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2023/01/30
Corey
In July 2020 I interviewed Cliff Asness, co-founder of AQR.  This was several months after he penned a perspective piece titled The Valuesburg Address, where he waxed poetic about the multi-year drawdown in the value factor. Nearly three years later, he recently wrote the perspective piece titled, The Bubble Has Not Popped.  I say wrote, but it is just a single image of the value spread between growth and value, adjusted for just about every possible noise factor you can imagine.  The spread still hovers near generational highs. This isn’t Cliff’s first value drawdown.  While never easy, I suspect his past experience at least makes it a bit easier. In this archive clip, I wanted to highlight the wisdom of experience.  To me, that entails understanding what you know, what you wish you could know, and what you believe. I hope you enjoy.
https://flirtingwithmodels.libsyn.com/what-would-cliff-asness-ask-st-peter-at-the-pearly-gates
Radio Show: The Gates Are Going Up! PLUS: The Set Up For Value & Trend-Following in 2023
Open
2023/01/28
Meb Faber
Today's radio show is with Meb Faber & Colby Donovan. We cover: Global valuations update: where does the US rank? Is it too late to jump on the value and trend-following train? Private funds are gating their money Q&A: listening to experts and VC fees ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!
https://mebfaber.libsyn.com/radio-show-the-gates-are-going-up-plus-the-set-up-for-value-trend-following-in-2023-464
Neil Dutta on Economic Research
Open
2023/01/27
Bloomberg
Bloomberg Radio host Barry Ritholtz speaks with Neil Dutta, partner and head of economic research at Renaissance Macro Research. Dutta analyzes global trends and cross-market investment themes. He was previously a senior economist at Bank of America Merrill Lynch and an analyst at Barron’s. He has appeared on Bloomberg TV and CNBC as well as in the Wall Street Journal, New York Times, Financial Times, Associated Press and Bloomberg News for his insights on interest rates, inflation, the manufacturing sector, employment and consumer spending.See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/neil-dutta-on-economic-research
Episode #99: Rob Carver- Systematic Trader and Author
Open
2023/01/26
Market Maker
An independent systematic futures trader and investor, writer, and research consultant. Author of 3 trading books: “Systematic trading”, “Smart Portfolios”, “Leveraged Trading”. Author of the upcoming “Advanced futures trading strategies”. His resume includes working for AHL, a large systematic hedge fund, and part of the man group. Prior to that he worked as a research manager for CEPR, an economic think tank, and traded exotic derivatives for Barclays investment bank. Confessions of a Market Maker presents Rob Carver---------------------------------------------------------------------------------------------Rob Carver on Twitter: https://twitter.com/investingidiocy?s=20&t=DypFsAPj3mM1H_SOdTcJVA Rob's Website & Blog: https://www.systematicmoney.org/ JJ on Twitter: https://twitter.com/vwaptrader1?s=20&t=DypFsAPj3mM1H_SOdTcJVA Ray on Twitter: https://twitter.com/AllxDayxRayx---------------------------------------------------------------------------------------------Any listener of this podcast that has the skills to pass an evaluation can become a prop trader fully funded by either APEX Trader or Topstep Funding. Our own microefutures trading community has many members who are now fully funded; no need to trade with your own money; keep 90% of your profits. To learn more, visit our website at microefutures.com
https://rss.com/podcasts/confessionsmm/797368
Chatting with ChatGPT: Pros and Cons of Advanced Language AI (Ep. 215)
Open
2023/01/26
In this episode, I'll be discussing the capabilities and limitations of ChatGPT, an advanced language AI model. I'll go over its power to understand and respond to natural language, and its applications in tasks such as language translation and text summarization. However, I'll also touch on the challenges that still need to be overcome such as bias and data privacy concerns. Tune in for a comprehensive look at the current state of advanced language AI.   References https://datascienceathome.com/have-you-met-shannon-conversation-with-jimmy-soni-and-rob-goodman-about-one-of-the-greatest-minds-in-history/
https://datascienceathome.podbean.com/e/chatting-with-chatgpt-pros-and-cons-of-advanced-language-ai/
J.P. Morgan's Dr. David Kelly on Why He Believes Foreign Stocks Are Attractive, Inflation Will Subside, & The Debt Ceiling is a "Doomsday Machine"
Open
2023/01/25
Meb Faber
Today’s guest is Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. In today’s episode, Dr. Kelly shares his view of the investment world today. He shares why he expects inflation to subside this year, why he loves the set up for international stocks, and why he doesn’t expect much fiscal help in the next 2 years. He also shares some changes he’d like to see to improve the US, like immigration and education reform, and why he thinks the debt bubble is a doomsday machine. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!
