risk. Leverage Risk: As part of the Fund's principal investment strategy, the Fund will make investments in futures contracts to gain long and short exposure across four major asset classes (commodities, currencies, fixed income, and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Underlying ETFs Risk. The Fund will incur higher and duplicative expenses because it invests in bond ETFs. The Fund may also suffer losses due to the investment practices of the underlying bond ETFs. New Fund Risk. The Fund is a recently organized with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. Toroso Investments, LLC ("Toroso*) serves as investment adviser to the Funds and the Funds' Subsidiary. Newfound Research LLC ("Newfound*) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) ("ReSolve*) serves as futures trading advisor to the Fund and the Funds' Subsidiary. The Return StackedTM Bonds & Managed Futures ETF is distributed by Foreside Fund Services, LLC, Member FINRA/SIPC. Foreside is not affiliated with Toroso, Newound, or ReSolve.

In this episode, the ReSolve team is joined by Julian Brigden, Co-Founder & President of Macro Intelligence 2 Partners, to discuss his outlook on the current macroeconomic landscape, focusing on the secular USD trend and its impact on global markets.  We cover a wide range of topics, including: •      The ongoing debate between inflation and deflation, and the potential consequences of each •      The role of central banks in driving market liquidity and asset prices, and the implications for investors •      The possibility of an impending recession driven by tightening credit, inventory cycles, and housing market adjustments •      Central banks' ability to foresee economic changes and their willingness to act on them •      The mixed signals and challenges of investing in a market dominated by big tech and its impact on diversification •      The potential for a currency-driven shift in market dynamics, with a focus on the US dollar •      The importance of asset allocation and risk management in navigating an uncertain market environment •      The impact of behavioral biases on decision-making and portfolio management •      The potential benefits and risks of systematic investment strategies in the current market context ·       Julian's thoughts on future trends and potential market opportunities, particularly in the macro space   This episode is a must-listen for anyone interested in macroeconomic trends, currency markets, and the challenges of investing in today's complex and uncertain environment, offering valuable insights and strategies to navigate these intricate markets.   This is “ReSolve Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick, and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.

In this episode, the ReSolve team welcomes Roni Israelov, Chief Investment Officer and President of  NDVR, to discuss advanced portfolio strategies for optimizing tax efficiency, credit exposure, and cash flow objectives.  We explore a wide range of topics, including: Roni's background and experience in asset management, including his time at AQR Capital Management and Lehman Brothers  The importance of portfolio construction and implementation in achieving investment goals  The challenges and opportunities in managing custom lifestyle-protected growth portfolios  The role of research and model building in informing and optimizing investment strategies The impact of transaction costs and factor decay profiles on portfolio performance  The benefits and risks of incorporating short-term signals within long-term investment models, and using short-term models to adjust overall trading Lessons learned from building and managing option strategies focused on harvesting volatility risk premiums  The role of investor psychology and behavioral biases in decision-making and portfolio management  The importance of diversification and risk management in navigating uncertain markets  The complexity of characterizing individual investors' utility functions and the need for custom portfolios to best satisfy unique objectives Future trends and potential opportunities in the wealth optimization space    This episode is a must-listen for anyone interested in advanced portfolio strategies, tax efficiency, credit exposure, and cash flow goals, providing valuable insights and practical advice for navigating complex financial markets and achieving lasting success in the world of investing.   This is “ReSolve Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Vlad Aldea and Ross Fortune from ATNV Energy LP for an insightful conversation exploring the intricacies of the electricity markets, and how their careers led to the creation of ATNV Energy. During the episode, Vlad and Ross cover a wide range of topics related to electricity markets, including: • The similarities and key differences between electricity markets and other energy commodities like natural gas and oil • The importance of a strong foundation in understanding the physical grid, including generation, load, and transmission aspects • The concept of load hedging and its relevance in the electricity market • The role of Independent System Operators (ISOs) in managing regional grids in the United States • The significance of financial transmission rights (FTRs) and their role in the electricity market • The increasing impact of storage technologies like hydro storage, pumped storage, and batteries on the electricity market • The fungibility of electrons and the accounting abstractions used in electricity markets • The challenges and opportunities in analyzing and trading within the electricity market • The evolution of ATNV Energy and its focus on transmission analysis and financial trading in the electricity market • The importance of adaptability, risk management, and collaboration in the ever-changing landscape of electricity markets • The critical role of transmission in the electricity markets and its impact on the grid’s reliability and accounting   This episode is a must-listen for anyone interested in understanding the complex world of electricity markets, providing valuable insights and strategies to navigate this unique and rapidly evolving sector.   This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team talks with Oliver Rust, Head of Product at Truflation, a blockchain-based project that aims to provide real-time inflation forecasting. We discuss a range of topics, including: The current challenges in measuring inflation and the potential benefits of utilizing blockchain technology in inflation forecasting An introduction to Truflation and its mission to provide more accurate, real-time inflation data How decentralized oracles can help improve the accuracy and reliability of inflation forecasting The potential impact of recent central bank actions on inflation and the global economy Jerome Powell's tough position as the head of the Federal Reserve and his focus on his legacy The complexity of managing inflation, employment, and financial stability simultaneously The role of the Fed and the government in supporting local and regional banks during turbulent economic times The importance of new inflation measurement tools like Truflation in helping investors make better allocation decisions The long-term implications of current economic policies on inflation and financial markets How to get involved with and follow the developments of Truflation and its data This episode is a must-listen for anyone interested in understanding the complexities of inflation management, the potential benefits of blockchain technology in forecasting, and the role of central banks in a rapidly changing global economy. Discover insights and strategies to navigate these intricate markets and stay informed on the latest developments in real-time inflation forecasting.   This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Brian Moriarty, Associate Director of Fixed Income at Morningstar Research Services, and Dave Nadig, Chief Futurist at VettaFi Financial, to discuss the recent demise of Credit Suisse and the complexities of capital structure in banks. They explore various topics, including:   • The persistent overweight of fixed-income mutual funds in financials, and in particular, banks • The impact of the 2008 global financial crisis on the capital structure of banks and the regulations put in place • The fertile hunting ground for active managers in the complex capital structure of banks • The Credit Suisse trade setup and its implications for fixed-income portfolios • A comparison of capital structures between regulated banks and traditional US corporates • The unique contractual clauses and outcomes of European and US preferred shares, specifically contingent convertible bonds (Cocos) and Tier 1 capital (AT1) • The nuances between Swiss and other European banks' AT1 and regulatory requirements • The performance of the capital structure regulations since the global financial crisis • The importance of understanding the risks and nuances within different levels of the capital structure • The role of bank counterparties and the potential risks they pose to the stability of financial institutions   This episode is a must-listen for anyone interested in banking, capital structure, and the intricacies of fixed-income investing, providing valuable insights and strategies to navigate the uncertain financial landscape and better understand the complexities of banking institutions.   This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team delves deep into the challenges and emotional rollercoaster associated with trend following amid an uncertain market environment. They discuss an array of topics, including:  • The impact of Jerome Powell's recent statement on interest rates and its implications for market participants  • The role of central bank policies on systematic investment strategies  • The lack of clear trends, economic trajectories, and market signals in today's financial landscape  • The importance of maintaining small positions and staying prudent in turbulent times  • Potential shifts in the market and what investors should watch for  • The role of investor psychology in trend following and how to manage emotions during market turbulence  • The importance of diversification and its benefits in navigating uncertain markets  • The effects of market noise on trend following strategies and how to filter relevant information  • The potential benefits and risks of leveraging systematic signals in the current market environment  • The role of risk management and position sizing in trend following strategies  • The impact of behavioral biases on decision-making and portfolio management  • The team's thoughts on future trends and potential market opportunities This episode is a must-listen for anyone interested in trend following, market volatility, and the challenges of investing in today's uncertain environment, providing valuable insights and strategies to navigate these complex markets. This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Adam, Rod and Mike review a new whitepaper called Peering Around Corners: How to Replicate Trend Following Managed Futures. They cover the motivation, methods, analysis and conclusions including: ·       why managed futures produce strong returns ·       the role of managed futures in a stock / bond portfolio ·       why every strategy is vulnerable to lost decades, and the role of diversification ·       why investors probably shouldn’t be worried about flows to managed futures ·       why replication does not negate the presence of manager alpha ·       how replication is related to returns based style analysis ·       how other authors replicated Buffet’s alpha and how it relates ·       why one might want to replicate a managed futures index ·       choice of simple vs complex replication methods ·       top down replication methods - pros and cons ·       bottom up replication methods - pros and cons ·       why top down and bottom up replication complement each other’s strengths and weaknesses ·       how well a combination of top down and bottom up replicates the trend following index ·       why investors might expect to achieve fee alpha from managed futures replication ·       and much more… This discussion of a new whitepaper should help investors understand how replication strategies work and the role that a managed futures replication strategy might play in portfolios. This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.