
My guest today is Victor Haghani, founder of Elm Wealth.Victor is, in many ways, one of the last tactical asset allocators standing after the 2010s. That might be because Victor wouldn’t categorize himself as such. Rather, he sees his dynamic index investing approach not as a tactical alternative to traditional static portfolios, but as the rational approach for anyone starting from first principles. This conversation dances between theory and implementation. Victor is just as comfortable sharing his thoughts on where equity market risk comes from as he is defending payout-adjusted CAPE as a metric for forecasting long-run returns. If you’re passionate about asset allocation, you’ll find lots to think about in this one.Please enjoy my conversation with Victor Haghani.
Dec 9, 2024
1 hr 12 min

In this episode of the Get StackedInvestment Podcast, Corey and Rodrigo have an insightful conversation withJonathan Glidden, Chief Investment Officer of the Delta Airlines Pension Plan.Since joining in 2011, Jonathan has been pivotal in elevating Delta’s pensionplan funded status from 38% to over 100%. They delve into Jonathan'sunconventional career journey, his implementation of portable alpha strategies,and share valuable lessons learned from turbulent financial periods such as2008 and 2020. Whether you're a seasoned investor or new to the concept ofportable alpha, this episode provides a masterclass on optimizing pension planmanagement through innovative investment strategies.
Dec 4, 2024
1 hr 9 min

In this episode, I speak with Farouk Jivraj, Portfolio Manager and Head of Alternative Risk Premia at Fidelity Investments’ Asset Management Solutions division.After spending nearly a decade on the sell side, Farouk joined Fidelity in 2021 with the goal of building out an alternative risk premium platform, tapping into the best of what both the sell-side QIS desks have to offer and what can be built in-house.We spend the majority of the conversation peeling apart the layers of Farouk’s 5-step process for implementing alternative risk premia strategies. He shares his thoughts on how to classify different premia, why thoughtfully-constructed peer groups are an important evaluation tool, how to go about selecting specific strategies, how to construct portfolios of alternative risk premia, and the actual rubber-meets-road implementation practicalities.Please enjoy my conversation with Farouk Jivraj.
Oct 7, 2024
1 hr 11 min

In this episode I chat with Giuseppe Paleologo – or Gappy as he likes to be called. Currently on garden leave, Gappy has previously worked in Risk & Quantitative Analytics at Citadel, as Head of Enterprise Risk at Millennium, and most recently as Head of Risk Management at HRT.We begin the conversation with a discussion as to what a quant researcher actually does at a multi-manager hedge fund. As a semi-support role to the fundamental PMs, Gappy explains how portfolio manager coverage, factor hedging, and internal alpha capture can all work together to help maximize firm P&L.We then discuss the broad field of factor research and portfolio construction, where Gappy shares some of his strongly held views, both on how factors should be constructed as well as how they should be utilized. Topics include returns versus characteristics, mixing versus integrating alpha signals, single- versus multi-period optimization, and linear- versus non-linear models.Please enjoy my conversation with Giuseppe Paleologo.
Sep 2, 2024
1 hr 32 min
![Talk Your Book: Return Stacking [REPLAY]](https://cdn-images.podbay.fm/eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJ1cmwiOiJodHRwczovL2FydHdvcmsuY2FwdGl2YXRlLmZtLzc2N2FhNjdiLTFmNTMtNDc4ZS05NzYxLWIwOWViZTY3ZWJiZS9DOWpLZy10bmJhamJjbFhjYmVpSkJacXkuanBnIiwiZmFsbGJhY2siOiJodHRwczovL2lzMS1zc2wubXpzdGF0aWMuY29tL2ltYWdlL3RodW1iL1BvZGNhc3RzMTI2L3Y0LzgxLzhiL2ViLzgxOGJlYjFjLTQ3NDMtOWIwMS0wNGRhLWQ2N2FkZDZlNjM4Yi9temFfNTMxMjQ3NjMzMjI2NTkyMTQwMy5qcGcvNjAweDYwMGJiLmpwZyJ9.9QFyKnPMkFOPXH4oPCf8Yos7_iqY5KIc7o4Fwo-zAMc.jpg?width=200&height=200)
On this episode, Ben Carlson and Michael Batnick are joined by Corey Hoffstein of Newfound Research to discuss: managed futures, return stacking, using leverage effectively, and much more!
Aug 20, 2024
37 min

My guest in this episode is Kris Abdelmessih, co-founder of moontower.ai.Kris began his career at SIG, where he worked as a market maker in several different option pits, before moving to Parallax where he ran a relative value commodities volatility book. For the last five years, Kris has been writing on his blog Party at the Moontower, which is one of my favorite reads for all things probability, payoff space, trading, optionality, and seeing the world through a volatility lens.Kris is a passionate educator, so it should come as no surprise that learning is a key thread throughout this entire episode. Kris discusses how learning is accelerated in the pits and how we can think about replicating it in electronic space. Kris discusses what he had to unlearn and relearn in his move from market making to relative value trading. He also shares his thoughts about how firm lineage influences how you learn to trade markets.Finally, we discuss Kris’s newest venture, moontower.ai, which seeks to provide a “volatility lens” to opinionated traders to help them better express their bets in option space.There is a lot of experience to unpack in this one. I hope you enjoy my conversation with Kris Abdelmessih.
Jul 29, 2024
1 hr 13 min
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