https://mebfaber.libsyn.com/jp-morgans-dr-david-kelly-on-why-he-believes-foreign-stocks-are-attractive-inflation-will-subside-the-debt-ceiling-is-a-doomsday-machine-463
Ajay Agrawal et al., "Power and Prediction: The Disruptive Economics of Artificial Intelligence" (HBR Press, 2022)
Open
2023/01/24
Disruption resulting from the proliferation of AI is coming. The authors of the bestselling Prediction Machines describe what you can do to prepare. Banking and finance, pharmaceuticals, automotive, medical technology, retail. Artificial intelligence (AI) has made its way into many industries around the world. But the truth is, it has just begun its odyssey toward cheaper, better, and faster predictions to drive strategic business decisions--powering and accelerating business. When prediction is taken to the max, industries transform. The disruption that comes with such transformation is yet to be felt--but it is coming. How do businesses prepare?  In Prediction Machines, eminent economists Ajay Agrawal, Joshua Gans, and Avi Goldfarb explained the simple yet game-changing economics of AI. Now, in Power and Prediction: The Disruptive Economics of Artificial Intelligence (HBR Press, 2022), they go further to reveal AI as a prediction technology directly impacting decision-making and to teach businesses how to identify disruptive opportunities and threats resulting from AI. Their exhaustive study of new developments in artificial intelligence and the past history of how technologies have disrupted industries highlights the striking phase we are now in: after witnessing the power of this new technology and before its widespread adoption--what they call "the Between Times." While there continue to be important opportunities for businesses, there are also threats of disruption. As
https://traffic.megaphone.fm/NBN5363143034.mp3?updated=1674317566
Valer Zetocha 16/01/2023
Open
2023/01/24
Quantcast
Julius Baer equity quant revels in solving problems for the trading desk.
https://soundcloud.com/user-393208363/valer-zetocha-16012023
ReSolve Riffs with David Cervantes of Pinebrook on the Increasing Importance of Political Economy
Open
2023/01/23
Invest Resolve
Our guest this week was David Cervantes, founder of Pine Brook Capital Management. With a rich and diverse background within the investment industry, in the last few years David has dedicated his time to managing his family office and has been developing a macroeconomic framework that considers the objectives and incentives of policymakers as the primary economic drivers. Our conversation included topics such as: Empirical economic analyses and insights from the ‘school of hard knocks’ Fundamentally, a process of elimination – determining first what not to do Less theory, more data Where his approach materially diverges from traditional economics Cognitive Perspective – treating models with respect, but never reverence Macroeconomics is basically ‘political economy in drag’ A dynamic process of incentives and decisions made by political actors The role of ‘timing luck’ (or misfortune) A stroll down history lane – from WWII and the Great Society to the present A closer look at the gargantuan US federal budget deficit Current backdrop – an ‘inflationary supernova’ fueled by fiscal impulse The Fed’s current reaction function Home prices, OER and how they affect CPI Why interest rate volatility matters significantly more than absolute levels How interest rate vol spills over into the risk premia continuum And much more This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbric
https://gestaltu.libsyn.com/resolve-riffs-with-david-cervantes-of-pinebrook-on-the-increasing-importance-of-political-economy
Conversational Surveys
Open
2023/01/23
Data Skeptic
Traditional surveys have straight-jacket questions to be answered, thus restricting the information that can be gotten. Today, Ziang Xiao, a Postdoc Researcher in the FATE group at Microsoft Research Montréal, talks about conversational surveys, a type of survey that asks questions based on preceding answers. He discussed the benefits of conversational surveys and some of the challenges it poses.
