You have to be willing and able to re-evaluate.

For a very long time, our portfolio has been relatively stable, but we've also been in a relatively tight band of regime, largely driven by interest rates.

I would say that interest rates are probably the primary factor that would change all of the potential to make change.

And that's something that's been said internally in our organization for many years is if we were to go back tomorrow to an interest rate period where, you know, interest rates are 8%.

That's going to have really different, longer term,

10-year implications for asset classes.

So I think the way that we try and build it is there's no portfolio that can be built

on a permanent basis.

That said, unless there's strong reason to believe that the regime has actually shifted you really

need to kind of stick to it imagine spending an hour with the world's greatest traders imagine learning

from their experiences their successes and their failures imagine no moreaders Unplugged, the place where you can learn

from the best hedge fund managers in the world so you can take your manager, due diligence,

or investment career to the next level. Before we begin today's conversation, remember to keep

two things in mind. All the discussion we'll have about investment performance

is about the past, and past performance does not guarantee or even infer anything about future

performance. Also understand that there's a significant risk of financial loss with all investment

strategies, and you need to request and understand the specific risks from the investment

manager about their product before you make

investment decisions. Here's your host, veteran hedge fund manager, Niels Kostrup Larson.

For me, the best part of my podcasting journey has been the opportunity to speak to a huge range of extraordinary

investors from all around the world. In this series, I have invited one of them, namely Alan

Don, to host a series of in-depth conversations on the topic of what it takes to be a world-class

...