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ReSolve’s 12 Days of Christmas And Investment Success

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This holiday season, ReSolve Asset Management is offering a gift in podcast-form: a 12-episode mini-series, where we will explore, from first principles, timeless investment wisdom that will help you maximize your long-term success. From universe selection to portfolio construction, our aim is to offer you a comprehensive framework for a more thoughtful investment approach, for yourselves and your clients.

This holiday season, ReSolve Asset Management is offering a gift in podcast-form: a 12-episode mini-series, where we will explore, from first principles, timeless investment wisdom that will help you maximize your long-term success. From universe selection to portfolio construction, our aim is to offer you a comprehensive framework for a more thoughtful investment approach, for yourselves and your clients.
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Location:

Canada

Description:

This holiday season, ReSolve Asset Management is offering a gift in podcast-form: a 12-episode mini-series, where we will explore, from first principles, timeless investment wisdom that will help you maximize your long-term success. From universe selection to portfolio construction, our aim is to offer you a comprehensive framework for a more thoughtful investment approach, for yourselves and your clients.

Language:

English


Episodes

Day 12 - Banging the Drum on Multi-Asset Momentum

12/21/2018
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The team has spent a lot of time in the past 11 episodes discussing the importance of asset allocation; the role of systematic “factor” tilts like momentum, value and trend; and how portfolio optimization can act as a force multiplier on long-term performance. This episode comes full circle with a discussion of multi-asset momentum, which integrates all of the concepts above and has a proven history of delivering strong performance across almost any market environment. The team also...

Duration:00:22:09

Day 11 – Eleven Pipers are Piping In and Out of Trends

12/21/2018
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On our second-to-last episode, ReSolve’s newest partner Jason Russell is joining us to share his wisdom on one of the most misunderstood strategies out there. While many investors are aware of the solid returns a simple trend following approach can produce, it is the ability to select from a wide universe of uncorrelated asset-classes (especially currencies and commodities) and to use multiple signals that offers the greatest benefits. These ensemble methods truly maximize the ability to...

Duration:00:20:02

Day 10 - Stop Leaping and Look at the Evidence

12/21/2018
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The Lords of finance have somehow convinced investors that “simple” always beats “complex” in markets. But this is rubbish. The fact is every portfolio – even so-called passive portfolio - express very active beliefs about how markets function, and relationships between risk and return. It’s critical to understand these relationships to choose the optimal method of portfolio formation. Many common techniques such as market cap and equal weighting are profoundly sub-optimal in practice! In...

Duration:00:33:15

Day 9 – Nine Ladies Dancing with their Systematic Investors

12/21/2018
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So far, we have been discussing a variety of ways to build portfolios and harvest returns, but we haven’t really addressed a fundamental aspect of how we think about portfolio construction. Even though most of us like to think that we will rise to the occasion in the face of a challenge, the reality is that we will most likely sink to the level of our training during those difficult times. In the world of investing, that ‘training’ can be thought of as establishing sound, economically viable...

Duration:00:30:12

Day 8 – Eight Maids are Struggling to Milk Returns

12/17/2018
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Some of the ideas discussed in the last few episodes may raise a few eye-brows, as they force advisors and investors to venture outside of their comfort zones. But consider the alternative. At current valuation levels, US equities and bonds are unlikely to deliver meaningful (or even positive) returns in the coming years. What do we propose? Go global and let go of home-country bias. Diversify across asset-classes, factors and strategies. Embrace tracking-error. The key message on this 8th...

Duration:00:21:17

Day 7 – Seven Swans are Swimming in Cash Efficiency

12/17/2018
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And on the 7th day, the Meta Portfolio was created. After analyzing the many sources of return across major global asset classes, we now focus on how to implement different strategies and the most thoughtful way of putting those pieces together. When advisors and investors consider adding liquid alternative strategies to their usual combination of stocks and bonds, it usually represents between 10% and 20% of their overall allocation. But if we really want this sleeve to provide meaningful,...

Duration:00:23:48

Day 6 – Six Geese are Laying Uncorrelated Investment Factors

12/17/2018
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While we have played defense with concepts such as equal risk contribution, which help avoid big losses and mitigate sequence of returns risk, it’s time to play some offense. As we seek to compound our portfolios in the highest possible number of positive rolling periods, we need to better understand where returns are really coming from and how sustainable than can be. On this 6th day, we will investigate the many ways to harvest excess returns from investment factors (also known as style...

Duration:00:22:31

Day 5 - Five Golden Rings that Guide Financial Planning

12/17/2018
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After creating a theoretical framework with an almost obsessive focus on diversification and risk-adjusted returns, we bring you case studies of global asset classes throughout history that will demonstrate the importance of not depending on (often lucky) predictions. As we investment over the next few decades, we should aim to protect our sequence of positive returns by preventing the “maniacs from taking over the asylum”. This is where the rubber begins to meet the road. Welcome to Day...

Duration:00:17:53

Day 4 – Four Calling Birds and their Smart Betas

12/10/2018
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On our fourth day, we add yet another layer of diversity onto our building blocks. While diversity across global asset-classes is a useful first step, there are other aspects of the portfolio construction and rebalancing processes that can push the diversification boundaries even further and help improve risk-adjusted performance. As described in our popular “Buffet Bet” blog post, these well-known factors (or ‘smart Betas’) can provide further uncorrelated return drivers to help smoothen...

Duration:00:23:56

Day 3 – Three French Hens and the Economic Cycles

12/10/2018
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Now that we have established an ideal investment arena and the benefits of maximizing portfolio diversity, we can use these building blocks to dig a little deeper into the fundamental reasons why global asset classes are able to provide significant diversification opportunities for investors in the coming years. We all know that economies and markets across the world exist as a function of the fundamental drivers of inflation and growth, and the interactions of governments, companies and...

Duration:00:21:16

Day 2 – Two Turtle Doves Bring Us True Diversification

12/10/2018
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In episode one we described an investment arena that is likely to provide the best long-term opportunities. On this second day, we lay out the case for giving as much (or more) credence to portfolio diversification opportunities as is given to a strategy’s investment edge. We believe investors should always seek the highest compensation for the risks they are willing to incur. In other words, their objective should be, as much as possible, to get the most bang (return) for their buck (risk)....

Duration:00:21:50

Day 1 – An Asset-Allocation Partridge in a Pear Tree

12/9/2018
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On the first day of this series, we answer a pivotal question that every investor should ask themselves before embarking on their investment journey: where should you dedicate most of your energy and focus, asset allocation or security selection? We review how the biggest impact to portfolios comes from asset classes rather than individual securities. We also expand on how the largest pools of capital may lack the portfolio agility and mandate flexibility to take full advantage of the excess...

Duration:00:18:34