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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 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 18: Bubbles Lurk in Sovereign Debt, Financial Engineering

Published August 3, 2021

With Michael Ehrlich, Director of Leir Research Institute at New Jersey Institute of Technology

Michael Ehrlich, director of the Leir Center for Financial Bubble Research at the New Jersey Institute of Technology, joins the podcast to discuss his views.

Dr. Ehrlich has identified two areas of concern: sovereign debt and financial engineering.

This is not his only area of interest however, as Dr. Ehrlich is passionate about early-stage venture/angel investing, which guides the discussion in the second half of the episode.

MoreSeason 3, Episode 18: Bubbles Lurk in Sovereign Debt, Financial Engineering
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