TTU24: What it Takes to be a Great Hedge Fund Manager ft. Anders Lindell of IPM – 2of2

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 21 August 2014

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Welcome back to the second part of our interview.

In this episode we dive into the negative effect of greed on the market. Anders Lindell again shows his depth of knowledge as he elaborates on the nature of irrationality though the ages and how our markets today, really are rather stretched. This is a powerful episode, I really do hope you will enjoy it.

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In This Episode, You’ll Learn:

How the IPM model profited by choosing to position against the carry frenzy in Japanese Yen during late 2008
Risk factor analysis when selecting model attributes
What the more reliable indicator in the global economy is
How their trading model works on overall, daily basis
“Stop-Loss” Positioning in the IPM strategy
Where IPM identifies value traps and optimizes their exposure to it
The average length of trades at IPM
What drives the relationships that Anders explores to build models around
If Correlations structure matters when IPM decides on risk overlay to make market decisions
Why timing can be the largest challenge for their strategy
How Anders defines risk and how IPM controls the model and expected risk
The biggest fear Anders have in regards to unexpected market effects
What is expected in regards to drawdowns in the IPM Global Macro Strategy
How to convey the needed confidence to investors during drawdowns
Risk Management/Risk Control model rebuilding
How Anders Lindell identifies research processes which will over engineer and cause return issues
Succession planning as Anders sees it for IPM – Perception and Vision
The challenges for IPM and how overcoming them has helped to make them stronger
What Anders would suggest for investors to focus on
What it takes to be a great hedge fund manager in today’s economy

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Transcript

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0:00.0	You're listening to Top Traders Unplocked, episode number 024, where I continue my conversation with
0:07.7	Anas Lindale, co-founder and chairman of informed portfolio management. This episode is sponsored by
0:14.3	Saxo Bank and Swiss Financial Services. Welcome back to Top Traders Unplugged, where the best
0:20.8	traders in the world come to share their experiences, their successes, and their failures.
0:25.7	Let's rejoin the conversation with your host, veteran hedge fund manager, Niels Kastra Plarsen.
0:48.1	You're going to talk a little bit about
0:52.1	Carrie I'm no expert.
0:55.2	But obviously, Carrie has been quite a big source of return for many people for a while.
1:00.8	And actually, my guest last week was quite concerned about some of these trades that are being put on in his opinion by large asset
1:16.3	managers to compensate maybe for not making so much money in the directional arena because
1:23.2	if we look at currencies at least developed currencies volatility has gone down dramatically in recent time.
1:31.8	And so maybe talk a little bit about how you see,
1:37.3	if you're going to drill down on sort of your carry models.
1:40.2	How do they work?
1:41.6	What do they look for in your world?
1:45.0	Well I think as a starting point and this is, I don't know who said that first,
1:53.0	but carry trading is really about picking pennies in front of a steamroller.
1:58.0	Exactly, yeah.
1:59.0	And the greedier you get, the closer to that steam roller you're going to be.
2:03.6	And typically, it always, more often than not, it ends in tears.
2:11.6	One typical example of that would be the carry game that sort of started in 2006, continued 307 and into 2008,
2:22.3	involving obviously the Japanese yen. And that ended, I suppose, for many of the people
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