Get Stacked Investment Podcast

In this in-depth conversation, Corey Hoffstein breaks down merger arbitrage as a distinct risk premium rather than a true arbitrage strategy. He explains how investors can capture the residual spread in announced M&A deals, compares merger arbitrage to traditional credit markets, and discusses why it can offer a low-correlation return stream relative to stocks and bonds. The discussion also explores how return stacking and portable alpha frameworks can enhance portfolio efficiency, positioning merger arbitrage as a powerful diversifier—particularly as an alternative to credit risk within modern portfolio construction.Topics DiscussedDefining merger arbitrage as a risk premium for bearing deal break risk and the time value of moneyThe concept of Return Stacking to add diversifying strategies without selling core assetsComparing the idiosyncratic nature of merger arbitrage risk to the more cyclical credit risk found in corporate bondsUtilizing a combination of Treasuries and merger arbitrage as a direct alternative to corporate bond allocationsAddressing the behavioral challenges of traditional diversification by reducing tracking error against standard benchmarksThe argument for merger arbitrage as a persistent and unique risk premium, distinct from alpha-seeking strategiesOvercoming the historical packaging and adoption challenges of merger arbitrage funds for financial advisorsDemocratizing institutional investment concepts like portable alpha for a wider audienceDefinitionsAlpha: refers to returns above that of a passive market benchmarkTracking error is the variability in the difference between a strategy’s returns and the investor’s benchmark returns.Beta: How much an investment moves vs. a benchmark (like the market).Duration refers to the average life of a debt instrument and serves as a measure of that instrument’s interest rate risk.A Basis Point is equal to 0.01% and is commonly used to express changes in interest rates, fees, or investment returns. For example, 50 basis points equals 0.50%.Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements. Stacking does not guarantee outperformance and diversification does not guarantee a profit or prevent a loss.Merger-Arbitrage Risk. Merger-arbitrage investing involves the risk that the outcome of a proposed event, whether it be a merger, reorganization, or other event, will prove incorrect and that the Fund’s return on the investment will be negative, or that the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return.Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information (including complete disclaimers) about the Funds, please visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/. Read the prospectus or summary prospectus carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Fund and the Fund’s Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Fund. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Fund’s Subsidiary. Foreside Fund Services, LLC is the distributor for the Fund. Foreside is not related to Tidal, Newfound, or ReSolve.

In this exclusive interview, Adam Butler provides a comprehensive exploration of diversified Carry strategies, a concept traditionally confined to institutional investors. He begins by defining Carry—the expected return on an investment if its price remains unchanged—and explains its mechanics across equities, bonds, currencies, and commodities. The discussion highlights how combining these various Carry sources offers powerful diversification benefits. Adam then connects this to the concept of Return Stacking, explaining how ETFs like Return Stacked® U.S. Stocks & Futures Yield (RSSY) and Return Stacked® Bonds & Futures Yield (RSBY) seek to broaden access to sophisticated strategies by incorporating them alongside traditional stock and bond allocations.Topics DiscussedDefining Carry beyond the traditional currency trade to include yields from stocks, bonds, and commoditiesThe strategy of diversifying Carry across multiple global asset classes to create a smoother return profileThe mechanics of a long/short global Carry portfolio that maximizes risk-adjusted yield across marketsCarry's role as an uncorrelated diversifier to traditional stock and bond portfolios and its complementary relationship with Trend followingThe concept of Return Stacking as a method to add diversifying strategies without selling core assetsUsing Return Stacking to overcome behavioral biases like investor regret and the reluctance to diversify away from equitiesThe democratization of institutional strategies through ETFs like RSSY and RSBY, which stack Carry on core holdingsThe operational complexity and data-intensive nature of Carry strategies, explaining their historical inaccessibility to retail investorsSetting long-term return expectations for Carry and viewing periods of underperformance as building potential energyThe argument for seeking returns in less efficient macro markets compared to the highly competitive micro world of stock pickingInvestors should consider the investment objectives, risks, charges, and expenses carefully before investing. This and other important information about the Return Stacked® ETF lineup is contained in their respective prospectus', which can be obtained by calling 1-844-737-3001 or clicking here.Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns.ETFs are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. While the shares of ETFs are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns. There is no guarantee that the Fund will achieve its objective.Tidal Investments, LLC (“Tidal”) serves as investment adviser to the Funds and the Funds’ Subsidiary.Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds.ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary.Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Tidal, Newfound, or ReSolve.

