Hedging and hedge funds

Grant’s Current Yield Podcast

Grant's Financial Publishing, INc.

Investing, Business, Stockmarkets, Financeexpertjimgrantoninvestment, Realestatefederalreserve, News, Business News

4.6 • 693 Ratings

🗓️ 8 April 2019

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Barclay Leib (@btl0823) founder and principal of Sand Spring Advisors, LLC, comes by the office to discuss asset allocation, forensic accounting and Wall Street history.

1:44 Rules for selecting fund managers

5:40 Where does “edge” come from?

8:18 Fun and games in fund returns

12:17 The famous Hunt brothers trade

18:30 Unfavorable prices? Regulate them away

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Transcript

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0:00.0	Hey, welcome to Current Yield. My name is Jim Grant, Grant's interest rate observer, and with me today is the cast of characters. Eric Whitehead is sitting to my left. He's at the control panel. Evan Lorenz, the great editor of Grant's interest rate observer, is sitting directly across. There's Phil Grant right there, the editor of almost daily grants. Phil gets an occasional day off, like Saturday and Sunday and Thursday,
0:25.2	sometimes, Tuesdays. And joining us today is Barkley Live, who is, among other things, the author of
0:31.5	the second most famous Princeton University senior thesis, right behind Jack Bull, right? I think so.
0:36.8	And Barclay's going to tell us
0:38.4	about hedge funds about his career. He claims to have a like a 65 year career on Wall Street. He's
0:43.9	about 26 years old, so we'll see about that arithmetic. But start off with Barclay, you've got to say
0:48.2	something to prove people you're here. Yeah, I am here, Jim, and it's a pleasure to be with you. I'm a great fan of your podcast. Well, thank you, Barclay.
0:54.4	You can stay for the entire three hours. So we have a lengthy podcast today because we have a lot to
0:58.4	cover. Now, Evan, you set around a story today that plays directly into Barclay Live's line of work.
1:05.4	Barclay is among other things and is, shall we call it, lengthy. we'll get around the years in a moment, but it's lengthy and very complex and interesting career. Barclay is, I think currently, is a forensic
1:16.0	student of hedge funds. I work on behalf of family offices trying to keep them from making
1:21.2	stupid mistakes and... Or stealing, right?
1:23.1	Appropriate allocations and not hit any frauds.
1:26.8	Stealing? Not get stolen from. No, in other words, not blow up. And, not hit, not hit any frauds. Stealing? Stealing.
1:27.7	Not getting stolen from.
1:28.7	No, in other words, not blow up.
1:30.7	And, you know, if this wonderful bull market ever happens to come to an end.
1:35.2	So you look after the customer's yachts.
1:36.8	You know, I'll give you my background.
1:38.3	Listen.
1:38.7	No, no, we have to watch.
1:39.6	Wait, we're just as customary, Barclay, we have to start with Evan's news. So, Evan, what is in the news today about hedge funds?
	...

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