RT18: Are markets really Efficient? ft. Andrew Lo & Sol Waksman – 1of2
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 16 January 2019
⏱️ 41 minutes
🧾️ Download transcript
Summary
On today’s episode, Niels Kaastrup-Larsen speaks with Andrew Lo, the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management, and Sol Waksman, the Founder and President of BarclayHedge, Ltd. Our guests today have many years of experience in the world of investing and have watched the finance industry as it has gone through its many changes. Listen in to learn the historical importance of separating the alpha from the beta, the increase of the volatility of volatility since 2007, and common misconceptions about diversification in a portfolio.
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In This Episode, You’ll Learn:
- How our guests got their starts in finance
- Why Andrew thinks that sometimes things need to be believed to be seen
- Why separating the alpha from the beta has been revolutionary for the entire financial industry
- How the narrative of finance and investing has changed over time in the futures industry
- The increase in the volatility of volatility over the last decade and what that means for managed futures
- How the abundance of passive investing tools has changed the investor’s experience during market changes
- What investors are looking for in their tools and strategies
- What alternative strategies are investors looking at now
- The experiment Andrew does with his audiences he speaks to on their investment preferences
- What investors need to understand about diversification and risk
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Transcript
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| 0:00.0 | Imagine spending an hour with the world's greatest traders. Imagine learning from their experiences, |
| 0:07.7 | their successes, and their failures. Imagine no more. Welcome to Top Traders Roundtable, |
| 0:14.4 | the place where you can learn from the best hedge fund managers and investors in the world, |
| 0:18.5 | so you can take your manager due diligence or investment career |
| 0:22.0 | to the next level. Before we begin today's conversation, remember to keep two things in mind. |
| 0:27.2 | All the discussion that will have about investment performance is about the past, and past |
| 0:31.4 | performance does not guarantee or even infer anything about future performance. Also understand |
| 0:36.6 | that there's a significant risk |
| 0:38.1 | of financial loss with all investment strategies, and you need to request and understand |
| 0:42.6 | the specific risks from the investment manager about their products before you make investment |
| 0:47.2 | decisions. Now here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
| 0:56.1 | Welcome back to another edition of Top Traders Roundtable, a podcast series on managed futures. |
| 1:02.2 | My name is Niels Kastro Blarsen, and I'm delighted to welcome you to today's conversation with |
| 1:06.6 | industry leaders and pioneers in managed futures brought to you by CME Group. |
| 1:11.8 | And today I am very thrilled to be joined by Andrew Lowe, who is a professor at the MIT Sloan School of |
| 1:18.5 | Management and director of MIT's Laboratory of Financial Engineering, as well as the founder and since |
| 1:24.8 | 2018, the chairman emeritus at Alpha Simplex Group and of course |
| 1:29.5 | the most recent winner of the Manish Futures Pinnacle Awards. I'm also joined by another veteran |
| 1:35.0 | of this industry, namely So Waxman, who is the founder and president of Barclay Hedge. |
| 1:41.5 | First of all, welcome and thank you so much for taking time out of your busy schedule |
| 1:45.9 | to join me to explore some of the things that goes on behind the scenes in the managed futures |
| 1:51.1 | industry. Now, before we jump into today's topics, let's start out by you sharing a little bit |
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