Resolve Riffs Investment Podcast

In this episode, Adam Butler is joined by Harley Bassman, Managing Partner at Simplify Asset Management, for a wide-ranging discussion on interest rate volatility, portfolio construction, and public policy. Bassman explains his creation of the MOVE Index before diving into strategies using long-dated options to create asymmetric payoffs. They also explore the systematic risks that challenge diversified portfolios during Fed policy inflection points. The conversation concludes with Bassman's strong case against the re-privatization of Fannie Mae and Freddie Mac, detailing the potential negative consequences for the housing market. Topics Discussed • The creation and mechanics of the MOVE Index as a VIX for the bond market • Explaining complex financial derivatives by drawing analogies to fundamental physics concepts • Constructing highly asymmetric, long-term trades based on the shape of the yield curve • The failure of traditional diversification during major inflection points in Federal Reserve policy • The paradigm shift to passive investing flows overriding traditional market valuation metrics • A new trade idea involving a positive-carry call option on Treasury rates as a recession hedge • The evolution of portfolio tools like Return Stacking and derivative-based ETFs • Identifying U.S. immigration policy as the most significant and overlooked macroeconomic risk • The public policy argument against the re-privatization of Fannie Mae and Freddie Mac

In this episode, Rodrigo Gordillo, Mike Philbrick, and Adam Butler explore the timely relevance of managed futures, examining why the current macroeconomic environment may be particularly favorable for these strategies. They discuss recent drawdowns, the uncorrelated nature of trend and carry strategies, and the importance of diversification. The conversation also covers the benefits of strategic overlaying in portfolios, the impact of policy shocks, and the potential for managed futures to add value in various market conditions, including inflationary periods. Topics Discussed • The recent, challenging drawdown period for both trend and carry managed futures strategies • Behavioral hurdles of investing in strategies that hit new highs infrequently, leading to investor fatigue • The strong macro case for diversification due to concentrated U.S. equity portfolios and potential inflation • The physical resource demand from the AI boom creating potential trends in commodities and energy • The role of managed futures in capturing global trends beyond commodities, including international equities and currencies • The argument that the fundamental drivers for trend and carry remain intact despite recent performance • Utilizing Return Stacking to reduce tracking error and make it easier to hold diversifiers long-term Mentioned in this episode: The Return Stacking Symposium October 8, 2025 | Chicago A full day of curated portable alpha / return stacking education. Register Here: https://www.returnstacked.com/return-stacking-symposium-2025/

In this episode, Rodrigo Gordillo, President of ReSolve Asset Management Global, and Mike Philbrick, CEO of ReSolve Asset Management Global unpack Ric Edelman’s bold argument for allocating 10–40% of a portfolio to Bitcoin. They explore how Bitcoin is evolving from a fringe asset to a foundational one, discuss its role alongside gold, and examine the structural shifts—from regulatory clarity to ETF innovation—that are driving institutional adoption. If you're rethinking diversification in a changing economic landscape, this conversation delivers the key insights. Topics Discussed • Differentiating Bitcoin and gold as scarce, non-cash flow assets that offer distinct diversification benefits • The role of regulatory clarity and its accelerating impact on institutional and advisor adoption of Bitcoin • Return stacking techniques that allow alternative assets like Bitcoin and gold to be layered on top of traditional cash-flow portfolios • Key insights from the Ric Edelman paper regarding Bitcoin’s portfolio allocation and the existence of a measurable risk premium • Portfolio construction strategies, including equal risk contribution approaches between Bitcoin and gold • Analyzing the impact of Bitcoin’s volatility on overall portfolio risk metrics and diversification outcomes • Innovations in digital asset accessibility through ETFs, buffered ETFs, and curated crypto index solutions • The evolving investment narrative for Bitcoin as a global asset amidst shifting economic and fiscal paradigms

