Putting Passive Flows to Work in a Portfolio: The Interview

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 5 December 2020

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real Vision viewers should be well acquainted with Mike Green's research into how big passive funds are responsible for many of the “distasteful” dynamics that have perplexed and enraged market participants over the last few years, but they may still be wondering how they can actually use this in constructing a portfolio. In this interview, Green sits down with up and coming hedge fund manager Dan McMurtrie of Tyro Partners to discuss how Dan has managed to successfully implement this research into his portfolio construction and security selection process. They also discuss the power of doing favors, McMurtrie’s unconventional path to building his fund, and how he has used twitter and good old-fashioned happy hours to develop an incredible network of mentors and colleagues. Dan McMurtrie can be found on a twitter @supermugatu and Mike Green can be found @profplum99. Key Learnings: Investors need to think about who the next marginal buyer is going to be to drive a stock higher, and although this doesn't mean that fundamentals and technicals should be ignored, increasingly flows need to be considered when thinking about security selection. This can result in "distasteful" decisions that go against long held beliefs about value and what should drive the price of a security. Recorded on Oct 26 , 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Oh, Mike Green. I'm here on video with Dan McMurtry of Tyro Capital. Dan I'm really
0:21.7	excited to have you on here in your non-Super-Magatu persona.
0:26.8	Those who know you obviously know you through Twitter.
0:29.8	You're one of the bright young minds on Finn-Twit that has appeared on the scene in a way that I certainly
0:36.6	couldn't have imagined 25 or 30 years ago when I got started in this business.
0:41.8	Maybe you can give us just some very brief background in terms of who you are beyond a fantastic
0:46.4	Twitter avatar.
0:49.4	Sure, so I manage the Tyra Absolute Return Fund.
0:52.2	We're a long short fundamental manager.
0:54.8	We try to do things a little differently.
0:56.7	We'll get into that in a little bit.
0:58.7	As at Notre Dame, my now business partner and I, Alex Drem,
1:02.0	managed the Investment Club and we both came from families
1:06.8	that were entrepreneurial and his family started an auto supply business and my family
1:12.2	had started some restaurants and some
1:14.2	health care and industrial businesses and so that was kind of what we grew up around and we
1:17.9	were really interested in supply chain analysis and really understanding where
1:20.9	businesses sat competitively and we had a really good working relationship. and really
1:25.0	wanted to launch a lot of businesses at competitively and we had a really good working relationship. And so by the time we were graduating college, we really wanted to launch a fund
1:30.0	and build a track record and we were looking, we were seeing fewer and fewer people get access to risk even if they had kind of taken that conventional
1:36.7	You know two years banking
1:38.5	MBA whatever path and so we were talking a lot of successful alumni and other Dame who were 30, 35, 40, and it really never
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