Bob Elliott on The Biggest Macro Experiment of Our Lifetime | #595
Today’s guest is Bob Elliott, CEO and CIO of Unlimited, which uses machine learning to create low-cost index replications of 2&20 style alternative investments. Prior to founding Unlimited, Bob served on the Investment Committee at Bridgewater Associates and led Ray Dalio’s investment research team for nearly a decade. In today’s episode, Bob discusses the macroeconomic landscape — from the Federal Reserve to the impact of tariffs and the dollar’s long-term overvaluation. He highlights the disconnect between weakening economic data and elevated stock valuations, noting that prices can’t diverge from the real economy for long. He also emphasizes the role of asset allocation and diversification, with a focus on TIPS, bonds, and hedge fund replication strategies.
Key Points
- Government policies on immigration and tariffs are significantly impacting economic growth and could lead to a weaker economy in the near term.
- Despite investor skepticism, bonds, especially TIPS with mid-2% real yields, offer compelling diversification and return potential in the current market environment.
- The new hedge fund replication strategies, including global macro, equity long-short, and managed futures, aim to provide high returns with low fees, offering a more accessible and efficient alternative to traditional two-and-twenty hedge fund models.
Chapters
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| 1:09 | |
| 4:13 | |
| 8:53 | |
| 13:09 | |
| 18:55 | |
| 22:11 | |
| 36:07 | |
| 44:51 | |
| 52:15 | |
| 59:28 |
Transcript
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