ALO13: Building Resilient Portfolios with Alternatives ft. Dylan Grice
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 4 January 2023
⏱️ 68 minutes
🧾️ Download transcript
Summary
Today, we are joined by Dylan Grice, Co-Founder at Calderwood Capital, for a conversation on how he thinks about portfolio construction through focusing on alternative and niche investments. We discuss how Dylan and his team work and why they shy away from trying to predict the future, how they analyse the current economic situation and why he thinks what happens to inflation and interest rates the next few years is insignificant. We also discuss how they manage the risk of the strategies they are working with and how they build a solid return profile, approach manager selection, how you can avoid being seduced by managers through narratives and much more.
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Episode TimeStamps:
00:00 - Intro
03:17 - Introduction to Dylan Grice
08:37 - How does Calderwood Capital work?
20:47 - Macro, micro or mixing both?
25:54 - Signs of stress in the markets?
32:37 - Grice’s perspective on inflation and interest rates
36:19 - How do they construct their portfolios?
43:32 - The art of managing risk
48:45 - Building an all weather return profile
54:28 - Assessing the managers
01:01:26 - When things go wrong
01:03:16 - Advice for people working in similar fields
01:05:52 - Key takeaways from...
Transcript
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| 0:00.0 | It's not, what we're doing is not look at science. |
| 0:09.0 | It's actually quite basic arithmetic, right? |
| 0:12.0 | It's doing some solid due diligence in terms of understanding that the risks we're taking, |
| 0:18.0 | working hard to understand the extent to which the risks relate to one another, |
| 0:23.6 | and therefore the risk premiums are genuinely orthogonal and independent. |
| 0:28.6 | Once you get there, then you let the kind of, you know, the risk premium harvesting do its work. |
| 0:34.6 | Imagine spending an hour with the world's greatest traders. |
| 0:40.2 | Imagine learning from their experiences, their successes, and their failures. |
| 0:44.6 | Imagine no more. |
| 0:46.5 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund |
| 0:51.3 | managers in the world so you can take your manager, due diligence, |
| 0:54.9 | or investment career to the next level. Before we begin today's conversation, remember to keep |
| 1:00.0 | two things in mind. All the discussion we'll have about investment performance is about the past, |
| 1:04.8 | and past performance does not guarantee or even infer anything about future performance. Also understand |
| 1:10.7 | that there's a significant risk of financial loss with all investment strategies, |
| 1:14.6 | and you need to request and understand the specific risks from the investment manager about their product |
| 1:19.6 | before you make investment decisions. |
| 1:21.6 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:26.6 | For me, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:36.5 | 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. |
| 1:39.3 | In this series, I have invited one of them, namely Alan Dunn, to host a series of in-depth |
| 1:43.8 | conversations on the topic of what it takes to host a series of in-depth conversations |
... |
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