The Meb Faber Show

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Rodrigo Gordillo & Corey Hoffstein - Instagram Frauds, Inflation Volatility, Tech Crisis, & Return Stacking | #484

E484 • Jun 7, 2023 • 72 mins

Today’s returning guests are Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, and Corey Hoffstein, co-founder and Chief Investment Officer of Newfound Research, and with this episode, ties for the most appearances ever on the show! In today’s episode, we start off by discussing some takeaways from prior periods of inflation volatility and lessons on managed futures from the Tech Crisis. Then we dive into return stacking. We first spoke to them about this back in 2021, but we get an update on the topic, lessons learned over the past few years, and the launch of their first return stacking ETF!

Key Points

Managed futures strategies can provide non-correlated returns and potential positive performance during equity bear markets and inflationary periods, making them a valuable component of a diversified investment portfolio.
The concept of return stacking allows investors to maintain their desired asset allocation while adding an overlay of managed futures to enhance diversification and potentially improve risk-adjusted returns without increasing the baseline risk profile.
Recent regulatory clarity, such as the 18f-4 derivative rule, has opened the door for more innovative financial products and strategies, including those offering leveraged exposure within risk parameters, which can lead to a broader range of investment options for retail investors and advisors.

Follow Rodrigo: Website; X; LinkedIn

Follow Corey: Website; X; LinkedIn

Resources: “Masters in Business” with Cliff Asness Twitter reference: Most investors don’t establish how they will deal with funds and wing it Global Asset Allocation: A Survey of the World’s Top Asset Allocation Strategies returnstackedetfs.com Defying the Bear’s Grasp: The Emotional Journey of Achieving Managed Futures Prosperity

Speakers

Meb Faber

Host • 28%

Rodrigo Gordillo

Guest • 39%

Corey Hoffstein

Guest • 32%

Chapters

0:00	Introduction to the Meb Faber Show and Guests
1:13	Sponsor: Y Charts
2:17	Conversation with Rodrigo Gordillo and Corey Hoffstein on Inflation Volatility and Portfolio Management
12:29	Introduction to Social Gamma and Digital Banking's Impact on Inflation
20:12	Challenges of Investor Behavior in Public Funds and the Importance of Diversifying Alternatives
25:05	Deep Dive into Return Stacking and Leveraging ETFs
30:07	Discussion on Potential Investments and the Effectiveness of Managed Futures
40:16	Explanation of the Bond and Trend Sides of ETFs: Approaches and Replication
47:39	Impact of Inflation Volatility on Trend Following and Emotional Challenges in Investing
1:00:03	Understanding Trend Following, Asset Allocation, and the Importance of Diversification
1:07:00	Evolution of ETFs, Influence of Regulatory Environment, and the 18f4 Derivative Rule
1:11:49	Closing Remarks and Show Notes

Transcript

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