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Season 3, Episode 22: The Transformation of the Hedge Fund Industry (Updated)

Published September 28, 2021

With Dominique Mielle

(Updates with transcript below. To get the transcript earlier, sign up to become a premium subscriber and take advantage of this and other benefits).

Dominque Mielle joins the podcast to discuss the transformation of the hedge fund industry, as encapsulated in her book ‘Damsel in Distressed: My Life in the Golden Age of Hedge Funds.’

Mielle’s career in hedge funds spans three decades, a period of dramatic growth that has culminated with many investors today questioning whether it still makes sense to allocate to the asset class — to the extent that it can even be called an asset class.

The guest says hedge funds still have value in certain circumstances, but there are many forces working against them.

She also has some views on markets and even cryptos that are discussed in the back end of the episode.

Content Highlights

  • Her reasons for writing the book: very few women in hedge funds and the critical growth periods she observed in the industry (2:05);
  • So does the hedge fund industry have a future? (5:15);
  • What exactly has changed in the last 20+ years to make hedge funds less compelling? (8:02);
  • There is certainly less mystique around hedge funds, and the media now reports returns and other things regularly — something the host himself has been guilty of. How has that affected things? (13:54);
  • Okay, so what is the value proposition for hedge funds? (18:58);
  • Background on the guest (25:36);
  • What if a woman wrote a ‘Liar’s Poker’ of the hedge fund world? And why aren’t there more women in finance? (31:30);
  • The guest’s view of markets at present. Tapering is critical (40:23);
  • Her views on cryptocurrencies (44:47).

More Information on the Guest:

Quick Highlights From Our YouTube Channel

Not intended as investment advice.

MoreSeason 3, Episode 22: The Transformation of the Hedge Fund Industry (Updated)
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Season 3, Episode 21: Dangers Lurk in Market Structure’s Changing Dynamics (Updated)

Published September 14, 2021

With Michael Green, Portfolio Manager and Chief Strategist, Simplify Asset Management

(Updates with transcript below. To get the transcript earlier, sign up to become a premium subscriber and take advantage of this and other benefits).

Michael Green, portfolio manager and chief strategist at Simplify Asset Management, joins the podcast to discuss the changing dynamics of market structure and how these are creating the potential for havoc.

Content Highlights:

  • Market structure: what it means and how it has changed (3:30);

  • How passive investing pools are changing the equation (6:26);

  • How Tesla (TSLA) is the perfect case study for this phenomenon (8:39);

  • The Fed’s impact when it comes to the bond market. This has ripple effect (13:02)

  • The interest rate and inflation outlook in the U.S. (15:34);

  • Background on the guest (20:55);

  • Passive investing has caused a host of confusing signals where the market cycle is concerned (24:37);

  • Business cycles are still alive and well, and this can of course impact the market. Where that stands today (30:05);

  • Market ‘skew’ is dramatically higher and chances of a collapse are increasing. “The market senses something is wrong.” (34:31).
MoreSeason 3, Episode 21: Dangers Lurk in Market Structure’s Changing Dynamics (Updated)
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Season 3, Episode 20: The ‘New Normal’ of Blue-Collar Labor Shortages

Published August 30, 2021

With Gad Levanon, head of Labor Market Institute at The Conference Board

Gad Levanon, head of Labor Market Institute at The Conference Board, joins the podcast to discuss his views of employment trends.

Levanon’s analysis differs from the consensus view of labor markets. In his view, unusual demographic and educational trends are causing a ‘new normal’ of shortages among blue-collar workers. These jobs can be expected to see fast wage growth, bringing a host of restraints on the next stage of economic expansion.

Content Highlights:

  • The ‘new normal’ of labor shortages (3:35);

  • The economic impact of rising wages for blue-collar workers: corporate profits and higher consumer prices (7:29);

  • Automation has the potential to help the trend somewhat, but there are reasons to be skeptical (10:37);

  • How close is the U.S. to reaching full employment? (14:29);
  • What all of this says for the next stage of the economic cycle (16:57);
  • Background on the guest (20:22);

  • The ‘work-from-home’ trend and how that is impacting things (22:47);

  • Other trends in employment and labor markets (27:27);
  • The guest’s primary concerns about the economy and society at present (31:22).
MoreSeason 3, Episode 20: The ‘New Normal’ of Blue-Collar Labor Shortages
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