In this episode, Corey Hoffstein and Adam Butler take you inside the latest Q2 commentary on the Return Stacked® ETF suite. They break down key strategies behind ETFs like RSSX, RSSB, RSBT, and RSST—covering everything from performance differentials in trend strategies to the mechanics of trend model replication. You’ll hear sharp analysis of return stack carry funds, year-to-date performance, and how they behave in multi-asset portfolios. The hosts also explore fixed income sector positioning, the role of energy exposure, and why merger arbitrage deserves a closer look as a diversifier. The episode wraps with the new RSSX ETF, blending U.S. stocks, gold, and Bitcoin to meet evolving market demands.

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.

Investors seeking exposure to alternatives like gold and Bitcoin face a tough tradeoff: diversify or stay fully invested in stocks and bonds. What if you didn’t have to choose? In this episode, we unveil Return Stacked® U.S. Stocks & Gold/Bitcoin (RSSX) - an ETF designed to deliver long-term capital appreciation by stacking diversified exposures on top of traditional equity allocations. Discover how RSSX leverages capital-efficient strategies to provide $1 of exposure to U.S. large-cap stocks plus $1 of exposure to a Gold/Bitcoin mix - all for every $1 invested. We’ll walk through the mechanics, behavioral advantages, and real-world application of the latest return-stacking innovation. Whether you're an advisor looking to optimize client portfolios or an investor seeking smarter diversification, this session is a must-listen.

In this episode hosts 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.

Return Stacked is back 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.

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.

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.

Join us for an engaging live session as Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global, Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Asset Management Global, discuss recent macroeconomic events and their impact on managed future strategies, specifically trend following and multi-asset carry models. In this video, the panel analyzes key market-moving stories from the past few weeks, including European regulatory reforms, German fiscal stimulus, and international tariff battles. They also explore the recent performance and adjustments in their systematic strategies, providing valuable insights for advisors and investors navigating today's volatile market environment.(0:00) Introduction and guest Adam Butler(2:15) Macroeconomic environment and market analysis(4:25) German fiscal stimulus and European policy changes(6:32) Volatility and major market moves(13:27) Multi-asset carry strategies and market impact(26:17) Risks and performance of carry strategies(34:13) Trend following managed futures discussion(36:46) Adjustments and reactions in trend following strategies(43:06) Trend vs. carry strategy comparison(46:38) Market headlines and investment principles(50:01) Client expectations and strategy management(51:55) Mean reversion and investment energy concepts(53:33) Advisor-client communication in volatile markets(55:10) Dealing with sensitive clients and diversification importance(57:26) Strategy non-correlation and regulatory insights(59:30) Closing remarks and listener engagement

In today’s ever-evolving investment landscape, finding compelling alternatives to traditional fixed income is critical for building resilient portfolios.Enter RSBA, a first-of-its-kind ETF that combines U.S. Treasuries with a merger arbitrage strategy to offer what we believe is a smarter approach to fixed-income diversification.Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage. Read the prospectus or summary prospectus carefully before investing.Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.Stacking does not guarantee outperformance and diversification does not guarantee a profit or prevent a loss.Merger-Arbitrage Risk. Merger-arbitrage investing involves the risk that the outcome of a proposed event, whether it be a merger, reorganization, or other event, will prove incorrect and that the Fund’s return on the investment will be negative, or that the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return.For additional disclosures and risks, visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/.Distributed by Foreside Fund Services, LLC.(0:00) Introduction and Overview of Return Stacking(4:02) The Problem Return Stacking Solves and Historical Performance Insights(8:14) Comparing Old vs. New World Investment Approaches(10:06) Exploring Stacking for Outperformance and Diversification(12:10) Deep Dive into RSBA ETF and Merger Arbitrage(15:54) Analyzing Merger Arbitrage Performance During Market Drawdowns(18:41) Merger Arbitrage vs. Credit Risk Premium and Bond Strategies(22:15) Understanding Merger Arbitrage and Its Legal Aspects(28:40) Alpha Beta Merger Arbitrage Index: Objectives and Mechanics(30:59) Insights on Portfolio Construction and Leverage Strategy(35:51) Deal Evaluation and Weight Adjustment in Merger Arbitrage(39:41) Q&A Session: Addressing Volatility and Tax Efficiency(42:46) Merger Arbitrage's Correlation with Other Investment Strategies(48:43) Comparing Different Styles of Merger Arbitrage Funds(51:04) Quantitative vs. Discretionary Approaches in Merger Arbitrage(54:13) Discussing Expected Drawdowns and Legal Constraints(56:41) Closing Remarks and Final Thoughts on Investment Strategies

