Flirting with Models

My guests today are Roxton McNeal, Managing Director and Head PM of QIS Investments and Siddharth Sethi, portfolio manager and Head of QIS structuring. Together, they’re spearheading the development of QIS-driven solutions at Simplify. In this conversation, we explore what it takes to build and manage a multi-strategy QIS portfolio—from infrastructure requirements to portfolio construction and risk management. We discuss: • The structural vs. academic premia distinction and why it matters. • How Simplify evaluates and customizes QIS offerings from banks. • The need and challenges of dynamic allocation across dozens of strategies. • How QIS strategies integrate with traditional beta portfolios. • The operational and counterparty considerations of trading these strategies. For those interested in the practical realities of QIS investing, this episode provides a deep dive into both the opportunities and challenges of running a systematic, multi-strategy portfolio. I hope you enjoy my conversation with Roxton McNeal and Siddharth Sethi.

Scott Phillips is just the second independent trader I’ve interviewed for this show. Like many independent traders, Scott found that his constraints – including the size of their capital pool, the ability to execute trades efficiently, and a lack of supporting infrastructure – made trading anything but loose-pants trend following almost impossible in traditional markets. These constraints led Scott to look for easier markets to trade: markets where the edges were so big they could survive inefficient implementations. All of which brought Scott to crypto in the late 2010s. While our conversation is, at a high level, mostly about trend following, we spend a lot of time discussing what makes trading these markets unique. For example, with tens of thousands of spot cryptocurrencies, how do you choose what to trade? How do you choose which venues to trade at when liquidity is so fragmented? How do you deal with the fact that both crime and degenerate gambling are real idiosyncratic factors? More than anything, painted between the lines, Scott provides a master class in thinking about edges. I hope you enjoy my conversation with Scott Phillips.

Today I’m talking to Thao Tran, Co-founding Partner at Vamient Capital. This episode was born from a question I had watching the NFT market place: how do you make markets in illiquid, non-fungible assets? Clearly people were doing it and I wanted to know how it differed from traditional market making. Several people recommended I speak with Thao, and she was kind enough to oblige, despite NFT market making being just a small component of what she does. In this conversation, we walks me through how the NFT market place has evolved, how she thinks about managing inventory risk, key features that impact spreads, and how platform evolutions changed orderbook strategies. In the back half of the conversation, Thao shares her thoughts on the state of crypto markets today, the emerging opportunities in decentralized exchanges, and how the landscape of alpha opportunities has changed over the last two years. I hope you enjoy my conversation with Thao Tran.

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.

In this episode of the Get Stacked Investment Podcast, Corey and Rodrigo have an insightful conversation with Jonathan Glidden, Chief Investment Officer of the Delta Airlines Pension Plan. Since joining in 2011, Jonathan has been pivotal in elevating Delta’s pension plan funded status from 38% to over 100%. They delve into Jonathan's unconventional career journey, his implementation of portable alpha strategies, and share valuable lessons learned from turbulent financial periods such as 2008 and 2020. Whether you're a seasoned investor or new to the concept of portable alpha, this episode provides a masterclass on optimizing pension plan management through innovative investment strategies.