https://dataskeptic.com/blog/episodes/2023/conversational-surveys
Joe Wiggins, "The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds" (Harriman House, 2022)
Open
2023/01/23
Investing in funds is not straightforward. We are faced with a countless range of options and constantly distracted by meaningless noise and turbulent markets. To make matters worse, our flawed beliefs and behavioural biases lead to repeated and costly mistakes, such as a damaging obsession with past performance and a dangerous attraction to thematic funds. There is a solution―a more intelligent way to invest in funds. In The Intelligent Fund Investor: Practical Steps for Better Results in Active and Passive Funds (Harriman House, 2022), experienced portfolio manager and behavioural finance expert Joe Wiggins brings simplicity and clarity to fund investing. Each chapter of this fascinating and highly readable book focuses on a vital element of investing in funds―exploring how and why investors can get it badly wrong, and providing direct, actionable steps for better results. Joe reveals: why we should avoid investing with star managers; how to decide between active and passive funds; why we should beware of smooth performance and captivating stories; why risk is far more than just volatility; the importance of a long time horizon; and much, much more. Using a combination of stories, empirical evidence and experience, Joe gives all fund investors―active and passive―what they need to reassess their beliefs, understand their biases, and make better investment decisions. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has
https://traffic.megaphone.fm/NBN2073643009.mp3?updated=1674307014
A data-driven approach to picking growth stocks and thematic baskets
Open
2023/01/23
Corey
It’s no secret that high flying growth stocks were hammered in 2022, so I thought it would be fun to revisit my conversation with Jason Thomson back in Season 3.   Jason is a portfolio manager at O’Neil Global Advisors, where he manages highly concentrated portfolios of growth stocks. Now, Jason is a discretionary PM, which may seem like an unusual guest for a quant podcast.  But his approach is so data and process driven, it’s hard to tell the difference.   I selected a few questions about his take on growth investing in general, but I’d highly recommend you go back and listen to the original episode for his thoughts on portfolio construction and risk management as well. Enjoy!
https://flirtingwithmodels.libsyn.com/a-data-driven-approach-to-picking-growth-stocks-and-thematic-baskets
Liran Einav et al., "Risky Business: Why Insurance Markets Fail and What to Do About It" (Yale UP, 2023)
Open
2023/01/21
Why is dental insurance so crummy? Why is pet insurance so expensive? Why does your auto insurer ask for your credit score? The answer to these questions lies in understanding how insurance works. Unlike the market for other goods and services—for instance, a grocer who doesn’t care who buys the store’s broccoli or carrots—insurance providers are more careful in choosing their customers, because some are more expensive than others. In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale UP, 2023), Liran Einav, Amy Finkelstein, and Ray Fisman explore such issues as why insurers want to know so much about us and whether we should let them obtain this information; why insurance entrepreneurs often fail (and some tricks that may help them succeed); and whether we’d be better off with government-mandated health insurance instead of letting businesses, customers, and markets decide who gets coverage and at what price. With insurance at the center of divisive debates about privacy, equity, and the appropriate role of government, this book offers clear explanations for some of the critical business and policy issues you’ve often wondered about, as well as for others you haven’t yet considered. John Emrich has worked for decades years in corporate finance, business valuation and fund management. He has a podcast about the investment space called Kick the Dogma. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium mem
https://traffic.megaphone.fm/NBN2653285633.mp3?updated=1674076211
Steven Klinsky on Building Businesses
Open
2023/01/20
Bloomberg
Bloomberg Radio host Barry Ritholtz speaks with Steven Klinsky, founder, CEO and managing director of New Mountain Capital, which has over $37 billion in assets under management. Prior to founding New Mountain Capital in 1999, Klinsky was co-founder of the leveraged buyout group at Goldman Sachs, where he helped execute over $3 billion of pioneering transactions for Goldman and its clients. Klinsky also previously served as general partner at Forstmann Little, helping to oversee seven private equity and debt partnerships totaling over $10 billion in capital. See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/steven-klinsky-on-building-businesses
Episode 259: SteelEye’s Matt Smith on eComms surveillance
Open
2023/01/20
WatersTechnology
This week, Matt Smith, CEO of compliance technology and data analytics firm SteelEye, joins Wei-Shen on the podcast to discuss the evolution of compliance solutions for electronic and voice communications and the regulatory landscape. 1:30 – Matt joins the podcast and talks through some of the points in a report SteelEye released at the end of 2022. 6:30 – He explains the nuances between how the regulators in the UK and the US approach how firms meet systematic and control obligations. 13:30 – They talk about the prevalent communication mechanisms. 16:30 – Matt details some of the creative loopholes. 19:00 – Are there examples of the regulators being too invasive? 22:30 – Matt discusses what’s in the pipeline for SteelEye. 30:00 – What is the future of compliance for e-comms and voice?
