ALO23: Behind the Scenes of a High Net Worth Investor ft. Tad Fallows
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 8 May 2024
⏱️ 68 minutes
🧾️ Download transcript
Summary
In this episode, Tad Fallows, Founder of Long Angle, a community for high-net-worth and ultra-high-net-worth investors, joins Alan Dunne for a fascinating chat on how they approach asset allocation and find niche investment opportunities. Tad speaks about the typical risk appetite of his co-investors, highlighting how age and generation of wealth shape the risk profile of members. He talks about investments in private equity, alternative assets, and their investment strategies in the shifting macro landscape. Tad highlights why hedge funds may seem less appealing to them but why he has a lot of interest in trend following. He also speaks to some of the more esoteric investments his group makes such as whiskey aging, and talks about their crypto exposure. Finally, he highlights the importance of intuition and high conviction when making investment deals.
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Episode TimeStamps:
02:34 - Introduction to Tad Fallows
12:38 - The risk appetite of Long Angle investors
15:45 - What defines the Long Angle community?
19:52 - Why not the traditional route?
23:14 - How are they allocated?
27:20 - How they incorporate private equity in their portfolio
35:02 - How much of their returns are resilient to changes in global macro?
40:18 - Micro or macro?
45:08 - Taking advantage of inefficiencies in...
Transcript
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| 0:00.0 | Risk and volatility are not synonyms for each other. |
| 0:11.0 | I'm a big fan of Warren Buffett. |
| 0:13.2 | I think a lot of things talk about is that it's permanent capital impairment is loss. |
| 0:18.2 | But if I buy at 10, it goes down to 5 and goes up to 20. |
| 0:21.2 | I never actually lost money along the way. |
| 0:22.7 | It was only if I sold at 5 that I lost money. |
| 0:25.6 | You know, now that people don't care about volatility, but seeing it is not quite the same |
| 0:28.7 | thing as risk, it's not like gambling where you just, you know, can go up or down. |
| 0:34.8 | Imagine spending an hour with the world's greatest traders. Imagine learning from their |
| 0:39.7 | experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged, |
| 0:47.3 | the place where you can learn from the best hedge fund managers in the world so you can take |
| 0:51.7 | your manager due diligence or investment career to the next level. |
| 0:55.7 | Before we begin today's conversation, remember to keep two things in mind. |
| 0:59.7 | All the discussion we'll have about investment performance is about the past, |
| 1:03.4 | and past performance does not guarantee or even infer anything about future performance. |
| 1:08.4 | Also understand that there's a significant risk of financial loss |
| 1:11.3 | with all investment strategies, and you need to request and understand the specific risks from |
| 1:16.3 | the investment manager about their product before you make investment decisions. Here's your |
| 1:21.0 | host, veteran hedge fund manager, Nealz Kostrup Larsonarsen 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 |
| 1:41.4 | alan done to host a series of in-depth conversations |
| 1:44.1 | on the topic of what it takes to be a world-class allocator. |
| 1:48.7 | In today's world, portfolio construction is fast moving to the top of the agenda of many |
... |
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