In this episode of ReSolve Riffs, host Mike Philbrick and Rodrigo Gordillo welcome Mark Valek, partner at Incrementum AG and co-author of the acclaimed In Gold We Trust report. Mark, a seasoned macro investor with decades of expertise at the intersection of gold, monetary policy, and systemic risk, offers deep insights into the evolving roles of gold and Bitcoin. The discussion covers a diverse range of topics including macro investing, fiscal dominance, central bank gold accumulation, innovative portfolio allocations, and the emergence of Bitcoin as digital gold. Topics Discussed • Gold as a superior store of value with a stable stock-to-flow ratio • The impact of central bank gold accumulation amid global financial uncertainty • Fiscal dominance, counterparty risks, and the influence of geopolitical tensions • Future gold price scenarios and detailed long-term predictions under varying inflation conditions • The evolution of Bitcoin as a digital alternative to traditional gold • Reimagining the classic 60/40 portfolio with an emphasis on hard assets • Practical investor guidance on asset allocation strategies and risk management Mentioned in this episode: The Return Stacking Symposium October 8, 2025 | Chicago A full day of curated portable alpha / return stacking education. Register Here: https://www.returnstacked.com/return-stacking-symposium-2025/

ReSolve Riffs returns with a deep dive into the world of alternative assets, featuring Mike Philbrick—CEO of ReSolve Asset Management and co-founder of Return Stacked® ETFs, and Rodrigo Gordillo, President of ReSolve Asset Management and co-founder of Return Stacked® ETFs, both of whom are recognized voices in asset management and diversification. In this engaging episode, Mike and Rodrigo explore a broad range of topics, including gold’s structural fundamentals, bitcoin’s emerging role, portfolio diversification techniques, behavioral biases, and the macro trends shaping global investment strategies. Topics Discussed

In this episode, Rodrigo Gordillo sits down with Rafael Ortega, a distinguished Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management. Known for pioneering innovative portfolio solutions in Spain—from the classic permanent portfolio to advanced return stacking and off-road strategies—Rafael discusses a wide range of topics including diversification, structural risk balancing, leveraging, regulatory hurdles, and the future of portable alpha in today’s dynamic markets. Topics Discussed Mentioned in this episode: The Return Stacking Symposium October 8, 2025 | Chicago A full day of curated portable alpha / return stacking education. Register Here: https://www.returnstacked.com/return-stacking-symposium-2025/

ReSolve Riffs returns with Julian Brigden, the president and founder of MI2 Partners, who joins the conversation as a seasoned market strategist and global macro expert. In this episode, Julian and his co-hosts Adam Butler and Richard Laterman dissect a broad range of topics—from U.S. exceptionalism and dollar dynamics to treasury market vulnerabilities and the complex interplay of global capital flows. The discussion navigates themes such as fiscal deficits, policy shifts, asset rotations, and geopolitical recalibrations that are reshaping the global financial landscape. Topics Discussed • U.S. exceptionalism and the reflexive cycle of capital inflows, hyper-financialization, and current account imbalances • Policy triggers and market cycles driven by the Trump administration’s tariff measures and shifting economic narratives • Dollar performance and its impact on global purchasing power, equity valuations, and hedging dynamics • Structural challenges in the U.S. Treasury market, fiscal dominance, and the looming implications of elevated deficits • Global capital flows and the divergence in behavior between sovereign investors and private market participants • Comparative dynamics across asset classes, including equity market rotations, emerging market opportunities, and the role of commodities • Geopolitical recalibrations driven by U.S. retrenchment from European defense commitments and the evolving Middle Eastern investments • Divergent monetary policy challenges in key economies, especially Japan’s yield curve control and the risks of fiscal dominance

Tired of Clients Chasing Returns? Learn how Return Stacked® Global Balanced & Macro ETF (RGBM) aims to provide diversification in a way that helps manage client (mis-)behavior. As financial advisors, we know clients struggle to stay the course with liquid diversifying investments, especially when 60/40 portfolios have been strong. RGBM ETF offers a solution: a 100% global balanced strategy stacked with an additional 100% systematic macro strategy. This 2 for 1 combination is designed to help deliver the diversification your clients may need in a solution they can actually stick to. In this podcast, we explore how RGBM’s unique 'return stacking' approach can improve portfolio resilience and client outcomes. Learn how it minimizes the behavioral challenges of owning diversifying assets. This podcast may be suitable for: Investment professionals and financial advisors seeking innovative solutions for client portfolio diversification and behavioral risk management.