https://soundcloud.com/waterstechnology/episode-259-steeleyes-matt-smith-on-ecomms-surveillance
Automating Finance
Open
2023/01/19
Sociologist Juan Pablo Pardo-Guerra, a professor at University of California San Diego, talks about his book Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets with Peoples & Things host Lee Vinsel. The book traces the long, largely anonymous, and in some senses boring history of how experts applied computers to financial systems since the 1970s, creating a digital infrastructure of the trading world. The conversation also touches on Pardo-Guerra’s more recent work on how systems of quantitative metrics have been applied to the management of universities and what might be done about it. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance
https://traffic.megaphone.fm/NBN3773564126.mp3?updated=1673298234
Porter Stansberry on a Potential Recession, Opportunities in Distressed Debt, & The Bull Case for Energy Stocks
Open
2023/01/18
Meb Faber
Today’s returning guest is Porter Stansberry, a leading financial writer and the founder of MarketWise. His newest venture, Porter & Company, was launched last year. In today’s episode, Porter shares his frustrating ending with Stansberry Research and then why he chose to launch a new research firm last year. He walks us through the major themes he’s focused on over the next cycle: capital efficient, cash-flowing companies, a big upcoming distressed debt cycle, and the energy transition.  Plus – he shares some names and ideas for each.   ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!
https://mebfaber.libsyn.com/porter-stansberry-on-the-looming-recession-opportunities-in-distressed-debt-the-bull-case-for-energy-stocks-462
Do Results Generalize for Privacy and Security Surveys
Open
2023/01/17
Data Skeptic
Today, Jenny Tang, a Ph.D. student of societal computing at Carnegie Mellon University discusses her work on the generalization of privacy and security surveys on platforms such as Amazon MTurk and Prolific. Jenny shared the drawbacks of using such online platforms, the discrepancies observed about the samples drawn, and key insights from her results.
https://dataskeptic.com/blog/episodes/2023/do-results-generalize-for-privacy-and-security-surveys
ReSolve Riffs with Bob Elliott on Hedge Fund Replication and Strategies for a Complicated Decade
Open
2023/01/16
Invest Resolve
This week we had the pleasure of speaking with Bob Elliot (who can be found on Twitter @BobEUnlimited), CIO at Unlimited, a new investment firm that launched a hedge fund replication strategy in ETF format. Our conversation included: Bob’s career and especially his years at Bridgewater Associates The synergies between macro research and systematic investing Systems that create discipline and leverage (the non-financial kind) A better sense-making process within an investment framework Why most intuitions are inaccurate Identifying inconsistencies between one’s framework and new data How the signaling power and precision of any variable can change over time Dealing with the scarcity of macro data points within a systematic approach Why there is no such thing as a single most important variable in macro investing No certainty, just a probabilistic range of outcomes Why diversification is one of the fundamental laws of asset management The importance of maximizing the number of independent bets in low signal-to-noise domains Why the starting point for Bob’s personal portfolio is Risk Parity The folly of singularly focusing on the S&P500 Avoid going “all-in” into any single scenario, no matter how compelling the narrative And so much more This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asse
https://gestaltu.libsyn.com/resolve-riffs-with-bob-elliott-on-hedge-fund-replication-and-strategies-for-a-complicated-decade
How quants have changed equity markets and how discretionary managers can use this information to sharpen their edge
Open
2023/01/16
Corey
After March 2020, a growing research interest of mine was the question, “how do strategies reflexively impact the markets they trade?”  Beyond crowding risk, can adoption of strategies fundamentally change market dynamics. In Season 3 Episode 11, I spoke with Omer Cedar, who argues that equity quants have done precisely that.  The mass adoption of factor models, whether for alpha or risk, fundamentally changed how baskets of stocks are bought and sold.  For a discretionary manager to ignore this sea change is to ignore a fundamental shift in the current of the water they swim in. In this clip from the episode, Omer discusses how quants have changed the market and how fundamental managers should use this information to sharpen their edge.