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 podcast where we reveal how capital-efficient ETFs can be used to “port” the returns of any alternative investment on top of your asset allocation. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds. Read the prospectus or summary prospectus carefully before investing.Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.For additional disclosures and risks, visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds.Distributed by Foreside Fund Services, LLC.(0:00) Introduction of hosts and podcast(0:31) Overview of return stack suite of ETFs and market demand(2:29) Introduction to RSSB, portable alpha, and diversification strategies(9:08) Financing costs, leveraging with futures, and benefits of portable alpha(17:38) RSSB's construction, capital efficiency, and practical applications(23:14) Comprehensive look at stacking strategies and live demonstration(27:10) Rebalancing, portfolio drift, and systematic macro strategies(29:47) Performance evaluation and impact of adding 20% stacks(32:43) Diversified alternatives and live audience interactions(36:26) Market neutral/long-short equity stack examples(38:44) Visualization and behavioral benefits of return stacking(47:12) How to use Portfolio Visualizer for individual strategies(48:02) Final thoughts on market outperformance with stacking(50:00) Extended audience Q&A on ETF specifics and bond considerations(52:08) US vs global bonds in RSSP and stacking pros & cons(55:03) Line item risk and behavioral aspects in portfolio construction(57:27) Closing remarks and resources for further learning

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 podcast 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.(0:00) Introduction and systematic macro strategies overview(1:44) Intuitive understanding of trend, carry, and futures markets(7:35) Combining trend and carry strategies: Benefits and theories(16:21) Trend following and futures yield measurement(20:24) Trend and carry strategies comparative analysis(25:02) Non-correlation of carry and trend with traditional assets(27:19) Strategy performance: Conditional correlations and calendar year returns(30:45) Carry strategy performance in various market conditions(34:16) Trend managers and volatility, carry in bear markets(42:47) Introduction to return stacking and implementation challenges(47:09) Behavioral and statistical benefits of return stacking(53:43) Traditional vs. return stacked portfolios comparison(56:38) Leveraging, diversification, and final thoughts on return stacking(1:00:30) Practical implementation and key takeaways(1:01:07) Audience Q&A session(1:08:20) Central bank policies and bond allocation in stack strategies(1:12:57) Wrap-up, final questions, and recent strategy performance(1:14:39) Closing remarks, apologies, and sign-off

In this episode of ETF Spotlight, host Neena Mishra discusses Return Stacking with Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management. The conversation delves into the concept of Return Stacking, also known as Portable Alpha, which uses leverage to enhance returns and diversify portfolios....The RSSB performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the RSSB standardized performance the most recent month-end performance, visit the Fund’s website at Global Stocks & Bonds - Return Stacked ETF (returnstackedetfs.com).Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here (https://www.returnstackedetfs.com/). Read the prospectus or summary prospectus carefully before investing. Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. RSST Inception Date: 09/05/2023RSST Expense Ratio: 0.98%Definitions:Beta: for the purposes of this presentation "beta" is broadly defined as the returns achieved by the broad market index of a particular asset class.Alpha: refers to returns above that of a passive market benchmarkCorrelation measures the relationship between the price movements of two assets or securities, expressed as a value between -1 (means the two assets move in perfect opposition) and +1 (the two assets move in perfect unison).S&P 500 Index is an abbreviation for the Standard & Poor’s 500, a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.**Bloomberg US Aggregate Bond Index is an index that covers the broad U.S. investment grade, US dollar-denominated, fixed-rate taxable bond market.Société Générale Trend Index is designed to track the largest trend following commodity trading advisors (“CTAs”) in the managed futures space net of underlying fees. The index does not represent the entire universe of all CTAs. Actual rates of return may be significantly different and more volatile than those of the indexMorningstar Systematic Trend Index refers to a type of alternative investment strategy that focuses on following and capitalizing on price trends in financial markets. Investments in this category employ a systematic, rules-based approach, often relying on quantitative models to identify and act on trends across multiple asset classes, including equities, bonds, commodities, and currencies. These strategies, sometimes known as "managed futures" or "trend-following" strategies, typically aim to generate returns by riding persistent market movements, whether upward or downward, and are designed to profit in a variety of market conditions, making them potentially valuable for diversification within a portfolio.Toroso Investments, LLC (“Toroso”) serves as investment adviser to the Funds and the Funds’ Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary. Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Toroso, Newfound, or ReSolve.(0:00) Introduction by Nina Mishra and topic overview(0:55) Accessibility of return stacking for retail investors(2:30) Benefits and practical example of return stacking(6:29) Risks, historical financial crises, and volatility management(10:35) Deep dive into flagship fund RSST and its strategy(23:31) Overview and integration of other ETFs in traditional portfolios(30:16) Additional resources and key ETF tickers(31:29) Call to action, disclaimer, and legal information