In this episode of ReSolve Riffs, host Rodrigo Gordillo is joined by Riccardo Gambineri, President at Crown Global Life Insurance Group, and Frank Seneco, President at Seneco Global Advisors. The discussion delves into sophisticated wealth planning solutions with a focus on private placement life insurance, comparing U.S., U.K., and offshore products while addressing topics such as asset protection, tax deferral, and strategic estate planning. Topics Discussed • Differences in Private Placement Life Insurance across Jurisdictions and Regulatory Frameworks • Investment Flexibility and Portfolio Diversification within PPLI Structures • Regulatory Compliance and Jurisdictional Challenges in Domestic and Offshore Markets • Mechanics of Policy Borrowing, Interest Rates, and Accessing Cash Value • Asset Protection and Creditor Shielding Advantages of Offshore Policies • Transparent Cost Structures and the Value Proposition of PPLI versus U.K. Bonds • Tax Implications, Deferral Mechanisms, and Estate Planning Strategies • Integrating Comprehensive Family Governance and Customized Advisory Solutions

In this discussion, Adam Butler, CIO of ReSolve Asset Management Global, a seasoned expert in multi‑asset carry strategies, walks through his latest research comparing two implementations of a carry strategy. He explains the fundamentals of carry in diverse asset classes and explores a wide range of topics including carry fundamentals, market liquidity, simulation analysis, historical cycles, and portfolio strategy, all while putting recent market performance into a broader cyclical context. Topics Discussed • Carry strategy fundamentals and the yield dynamics across various asset classes • Comparison between a small, highly liquid 26‑market universe and an extended universe of up to 80 markets • Detailed statistical analysis using historical simulations and probability cones • Examination of recent performance divergences between liquid and broader market universes • The influential role of soft commodities and other non‑liquid market segments on carry returns • Historical patterns of divergence and subsequent reversion in carry strategy performance • Implications for long‑term investment strategies and tactical portfolio management

In this episode of ReSolve Riffs, host Adam Butler is joined by two special guests from Takahē Capital – founder, CEO, and chief bottle washer Moritz Seibert, and head of quantitative research, Moritz Heiden. They offer an in‐depth look into systematic trading within managed futures, exploring topics such as commodity markets, trend following, risk management, portfolio construction, and the challenges posed by investor and ESG dynamics. Topics Discussed • The emergence of Takahē Capital from restrictive ESG mandates and its unconventional origins • The core trend following strategy, outlier trading, and the “high octane” approach • Rigorous risk management techniques centered on fixed risk unit sizing and drawdown control • Diversification across conventional and peripheral commodity markets • Position sizing dynamics through multiple independent trading systems • Portfolio construction methods and the management of correlated markets • The balance between simplicity and complexity in systematic trading models • The impact of investor demands and ESG standards on volatility, capital efficiency, and returns

This in‐depth live Q&A features guests Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Global, alongside host Rodrigo Gordillo, President and Portfolio Manager of ReSolve Global. In this episode, the panel unpacks the current macro market shifts and their impact on managed futures strategies, discussing topics such as policy shocks, systematic trend and carry models, volatility, and historical market precedents. Topics Discussed • Global Macro Market Dynamics and Policy Shifts affecting asset classes across Europe, the U.S., and beyond • The Cumulative Impact on Managed Futures and Systematic Strategies that span multiple asset classes • Multi-Asset Carry Strategy Fundamentals, including yield extraction and financing differentials • Trend Following Strategies under Volatile and Reversal Conditions in rapidly shifting markets • Risk Adjustments and Portfolio Rebalancing Mechanisms as systematic models react to sudden market changes • Historical Precedents: Lessons from events like the 1994 bond massacre and subsequent policy shocks • The Interplay between Policy Announcements and Systematic Strategy Performance amid geopolitical surprises • Advisory Perspectives and Long-Term Risk Management for communicating drawdowns and premiums to clients