https://flirtingwithmodels.libsyn.com/how-quants-have-changed-equity-markets-and-how-discretionary-managers-can-use-this-information-to-sharpen-their-edge
The BRAIN Episode
Open
2023/01/16
Mark Fleming-Williams
In this episode I speak to Francesco Cricchio and Matteo Campellone of BRAIN, the provider of alternative data signals.After successful careers in physics research, Francesco and Matteo decided to join forces to create products to help investors in the markets. If you have a dataset that might be of interest for the podcast, please get in touch. DISCLAIMERThis podcast is an edited recording of an interview with Francesco Cricchio and Matteo Campellone recorded in October 2022. The views and opinions expressed in this interview are those of Francesco Cricchio, Matteo Campellone and Mark Fleming-Williams and do not necessarily reflect the official policy or position of either CFM or any of its affiliates. The information provided herein is general information only and does not constitute investment or other advice. Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, involve inherent risks and uncertainties and should therefore not be relied on. Future evidence and actual results could differ materially from those set forth, contemplated by or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are or will prove to be accurate or complete in any way. Hosted on Acast. See acast.com/privacy for more information.
https://shows.acast.com/the-alternative-data-podcast/episodes/the-brain-episode
A novel method to generate reliable data with Parallel Domain CEO Kevin McNamara (Ep. 214)
Open
2023/01/14
In this episode I am with Kevin McNamara, founder and CEO of Parallel Domain. We speak about a very effective method to generate synthetic data that is currently in production at Parallel Domain. Enjoy the show!     References Parallel Domain Synthetic Data Improves Cyclist Detection (blog post): https://paralleldomain.com/parallel-domain-synthetic-data-improves-cyclist-detection/    Beating the State of the Art in Object Tracking with Synthetic Data: https://paralleldomain.com/beating-the-state-of-the-art-in-object-tracking-with-synthetic-data/    Parallel Domain Open Synthetic Dataset: https://paralleldomain.com/open-datasets/bicycle-detection    How Toyota Research Institute Trains Better Computer Vision Models with PD Synthetic Data (interview): https://www.youtube.com/watch?v=QIYttoVxf2w   Career Opportunities: https://paralleldomain.com/careers
https://datascienceathome.podbean.com/e/a-novel-method-to-generate-reliable-data-with-parallel-domain-ceo-kevin-mcnamara-ep-214/
Jennifer Grancio on Passive Index Funds and ETFs
Open
2023/01/13
Bloomberg
Bloomberg Radio host Barry Ritholtz speaks with Jennifer Grancio, the chief executive officer of impact investment group Engine No. 1. Grancio has more than 25 years of experience scaling businesses across financial services; prior to joining Engine No. 1, she founded an advisory firm where she worked closely with CEOs to accelerate growth. She also served as a founding member of BlackRock’s iShares business, where she helped drive the development of the global ETF industry and iShares’ leadership role within it. See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/jennifer-grancio-on-passive-index-funds-and-etfs
Ethical Negotiations with William Smalley
Open
2023/01/11
MMF Toronto
Welcome to the MMF Podcast, brought to you by the Master of Mathematical Finance Program at the University of Toronto. In this episode, you'll learn about Ethical Negotiations with William Smalley. Mr Smalley is the President of Route Five International, and the author of "Intelligent Selling" - a next-generation sales program based on collaboration which teaches sales professionals to think like leaders. If you joined us at the MMF 2020 Symposium, you'll remember his keynote speech which kicked off the event. In this interactive live lecture for our class of 2023, Mr Smalley will discuss embedding ethical behaviour as a personal value, and share how you can protect both your personal brand and MMF's reputation while negotiating job offers.
