This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarrezna.

Macro Voices episode 215 was recorded on April 16, 2020. I'm Eric Townsend. This episode

of Macro Voices is dedicated to healthcare workers all over the world, the true heroes

of the COVID-19 pandemic crisis and is brought to you by top traders onplugged.com, a podcast

dedicated to quant and rules based investing, helping investors overcome behavioral biases.

Back on February 13th, well before the COVID-19 crisis hit the tape in financial markets,

we featured Artemis Capital founder Chris Cole in a feature interview about his research

to design the perfect investment portfolio for a 100 year time horizon, which Chris calls

the Dragon Portfolio. One of the key features of the Dragon Portfolio was its ability to

perform under adverse market circumstances thanks to its long volatility and commodity

trend components. That sounds great in an interview, but how did the Dragon Portfolio

actually perform when COVID-19 hit the tape and the stock market crashed? Today's episode

will explore that question in full detail. We'll start by bringing back Chris Cole, returning

as our feature interview guest. We'll review what the Dragon Portfolio was designed to do,

how it worked out when the market collapsed in March, and what lessons were learned from

the experience. Chris Cole's expertise is managing a long volatility hedge fund, and he

emphasized to us that he's not an expert on commodity trend following despite that strategy's

prominent role in the Dragon Portfolio, which he designed. So we'll be bringing in

...