In this episode, we delve into the world of portable alpha and risk management with Jon Glidden, a seasoned investor with over a decade of experience. Jon shares his journey from his early days in Newport News, Virginia, to his current role in managing billions of dollars. We explore the intricacies of portable alpha, the role of hedge funds, and the importance of governance buy-in.(0:00) Introduction of Jonathan Glidden and his background in portable alpha strategies(1:35) Podcast introduction, disclaimer, and hosts(2:43) Sponsor: returnstack.com(3:11) Jonathan's professional journey in portable alpha for Delta's pension plan(14:27) Evaluating alpha sources and hedge funds suitability(22:50) Challenges and reframing of hedge fund investments with a focus on high residual information ratio(26:01) Leverage limits and risk management in portable alpha(29:53) Alpha validation and lessons from 2008(39:02) Gaining stakeholder buy-in and impact of overfunding on strategy(46:30) Adjusting derivatives and hedging in portable alpha management(49:11) Day-to-day complexities and liquidity management in pension portfolios(54:11) The effect of market conditions on pension fund performance and scalable strategies(58:50) Advice and importance of liquidity management during market shocks(1:06:11) Key lessons and concluding thoughts

Portable alpha (or as we like to call it: Return Stacking) has become increasingly popular in the financial media (including recent notes from industry giants like BlackRock, Russell Investments, and AQR) but many advisors are left asking: What does portable alpha mean? How might it benefit clients? How can I implement it?At Return Stacked Portfolio Solutions we have made it our mission to thoughtfully and transparently help allocate into a portable alpha framework for client portfolios.Join us for this deep dive podcast with Corey Hoffstein, CIO of Newfound Research, and Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global.Key PointsPortable alpha strategies allow investors to pursue excess returns by separating beta from alpha and layering diversified alternative investments on top of core asset exposures.Return stacking can mitigate behavioral biases and improve portfolio diversification by adding rather than replacing traditional stock and bond allocations with alternative strategies.Effective implementation of portable alpha and return stacking involves using pre-stacked fund solutions or capital-efficient strategies, ensuring liquidity, and maintaining a prudent safety buffer to manage risks.(0:00) Introduction of the portable alpha concept and podcast overview(1:11) Host and guest introductions with regulatory disclaimer(2:00) Historical context and key topics of portable alpha strategies(5:20) Poll questions on portable alpha usage(6:57) Detailed explanation of portable alpha by Corey Hoffstein(10:49) Challenges in finding alpha across market segments(12:16) PIMCO's historical bond strategy and application to equities(19:32) Using S&P 500 futures for exposure and risk management(23:39) Summary of portable alpha's potential and comparison to traditional approaches(27:16) Introduction to funding problems and managed futures trend following(31:19) Performance of diversified portfolios and behavioral timing issues(35:06) Benefits of stacking alternatives on core portfolios and pre-stacked solutions(40:09) Practical implementation of return stacking and key takeaways(41:23) Q&A on implementing portable alpha and return stacking(45:11) Lessons from 2008 and modern portable alpha approaches(49:19) Addressing leverage and risk in fund structures(52:06) Modern portfolio theory fundamentals and managing risks in alpha strategies(55:23) Optimal stack size and active risk budgeting(58:07) Return stacking viability in various interest rate environments(1:00:18) Final thoughts and additional resources(1:00:47) Contact information and content follow-up(1:02:01) Call to action for ratings and reviews

Join Corey Hoffstein, Rodrigo Gordillo, and Mike Philbrick for a special live episode of the Get Stacked podcast, aired on August 6, 2024. This episode dives deep into recent significant market events, discussing the Nikkei's historic 12.5% drop, the yen's trend reversals, and market volatility.Trend following strategies generally act as second responders in a crisis, providing more prolonged multi-week, multi-month type of protection compared to first responders like long volatility or put options.The return stacked portfolio aims to maximize returns while minimizing risk by combining diversifying strategies like trend following and carry, though these strategies will sometimes correlate and other times offset each other, depending on market conditions.When considering adding return stacking strategies to a portfolio, it's important to balance the potential for higher returns with the increased tracking error and risk tolerance, typically suggesting allocations in the 20-30% range to avoid looking too idiosyncratic compared to traditional benchmarks.(0:00) Introduction to crisis alpha and trend following(1:22) Podcast introduction, disclaimers, and live Q&A invitation(4:28) Market events, macro thesis, and volatility in return stacking(13:46) Defense leveraging and correlation nuances in portfolio management(24:01) Comprehensive discussion on trend following strategies(28:32) Historical perspective and recent market trends(33:17) Equity roles and crisis alpha in diversified trend mandates(42:30) Exploring futures yield and managed futures carry strategies(46:49) In-depth analysis of carry factor across asset classes(51:13) Portfolio positioning with diversification and correlation strategies(57:30) Case studies of trend and carry under various market conditions(1:00:08) Strategies for optimal return stacking allocation(1:03:49) Risk tolerance assessment for return stacking(1:05:35) Review of historical trend index returns and correlations(1:06:24) Housekeeping and closing remarks

