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Tag: book author

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 19: When Investors Become Gamblers — And Why It’s Happening Now

Published August 17, 2021

With William L. Silber, Author of ‘The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business’

William L. Silber, author of the book ‘The Power of Nothing to Lose: The Hail Mary Effect in Politics, War, and Business,’ joins the podcast to discuss his thesis that individuals, including investors, can become reckless gamblers if they have nothing to lose.

Silber has a career dating back to 1966 in academia and Wall Street. His comments are pertinent in the present day of cryptocurrencies, the ‘retailization’ of options trading, NFTs, and meme stocks, among others. So is his recommendation (not investment advice) to reduce risk exposure.

Content Highlights

  • When people have downside protection and limitless losses, “they tend to become reckless and almost gamblers” (3:48)

  • Rogue traders and the skewed payoff that makes them go rogue (14:41);

  • What to make of the present day and investors’ collective risk appetite, especially regarding meme stocks? (17:32);

  • Background on the guest (24:55);

  • A valuable lesson learned at Odyssey Partners in the 1980s: what’s an exit strategy? (27:47);

  • Is this a time for investors to reduce risks and sell stocks? (30:26);

  • Precious metals and their place in a modern portfolio (36:52);
MoreSeason 3, Episode 19: When Investors Become Gamblers — And Why It’s Happening Now
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Season 3, Episode 15: Colin Lancaster is Fed Up!

Published June 23, 2021

The macro trader discusses his book and what to make of central bank policies.

Colin Lancaster, global head of macro/fixed income at Schonfeld Strategic Partner Fund, joins the podcast to discuss his book Fed Up! Success, Excess and Crisis Through the Eyes of a Hedge Fund Macro Trader.

The book spans the period from October 2019 to June 2020 and includes the height of the coronavirus crisis. This features heavily into the conversation. We also discuss the Federal Reserve and his view of current markets.

Content Highlights:
(Spotify users can click on the timestamp to link to the segment directly)
  • What went into him writing the book? What was the impetus? (3:50);
  • Macro investing and the need to be a diversifier and disaster hedge (7:38);
  • What is he most concerned about right now in markets? (12:07);
  • What does an investor do in this market, especially with the Fed continuing to hold rates near zero? (14:30);
  • The Fed’s experiment is “dangerous” and the central bank has “very little credibility” when it comes to inflation (18:55);
  • Background on the guest (23:49);
  • The Fed’s role in creating and fostering wealth inequality is significant, despite its good intentions (27:48);
  • How to go about fixing this? Does the Fed perhaps have too much autonomy? (31:30);
  • The book is technically a novel and has quite a few characters. Are these fictional or based on real people? (36:28);
  • Alternative data; some ideas of what to look for (40:35).
MoreSeason 3, Episode 15: Colin Lancaster is Fed Up!
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