#45 - Cole Wilcox, CIO, Longboard Asset Management on Stock-Level Trend Following, Real Diversification, and When to Hit the T-Bill Brake (recorded 10/13/25)

Cole Wilcox, Chief Investment Officer at Longboard Asset Management, discusses how to identify investments that may provide true diversification versus those that simply appear to. He also explains the difference between trend strategies and momentum approaches, and how stock-level trend following may help reduce correlation, improve tax efficiency, and enhance the overall client experience without relying on fully unconstrained futures strategies. What You’ll Learn  •  How to identify alternative investments that may provide genuine diversification.  •  The difference between trend strategies and momentum approaches.  •  How applying systematic trend techniques at the stock level may enhance portfolio diversification.  •  The role of disciplined risk management and when allocations may shift toward short-term Treasury bills.  •  How tax efficiency and loss-harvesting can vary between investment structures.  •  Practical portfolio considerations for using multiple, uncorrelated alternative strategies effectively. Advisors who are seeking ways to maintain diversification while improving the client experience with alternative strategies will find this discussion especially useful. Chapters:02:42 – Inside liquid alternatives and systematic trend strategies06:12 – Market cycles, investor behavior, and risk awareness09:20 – Trend vs. momentum: understanding the distinction14:01 – The evolution of trend following and Longboard’s approach16:51 – Why stock-level trend following may offer unique advantages21:18 – How systematic risk management can guide shifts toward T-bills25:21 – Building portfolios with diversification and discipline27:29 – Tax efficiency and potential long-term investment implications30:19 – How market dispersion and breadth can impact performance33:11 – Managing whipsaw risk and maintaining process discipline35:11 – Practical allocation insights and constructing an alt sleeve39:04 – Avoiding redundancy in alternative strategies42:07 – Balancing diversification goals with client experience Guest: Cole Wilcox, CIO,  Longboard Asset ManagementHosts: Talley Leger, Paisley Nardini, CFA, CAIA, and Jim Worden, CFA, CMT, CAIA Follow usLinkedIn: https://www.linkedin.com/company/the-wealth-consulting-group/X (Twitter): @WealthCGYouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting GroupSubscribe for advisor-first insights and resources: bit.ly/wealthcg For advisor use only.