https://anchor.fm/mmf/episodes/Ethical-Negotiations-with-William-Smalley-e1tc07n
4 out of 5 Data Scientists Agree
Open
2023/01/10
Data Skeptic
This episode kicks off the new season of the show, Data Skeptic: Surveys.  Linhda rejoins the show for a conversation with Kyle about her experience taking surveys and what questions she has for the season.  Lastly, Kyle announces the launch of survey.dataskeptic.com, a new site we're launching to gather your opinions.  Please take a moment and share your thoughts!
https://dataskeptic.com/blog/episodes/2023/4-out-of-5-data-scientists-agree
ReSolve Riffs with Prometheus Research on Navigating a Potential 2023 Global Recession
Open
2023/01/09
Invest Resolve
For the opening episode of the new year we had the pleasure of speaking with Aahan Menon, founder and CEO of Prometheus Research, which seeks to democratize access to elite financial research to the general public. This great conversation covered several topics, including: A macro framework focused on the interplay between the real and financial economies, and the business cycle The main driving forces in markets and the economy: growth, inflation and liquidity Key variables for measuring liquidity Creating the condition for potential asymmetric returns How the increase in the stock of assets facilitates other activities The original aim of quantitative easing The contest between the ‘Dot Plot’ and the yield curve The signaling mechanism of price levels The biases and shortcomings of the CPI Cyclical vs secular inflation How economies have evolved in the last few decades Why inflation volatility may be asymmetric The false diversification of the 60/40 Why increased uncertainty usually signals a turning point Updating priors – a ‘burden of evidence’ approach Fluctuating edges and the challenges of volatility targeting And much more This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.   *ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered
https://gestaltu.libsyn.com/resolve-riffs-with-prometheus-research-on-navigating-a-potential-2023-global-recession
Machine Learning in Systematic Futures Allocation: A Model Comparison using Price-Based Features
Open
2023/01/09
Tony Guida
https://www.cqfinstitute.org/content/machine-learning-systematic-futures-allocation-model-comparison-using-price-based-features
Replacing linear factors with a non-linear, characteristic approach in quant equity
Open
2023/01/09
Corey
We’re back with another clip from the archives.  This time it’s Season 4 Episode 9 with Vivek Viswanathan. For three decades, equity quants have largely lived under the authoritative rule of the Fama-French 3 Factor Model and linear sorts.  In this episode, Vivek provides an cogent alternative to the orthodoxy.  Specifically, he explains why an unconstrained, characteristic-driven portfolio can more efficiently capture behavioral-based market anomalies.  I think this is a master class for alternative thinking in quant equity. It was really tough to clip this episode.  Vivek’s comments about Chinese markets provide a tremendous example about finding alpha in alternative markets.  But I’ll leave that for you to go back and dig out! Okay, let’s dive in.
https://flirtingwithmodels.libsyn.com/replacing-linear-factors-with-a-non-linear-characteristic-approach-in-quant-equity
The Random Walk Episode
Open
2023/01/09
Mark Fleming-Williams
In this episode I speak to Greg Robin of Random Walk, the provider of retailer coupon and sale data.For several years, Random Walk has been gathering data around the messaging and offers used by major retailers in their sales strategies. This data can be used to compare changes in these strategies, revealing retailer urgency. Greg and I recorded our conversation back in October.If you have a dataset that might be of interest for the podcast, please get in touch. DISCLAIMERThis podcast is an edited recording of an interview with Gregory Robin recorded in October 2022. The views and opinions expressed in this interview are those of Gregory Robin and Mark Fleming-Williams and do not necessarily reflect the official policy or position of either CFM or any of its affiliates. The information provided herein is general information only and does not constitute investment or other advice. Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, involve inherent risks and uncertainties and should therefore not be relied on. Future evidence and actual results could differ materially from those set forth, contemplated by or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are or will prove to be accurate or complete in any way. Hosted on Acast. See acast.com/privacy for more information.