In this episode, the Get Stacked team, consisting of Rodrigo Gordillo, Corey Hoffstein, Adam Butler and Mike Philbrick delve into the intricacies of Return Stacking, market trends, and the impact of taxes on investment strategies. They provide detailed insights into their research and findings, discussing the implications of their work for the investment landscape.Key Points Higher interest rates do not necessarily reduce the efficacy of return stacking, as the strategy focuses on excess returns over the risk-free rate.Tax considerations are significant when dealing with managed futures and commodities within return stacking strategies, but proper asset location can help mitigate tax burdens.Combining top-down and bottom-up replication methods in trend-following strategies significantly reduces tracking error, providing a more reliable replication of the SocGen CTA Trend Index.(0:00) Introduction to the topic of risk-free rates and episode overview(2:36) Return stacking in a higher interest rate environment and tax considerations(4:15) Trend replication research and fundamentals of excess returns(10:18) Leveraging futures contracts for portfolio construction(17:31) Importance of non-correlated return streams in investing(21:38) Deep dive into tax implications of return stacking(25:18) Tax efficiency comparison: Stacked strategies vs. traditional funds(32:23) Enhancing trend replication strategies and decision-making(37:36) Top-down vs. bottom-up approaches in trend replication(42:01) Correlation, tracking error, and trend definition analysis(50:54) Realized tracking error and volatility weighting in models(56:26) Optimizing gross returns and turnover in trend models(1:02:12) Trend lookback periods and their impacts pre- and post-2008(1:07:28) Market-specific contributions to trend-following performance(1:13:34) WTI crude, commodities, and correlation dynamics in trend models(1:18:00) Sponsor: XY Capital(1:18:37) Using extensive data for model training and market replication(1:22:05) Universe selection's impact on tracking error and ensemble methods(1:30:31) Validating design principles and preview of the next episode(1:32:27) Additional resources for listeners and closing remarks

Corey Hoffstein, Adam Butler, and Michael Philbrick join Rodrigo Gordillo to discuss trend replication, private equity's role in modern portfolios, and the impact of large AUM on trend following. They explore balancing alpha generation with risk management, optimal allocation, and leveraging through treasury futures.Key PointsPrivate equity returns are often equivalent to 150% levered equity returns, providing implicit leverage without additional risk for institutional investors.Trend replication strategies can effectively capture significant market trends even with a limited number of futures contracts, as seen with the performance of trend-following CTAs during the recent cocoa market rally.Futures contracts provide the total return of the underlying asset minus the embedded financing cost, making them an efficient tool for implementing leverage in investment strategies.(0:00) Introduction to private equity returns(1:03) Welcome and podcast introduction(2:23) Introduction of hosts and guests(3:32) Discussion on trend replication and recent market trends(8:35) Impact of large AUM on trend following performance(21:09) Balancing alpha generation and risk management in trend following(25:55) The significance of independent bets in managed futures portfolios(32:28) Discussion on optimal allocation to trend following strategies(38:16) Trend following as a critical portfolio component(53:25) Discussing leverage in the cheapest way possible through treasury futures(54:54) Call to action: rating, review, and sharing the podcast

In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns.Topics DiscussedThe difficulties of beating the large cap U.S. equities market and the need for diversificationThe shift in conversations about return stacking from risk management to creating excess returnsThe potential of diversification in generating consistent positive excess returnsThe idea of dictum in the markets and the difference between behavioral time and statistical timeThe concept of risk parity and the importance of maintaining balance in portfolio riskThe role of trend following in risk management and return stackingThe potential of stacking strategies in enhancing portfolio returnsThe structural challenges in implementing return stacked strategies in portfoliosThe importance of diversification in ensuring investment successThis episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management.Key PointsInvestors seeking to outperform benchmarks can consider stacking strategies that utilize macro inefficiencies rather than competing with other stock pickers in highly efficient markets like large-cap US equities.Return stacking can be used to create more resilient, all-weather portfolios by diversifying across various asset classes and strategies, including alternatives like managed futures and carry, to address different economic regimes and reduce dependency on stock and bond performance.The concept of glide path reimagined through return stacking reveals that diversification and moderate use of leverage can significantly increase the likelihood of not running out of money in retirement, depending on one's financial situation and years from expected death.