In this episode of ReSolve Riffs, renowned economist and strategist David Woo—CEO of David Woo Unbound and a veteran of global finance—dives deep into a multifaceted discussion on current global economic and political trends with Mike Philbrick and Adam Butler. Drawing on decades of experience at institutions like Bank of America and the IMF, Woo unpacks themes ranging from shifting U.S. trade policies and the fallout from the German election to disruptive advances in technology and evolving fiscal strategies. Topics Discussed • U.S. Trade Policy and Shifting Global Alliances: Analysis of the transition from Biden’s approach to Trump’s competitive strategy • German Election and European Economic Adjustments: Examining the impact on manufacturing competitiveness and embedded fiscal constraints • Tariffs and Trade Warfare: Insight into the deployment of steel, aluminum, auto, and reciprocal tariffs across regions • Market Rotation and Investor Flows: The dynamic shift from U.S. retail-driven buying to increased global and emerging market exposure • Fiscal Discipline and Inflation Management: Strategies to curb deficits, rein in spending, and mitigate inflationary pressures • Emerging Markets and Currency Strategies: Evaluating opportunities in emerging market local currency debt amid global real yield shifts • Technology Disruption in Cloud and Semiconductor Industries: The implications of innovations like DeepSeek and evolving AI dynamics • Japanese Economic Outlook and Structural Reforms: Assessing Japan’s monetary policy, automation, and progress in semiconductor manufacturing

In this episode, the ReSolve team sits down with Daniel Waldenström, a professor of economics with a focus on growth and distribution. Waldenström shares his insights on a range of topics, from the impact of economic crises on societal structures, to the role of policy makers in fostering growth, and the shifting landscape of wealth inequality. Topics Discussed • Waldenström's journey into economics, spurred by an interest in societal issues and historical events, particularly the economic crisis Sweden faced in the early 90s • The importance of understanding both the size of the economic pie and its division, and how this realization shaped Waldenström's book, 'So Richer and More Equal' • The role of policy makers in fostering growth and the common pitfalls they face, particularly in Europe • The impact of the Swedish economic crisis in the late 80s and early 90s, centered around real estate and loose lending standards by Swedish banks • The evolution of wealth distribution over time, with a focus on the shift from a wealth concentration in the hands of a few to a broader dispersion • The unique case of wealth inequality in the U.S., and how it differs from trends in other Western economies • The role of educational systems, labor laws, and trade unions in raising people's productivity and income levels • The impact of asset price appreciation on wealth inequality, and how this has played out differently in the U.S. and Europe • The role of income and income distribution in wealth inequality, and the implications of capitalization of income • Waldenström's policy prescriptions based on his research, offering a positive view of capitalism and human ingenuity This episode is a must-listen for anyone interested in understanding the dynamics of economic growth, wealth distribution, and the role of policy in shaping these outcomes. Waldenström's insights provide a nuanced perspective on these complex issues, offering valuable strategies for navigating the ever-changing economic landscape.

In this riveting episode, the ReSolve team converses with Warren Mosler, a prominent economist and theorist in the field of Modern Monetary Theory (MMT). The conversation is enriched by the presence of Richard Latterman, a portfolio manager at Resolve, who is keen on gaining insights on policy and economics. The discussion dives deep into the evolution of economics, the departure of MMT from classical economics, the impact of interest rates on inflation, and the intricacies of the banking system. Topics Discussed • Warren Mosler provides an introduction to Modern Monetary Theory and how it deviates from classical economics • The discussion delves into the order of operations in economics, with a focus on the concept of 'spend before taxing and borrowing' • Exploration of the role of the U.S. government in the creation of dollars and the implications of this process • Discussion on the fear of removing the scarcity constraint or the scarcity mindset in economics • Analysis of the impact of interest rates on inflation, challenging conventional economic wisdom • Understanding the concept of continuous change in the price level under floating exchange rates • The conversation delves into the complexities of the banking system and the role of regulations and compliance • Warren Mosler shares his views on the potential impact of certain policy suggestions on the current economic system. • The discussion concludes with Warren Mosler sharing his non-consensus views on investment and asset allocation. This episode is a treasure trove of insights for anyone interested in understanding the nuances of Modern Monetary Theory, the impact of interest rates on inflation, and the intricacies of the banking system. Warren Mosler's insightful views challenge conventional economic wisdom and provide a fresh perspective on the evolution of economics and economic policy.

