Get Stacked Investment Podcast

Join Corey Hoffstein, Rodrigo Gordillo, and Mike Philbrick for a special live episode of the Get Stacked podcast, aired on August 6, 2024. This episode dives deep into recent significant market events, discussing the Nikkei's historic 12.5% drop, the yen's trend reversals, and market volatility. AGENDA: - Global Macro Update - Broad expectations of Return Stacking during abrupt market selloffs - Brief discussion on how different stacks are responding in this environment - Q&A from the Audience (0:00) Introduction to crisis alpha and trend following (1:22) Podcast introduction, disclaimers, and live Q&A invitation (4:28) Market events, macro thesis, and volatility in return stacking (13:46) Defense leveraging and correlation nuances in portfolio management (24:01) Comprehensive discussion on trend following strategies (28:32) Historical perspective and recent market trends (33:17) Equity roles and crisis alpha in diversified trend mandates (42:30) Exploring futures yield and managed futures carry strategies (46:49) In-depth analysis of carry factor across asset classes (51:13) Portfolio positioning with diversification and correlation strategies (57:30) Case studies of trend and carry under various market conditions (1:00:08) Strategies for optimal return stacking allocation (1:03:49) Risk tolerance assessment for return stacking (1:05:35) Review of historical trend index returns and correlations (1:06:24) Housekeeping and closing remarks

In this episode, the Get Stacked team, consisting of Rodrigo Gordillo, Corey Hoffstein, Adam Butler and Mike Philbrick delve into the intricacies of Return Stacking, market trends, and the impact of taxes on investment strategies. They provide detailed insights into their research and findings, discussing the implications of their work for the investment landscape. (0:00) Introduction to the topic of risk-free rates and episode overview (2:36) Return stacking in a higher interest rate environment and tax considerations (4:15) Trend replication research and fundamentals of excess returns (10:18) Leveraging futures contracts for portfolio construction (17:31) Importance of non-correlated return streams in investing (21:38) Deep dive into tax implications of return stacking (25:18) Tax efficiency comparison: Stacked strategies vs. traditional funds (32:23) Enhancing trend replication strategies and decision-making (37:36) Top-down vs. bottom-up approaches in trend replication (42:01) Correlation, tracking error, and trend definition analysis (50:54) Realized tracking error and volatility weighting in models (56:26) Optimizing gross returns and turnover in trend models (1:02:12) Trend lookback periods and their impacts pre- and post-2008 (1:07:28) Market-specific contributions to trend-following performance (1:13:34) WTI crude, commodities, and correlation dynamics in trend models (1:18:00) Sponsor: XY Capital (1:18:37) Using extensive data for model training and market replication (1:22:05) Universe selection's impact on tracking error and ensemble methods (1:30:31) Validating design principles and preview of the next episode (1:32:27) Additional resources for listeners and closing remarks

Corey Hoffstein, Adam Butler, and Michael Philbrick join Rodrigo Gordillo to discuss trend replication, private equity's role in modern portfolios, and the impact of large AUM on trend following. They explore balancing alpha generation with risk management, optimal allocation, and leveraging through treasury futures. (0:00) Introduction to private equity returns (1:03) Welcome and podcast introduction (2:23) Introduction of hosts and guests (3:32) Discussion on trend replication and recent market trends (8:35) Impact of large AUM on trend following performance (21:09) Balancing alpha generation and risk management in trend following (25:55) The significance of independent bets in managed futures portfolios (32:28) Discussion on optimal allocation to trend following strategies (38:16) Trend following as a critical portfolio component (53:25) Discussing leverage in the cheapest way possible through treasury futures (54:54) Call to action: rating, review, and sharing the podcast

Corey Hoffstein, Rodrigo Gordillo, and Adam Butler discuss the challenges of beating the U.S. equities market, diversification for generating excess returns, risk parity, trend following, and the potential of stacking strategies in portfolios. The importance of diversification in ensuring investment success and the structural challenges in implementing return stacked strategies are also highlighted.