https://shows.acast.com/the-alternative-data-podcast/episodes/the-random-walk-episode
John Mack on Life Lessons From Financial Crisis
Open
2023/01/06
Bloomberg
Bloomberg Radio host Barry Ritholtz speaks with the legendary John Mack, former chief executive officer and chairman of the board at Morgan Stanley. His memoir of his life and 34-year tenure at Morgan Stanley — “Up Close and All In: Life Lessons From a Wall Street Warrior” — was published in October. See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/john-mack-on-life-lessons-from-financial-crisis
Jeffrey Sherman, DoubleLine – 'Sherman Says' His Take on The Fed, Rates, & State of the Markets
Open
2023/01/05
Our guest today is Jeffrey Sherman, Deputy CIO of DoubleLine, which manages over $100 billion.  Jeffrey oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. In today’s episode, Jeffrey shares how he views the investment landscape as we kick off a new year. He touches on inflation, interest rates, and whether or not he expects a Fed pivot. He also shares where he sees opportunity in the market today, specifically in the credit markets. Our co-hosts today are Steve Curley, CFA, and Colby Donovan, CFA. Please enjoy the episode.  Follow the CFA Society of Orlando on Twitter at @CFAOrlandoFL
https://sites.libsyn.com/244787/jeffrey-sherman-doubleline-jay-powell-transitory-portfolio-construction-for-2023
Introducing: Crash Course
Open
2023/01/04
Bloomberg
Hosted by Bloomberg Opinion senior executive editor Tim O'Brien, Crash Course will bring listeners directly into the arenas where epic business and social upheavals occur. Every week, Crash Course will explore the lessons to be learned when creativity and ambition collide with competition and power -- on Wall Street and Main Street, and in Hollywood and Washington.See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/introducing-crash-course
ESG and Shareholder Value
Open
2023/01/03
Professor Aaron Yoon
https://www.cqfinstitute.org/content/esg-and-shareholder-value
Options, volatility, and the things we don't know we don't know (ARCHIVES S3E3)
Open
2023/01/02
Corey
We’re rewinding to Season 3, Episode 3 to chat with Benn Eifert, founder of QVR.   Benn was my first repeat guest and this is probably one of our more popular episodes. Instead of the usual interview format, I called this episode “Bad Ideas with Benn Eifert,” and basically just asked him a bunch of questions about naive option trades and whether they are a good idea or not. For anyone starting their journey with options or volatility, the whole episode is a must listen. The clips I chose here were selected because I thought they provided a really good cross-section of topics in the world of options while highlighting one important common thread: the risk of unintended bets.  I think this is one of the most universally important concepts in trading and investing, and Benn really drives the points home here as we cover topics ranging from writing options for income to why VIX minus realized doesn’t mean what you think it does.  The subtle through line is the reminder that it’s what we don’t know we don’t know that will eventually get us in trouble.
https://flirtingwithmodels.libsyn.com/options-volatility-and-the-things-we-dont-know-we-dont-know-archives-s3e3
The Omri Shtayer Episode
Open
2023/01/02
Mark Fleming-Williams
In this episode I speak to Omri Shtayer, founder of Lagoon, the alternative data investment platform.With Lagoon now reaching the end of its story in its current form, Omri and I talk through the lifecycle of the company, from founding and growth through to the moment it became clear the firm could not continue.If you have a dataset that might be of interest for the podcast, please get in touch. DISCLAIMERThis podcast is an edited recording of an interview with Omri Shtayer recorded in December 2022. The views and opinions expressed in this interview are those of Omri Shtayer and Mark Fleming-Williams and do not necessarily reflect the official policy or position of either CFM or any of its affiliates. The information provided herein is general information only and does not constitute investment or other advice. Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, involve inherent risks and uncertainties and should therefore not be relied on. Future evidence and actual results could differ materially from those set forth, contemplated by or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are or will prove to be accurate or complete in any way. Hosted on Acast. See acast.com/privacy for more information.
