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Real Vision: Finance & Investing

The Investment Portfolio that Grows and Preserves Wealth for 100 Years (w/ Jason Buck & Chris Cole)

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.11.1K Ratings

🗓️ 22 December 2020

⏱️ 72 minutes

🧾️ Download transcript

Summary

In the grand finale to “The Big Picture,” Jason Buck speaks to Chris Cole, founder and CIO of Artemis Capital. Chris is one of the sharpest players in the volatility space and has made his name by playing risks and opportunities that others can’t see. An outspoken critic of the 60/40 equity/bond split, Chris is an advocate of what he calls “the dragon portfolio,” which consists of gold, long volatility, and commodity trend-following in addition to stocks and bonds. Chris gave a glimpse of the dragon portfolio when he spoke with Danielle DiMartino Booth on Real Vision in February 2020. Since then, volatility has exploded, both during the massive sell-off in March as well as in the shocking market melt-up since then. Simply put, the dragon has been unleashed. The twin risks of the left tail (deflationary deleveraging) and right tail (inflationary deleveraging) loom large. As Chris wrote in his 2020 report, "to thrive, we must embody the cosmic duality between the hawk and the serpent." For access to Chris’ 2020 report, “The Allegory of the Hawk and the Serpent: How to Grow and Preserve Wealth for 100 Years,” click here: https://docsend.com/view/taygkbn Recorded on July 27, 2020 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

All right. I'm Jack Grealish. I think you can listen to music from relaxing to

0:05.5

celebrating to getting yourself prepared. I like all sorts honestly I like hip-hop

0:10.8

R&B and then house music as well, so yeah, there's no guilty

0:14.2

fait around here. Jack wears the Bose Quiet Comfort Ultra headphones, enjoying

0:19.2

his favorite music with more immersive sound than ever before.

0:23.0

Wow, music, so everything, isn't it?

0:25.0

Search Bose headphones.

0:27.0

Bose, sound is power. Welcome to Ahead of the Curve, I'm Jason Buck from Mutiny Fund, and today it's my pleasure to sit down with Chris Cole from Artemis Capital

0:45.2

and talk about all things long volatility. Looks like it's a beautiful day in

0:48.8

there in Austin Chris how is it treating you? It's beautiful but a little hot so this time of year in Austin Texas can be a little

0:57.0

trying but sunny as always done great I was going to start with an easy question, but it actually might be a very difficult question to answer.

1:06.0

You know, you have popularized the idea of long volatility.

1:08.5

I think that your white papers and everything have brought the idea into the zeitgeist of what long volatility is and why people

1:15.5

should have it in their portfolios.

1:16.8

But just a simple idea is, what do you think long volatility is?

1:20.4

How do you define long volatility? What kind of philosophy do you define long volatility what kind of philosophy do you think

1:24.1

long volatility entails? Volatility in markets being long volatility in

1:29.6

markets is one thing being long volatility in life follows that, and they're very similar.

1:35.8

It simply means making change work to your benefit.

1:42.2

And usually that involves paying maybe some sort of small upfront cost to

1:48.7

transform any type of extreme change in whatever direction to work in your favor.

1:55.0

Obviously in markets when your long volatility you're long an option and you could profit from an extreme movement to the right or the left tail.

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