Finding alpha is notoriously difficult. Instead of trying to pick stocks better, what if you simply added the return of high-conviction, alternative strategies on top of your asset allocation? That’s the opportunity portable alpha unlocks for allocators. Join us for an exclusive webinar where we reveal how capital-efficient ETFs can be used to “port” the returns of any alternative investment on top of your asset allocation. In this educational session, we will: Perfect For:

In this episode, we delve into the world of STEM education with John Skrentny, a professor of sociology at UC San Diego. We discuss the current state of STEM education, its implications for the future workforce, and the intersection of technology, policy, and societal needs. Topics Discussed • The importance of STEM education and the common misconception that more STEM graduates equate to more innovation • The comparison of STEM job opportunities in different countries, with a focus on the United States and Japan • The exploration of the reasons why many STEM graduates choose to pursue careers outside of their field of study • The discussion on the perceived shortage of STEM graduates in the job market and the behaviors of employers • The impact of technological advancements, particularly AI, on the demand for STEM skills • The importance of developing a wide range of skills for career longevity and adaptability in the rapidly changing job market • The exploration of the role of universities in providing continuous education and training for a diverse range of careers • The discussion on the value of humanities in the context of technological advancement and societal needs This episode provides valuable insights into the complexities of STEM education and its role in shaping the future workforce. It is a must-listen for anyone interested in education, technology, and the future of work.

In this exciting episode, Rodrigo Gordillo, Meb Faber, Corey Hoffstein, and Wes Gray discuss their investment ideas for 2025 and beyond. Each brings three unique ideas to the table, making for a lively and insightful conversation. Topics Discussed • Rodrigo Gordillo discusses the idea of matching the risk of Bitcoin by levering up gold, providing insights on how to achieve an equal risk allocation between Bitcoin and gold • Meb Faber shares his thoughts on the potential of cannabis as an investment and the risks and rewards of bonds in the current financial climate • Corey Hoffstein proposes a complex crypto trade that could potentially yield significant returns but also carries a high risk • Wes Gray suggests a new approach to exchange funds to make them more transparent, easier to manage, and more cost-effective • The group discusses the potential of GameStop and Bitcoin as investments, with differing opinions on their viability • Meb Faber proposes a unique investment strategy based on taking the opposite position of the crowd consensus on Twitter • Wes Gray shares his thoughts on the current state of the energy sector and its potential for future growth This episode is a must-listen for anyone interested in unique investment ideas and strategies, offering a wealth of knowledge and perspectives from leading financial experts. Tune in to gain valuable insights and prepare for the financial landscape of 2025 and beyond.

In this episode, we delve into the world of behavioral finance and financial planning with Brian Portnoy, one of the co-founders of Shaping Wealth. We discuss the importance of understanding human behavior in financial planning, the concept of 'behavioral finance 2.0', and how financial advisors can better serve their clients by taking a more human-centric approach. Topics Discussed • Discussion on normalizing human behavior in financial planning and the emergence of 'behavioral finance 2.0', which focuses on understanding the humanity of clients rather than their flaws • Exploration of the difference between reflective happiness and life satisfaction, and how these concepts can guide financial planning • Insights into the role of identity and narrative in financial planning, and how advisors can help clients navigate these complex dimensions • Discussion on how individuals can engage in self-reflection and maintain honesty in their financial journey despite external influences • Introduction to the concept of 'funded contentment' and how it relates to wealth and financial planning • Discussion on the recruitment and training of advisors suited for a human-centric approach to financial planning • Insights into the sensitive and complex nature of discussing identity and purpose with clients, and the importance of having better coaching skills • Introduction to Lydia, an AI tool designed to assist financial advisors by providing empathetic and insightful guidance • Discussion on the potential of Lydia to enhance the financial advising process by providing personalized insights and suggestions based on the advisor's patterns and past conversations This episode provides valuable insights into the evolving field of financial planning, emphasizing the need for a more human-centric approach. It introduces innovative tools and methodologies that can enhance the advisor-client relationship and ultimately lead to better financial outcomes. A must-listen for anyone interested in the intersection of behavioral finance, financial planning, and AI technology.

In today's complex market environment, finding genuine diversification and consistent returns has become increasingly challenging. What if you could harness two of the least correlated strategies to traditional portfolios available to investors today? Join us for an exclusive webinar where Rodrigo Gordillo, Portfolio Manager and co-founder of Return Stacked ETFs, reveals how combining trend following and carry strategies as stacks may create a whole that is much greater than the sum of their parts. In this educational session, we will explore: