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12 results for “pivots”
And, sometime around the mid eighties to early two thousands, we really honed in on that. Ultimately, we started using the term the leader strategy. And what that essentially means is that in about half the investments we make, the day that the deal
3:01 / 4:08
from transcript3:01 – 4:08
we had made a big transition at MD two. For the first decade, the strategies were traditional factor tilting strategies. There was a formula that used a small number of characteristics, and the portfolios would tilt toward them. Those strategies gene
8:14 / 9:15
from transcript8:14 – 9:15
Even in cases where we're bringing that new team in, they're developing that or have developed that well ahead of the deal closing with whoever's incumbent to that business. And we're looking for those people who are incumbent to step up and do that
15:46 / 16:51
from transcript15:46 – 16:51
One of the advantages you have there is if you come up with the right investing principles, you could apply them across a lot of different markets and typically do them in instruments that are quite cash efficient. So they're pretty scalable, and the
14:10 / 15:17
from transcript14:10 – 15:17
And my whole argument initially when I was studying these strategies, including long vol is another example of that, is that the goal is to try and capture crisis off. It's not a guarantee. It's something that we're looking for. And so I think over t
23:14 / 24:26
from transcript23:14 – 24:26
The only thing I do suggest in general is this idea of rebalancing. Right? So the best time to rebalance into a strategy is obviously when it's undervalued. And the best time to take profits in the strategy is actually when you've done really well. S
8:21 / 9:27
from transcript8:21 – 9:27
folks out there who are still applying strategies that are very similar to what was applied in the early days, the early types of quant strategies. But over the decades, there's been such an explosion in processing power, in data, in algorithms that
7:30 / 8:36
from transcript7:30 – 8:36
And it was working with one of our biggest clients who's a brilliant investor. And we'll do things like that in the future, but there'll be fewer and further between, I think. So within this strategy, there's the long vol piece, and there's the trend
14:59 / 16:06
from transcript14:59 – 16:06
you make more money in a high vol environment, but you lose money in the move from a low vol environment to a high vol environment. As you've extended risk capital to the market and now the cost of risk capital has gone up, you're gonna lose on mark
44:51 / 46:06
from transcript44:51 – 46:06
And so if you think about a three circle Venn diagram and put your finger at the center of it, we don't think there are that many strategies that credibly deploy all three. Oftentimes, you'll find maybe fundamental long, short, and event driven cross
14:17 / 15:16
from transcript14:17 – 15:16
your governance, without getting stopped out by your internal folks, by the press, by interested parties within and beyond the organization who start asking, well, wait a second. This strategy has lost money two years in a row. Why are you still runn
26:58 / 28:06
from transcript26:58 – 28:06
that happens in a multi strategy context. Let's say you have a strategy that has one sharp ratio, and you're a single manager hedge fund. You wanna make a 10 net return. Let's say you have to make a 13% gross return. You have to run all else be equal
17:58 / 19:01
from transcript17:58 – 19:01
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