Resolve Riffs Investment Podcast

What does it take to build a portfolio that can survive inflation shocks, growth booms, credit crises, and lost decades—without sacrificing long-term return potential?In this episode, Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, joins Pierre Daillie to break down the Four Piston Portfolio: an All-Terrain investing framework designed to perform across a wide range of economic regimes. Drawing on principles of risk parity, managed futures, systematic macro, defensive leverage, and return stacking, Rodrigo explains why diversification—not prediction—is the foundation of resilient portfolio construction.Rodrigo's conviction was forged early. Growing up in Peru, he witnessed 7,200% hyperinflation wipe out his family's savings. A 55% Toronto housing crash followed, then the tech bust. These experiences shaped his belief that no single asset class should be trusted with your entire financial future.The result is a portfolio "engine" powered by four balanced return drivers: global equities, long-term bonds, gold, and systematic macro. By allocating risk rather than dollars, and using capital-efficient tools to scale diversification to equity-like risk, Rodrigo argues investors can pursue stronger long-term outcomes with shallower drawdowns and less dependence on any single market forecast.The conversation explores risk budgeting, managed futures, trend following, return stacking, and the growing institutional shift toward the Total Portfolio Approach—offering a practical blueprint for investors seeking to build portfolios that can adapt to whatever the next decade may bring.Key Topics• Rodrigo's formative years: hyperinflation in Peru, the Toronto housing crash, and the experiences that shaped his investment philosophy• Why portfolios built on the last 40 years of market experience may be vulnerable to the next lost decade• The Four Piston Portfolio: combining global equities, long-term bonds, gold, and systematic macro• Why diversification beats prediction in uncertain economic environments• How inflation and growth regimes determine which assets lead and which lag• Risk parity and inverse-volatility weighting versus traditional asset allocation• Why "equities for returns and bonds for protection" misses the bigger picture• Defensive leverage and the difference between productive and destructive leverage• Managed futures, trend following, and systematic macro as powerful diversifiers• Return stacking and capital-efficient portfolio construction• Solving the diversification dilemma without sacrificing market participation• Thinking in units of risk rather than dollars: institutional risk budgeting and the Total Portfolio ApproachRead the companion article, From All-Weather to All-Terrain Investing for the Stormy Decade Ahead:https://investresolve.com/from-all-weather-to-all-terrain-investing-for-the-stormy-decade-ahead/