GM51: Allocating Assets when Goldilocks Inverse ft. Christian Mueller-Glissmann
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 4 October 2023
⏱️ 65 minutes
🧾️ Download transcript
Summary
Goldman Sachs Head of Asset Allocation Research, Christian Mueller-Glissmann shares his current investment framework with Cem Karsan and I today. It's an important conversation as it touches on so many of the most important questions that investors, individual as well as institutional, are faced with right now. How we as investors should allocate our capital taking into account the ever changing Global Macro regimes was fascinating to explore, with one of the sharpest thinkers on this topic. Like Cem and I, you will be impressed with the depth of research and knowledge that Christian shared in our conversation.
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Episode TimeStamps:
02:33 - Introduction to Christian Mueller-Glissmann
04:05 - The global macro perspective
08:13 - The changing relationship between stocks and bonds
12:25 - Structural and cyclical issues
21:35 - Is this inflation different?
28:15 - The lag of structural effects
32:04 - The age of abundance
36:45 - Time to shift back to active management
43:10 - The introduction of derivatives and how it affects the economy
52:21 - A move away from bonds and how it will affect us
01:00:06 - Does the interest cycle exist?
01:00:52 - The Dynamic Balanced...
Transcript
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| 0:00.0 | You want to create a portfolio that deals with the risks, but also gives you upset options to the opportunities. |
| 0:14.0 | And the biggest threats to your portfolio will always be inflation and stagnation. |
| 0:20.0 | So you need to find ways in your portfolio to address those, and preferably, as I mentioned |
| 0:25.2 | earlier, via SAA, because it's a structural cycle risk, and it can take a long time to actually |
| 0:31.2 | manifest itself in asset prices. |
| 0:33.6 | So that's the way I think about it. |
| 0:35.3 | I just want to have these kind of ways to tilt the portfolio without being too aggressive |
| 0:40.9 | on taking a view on these things. |
| 0:44.6 | Imagine spending an hour with the world's greatest traders. |
| 0:48.5 | Imagine learning from their experiences, their successes, their successes, and their failures. |
| 0:52.9 | Imagine no more. Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world, |
| 1:01.0 | so you can take your manager due diligence or investment career to the next level. |
| 1:05.0 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:09.0 | All the discussion we'll have about investment |
| 1:11.4 | performance is about the past, and past performance does not guarantee or even infer anything |
| 1:16.7 | about future performance. Also understand that there's a significant risk of financial loss |
| 1:21.2 | with all investment strategies, and you need to request and understand the specific risks |
| 1:26.0 | from the investment manager about their product |
| 1:28.0 | before you make investment decisions. Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
| 1:40.6 | Welcome or welcome back to another edition in our global macro series where today, as usual, |
| 1:45.3 | I'm joined by my co-host, Jim Cassan, as well as our very special guest, Christian Mueller-Gleasman, |
| 1:51.2 | who is the head of asset allocation research at Goldman Sachs to try and make sense of how investors |
... |
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