About this episode
Good listeners welcome to 2025 and at the risk of offending Larry David and violating his strict 3 day statute of limitations, I gotta wish you a Happy New Year.
The subject at hand is diversification. What composition of assets yields a favorable return with bearable drawdowns? After two straight years of 25+ percent returns on the SPX with just 13 vol, portfolio construction might be considered an open and shut case. But in this short podcast, I propose 3 assets to overlay on top of your base risk exposure: put spreads, gold and bitcoin. Together, this combination can play a role in managing drawdowns and also provide convex returns against a rising tide of doubt that the US fiscal problem can be addressed.
I hope you enjoy the discussion and find it useful. I wish you the best this year.
Get every episode summarized
Each time Alpha Exchange publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
Hosts & guests
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from Alpha Exchange
Kimberly Gallant, Global Head of QIS Structuring, CIBC
Alpha Exchange
The Case for Tail Hedging
Alpha Exchange
Ulrike Hoffmann-Burchardi, Chief Investment Officer Americas and Head of Global...
Alpha Exchange
Tobias Adrian, Director of the Monetary and Capital Markets Department, IMF
Alpha Exchange