https://shows.acast.com/the-alternative-data-podcast/episodes/the-omri-shtayer-episode
#396: AI Goes on Trial For Writing Code (crossover)
Open
2022/12/30
Michael Kennedy
For links and very detailed show notes, please view the original episode page over on Python Bytes. Thanks for listening! Sponsors Sentry Error Monitoring, Code TALKPYTHON AWS Insiders AssemblyAI Talk Python Training
https://talkpython.fm/episodes/show/396/ai-goes-on-trial-for-writing-code-crossover
Formulating the machine learning problem, how research questions should be asked, and the trade-off of complexity versus accuracy (ARCHIVES S1E7)
Open
2022/12/29
Corey
We’re trying something new here, folks.  I’ve got 5 seasons and 60 brilliant episodes and I thought it would be fun, in the off season, to go back to the archives and highlight past conversations. So using my trusty random number generator, I chose an episode at random.  So, we’re going back to 2018 to my conversation with John Alberg, co-founder of Euclidean Technologies, where machine learning is applied to the value investing problem.   The part I’m highlighting starts around minute 20 and is about the formulation of the machine learning problem and how the research question should be asked.  I like this section because I think it really highlights how we can think about the tradeoff of degrees of complexity versus accuracy and the problem of overfitting. Enjoy!
https://flirtingwithmodels.libsyn.com/formulating-the-machine-learning-problem-how-research-questions-should-be-asked-and-the-trade-off-of-complexity-versus-accuracy-archives-s1e7
Top Podcasts of 2022: Rob Arnott & Campbell Harvey, Whitney Baker, Harris “Kuppy” Kupperman, Marc Cohodes, & Peter Zeihan
Open
2022/12/28
Meb Faber
Today we’re sharing our 5 most popular episodes from 2022! We know it’s hard to listen to every episode, so we have the most downloaded episodes for you right here! If you click the link in the description below, you can jump to the episode you want to listen to. Here are the top 5 in no specific order: 1. In August, we were joined by both Rob Arnott & Professor Cam Harvey to hear why they didn’t expect to go down as fast as the market was pricing at the time 2. Only one person made it on the show twice this year, and that’s none other than Whitney Baker! After she nailed the macro landscape back in January, we had to have Whitney back on the show to give us an update of how she sees the world today. 3. Energy prices soared in the first half of 2022, and have since cooled off. But I spoke with my man Harris Kupperman, who you may know as Kuppy, in October on why he is as bullish as he could possibly be. 4. Soon after FTX filed for bankruptcy, I spoke with famed short-seller Marc Cohodes, who talked about the red flags he saw on Sam Bankman-Fried & FTX earlier this year. 5. Back in June, I spoke with geopolitical expert Peter Zeihan on the implications of deglobalization, depopulation, and the Russia/Ukraine war  Thanks to everyone for a great 2022 and we wish you and your family a healthy and happy 2023. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or v
https://mebfaber.libsyn.com/best-of-2022
Crowdfunded Board Games
Open
2022/12/26
Data Skeptic
It may be intuitive to think crowdfunding a project drives its innovation and novelty, but there are no empirical studies that prove this. On the show, Johannes Wachs shares his research that sought to determine whether crowdfunding truly drives innovation. He used board games as a case study and shared the results he found.
https://dataskeptic.com/blog/episodes/2022/crowdfunded-board-games
Episode #98: Fintwit Pump and Dump Scheme
Open
2022/12/23
Market Maker
JJ weighs in on the SEC cracking down on the Atlas Trading group and what new traders need to be on the look out to not fall prey to these schemes---------------------------------------------------------------------------------------------Any listener of this podcast that has the skills to pass an evaluation can become a prop trader fully funded by either APEX Trader or Topstep Funding. Our own microefutures trading community has many members who are now fully funded. No need to trade with your own money and keep 90% of your profits. To learn more, visit our website at microefutures.com
https://rss.com/podcasts/confessionsmm/754997
Charlie Ellis on the Rules of Investing
Open
2022/12/23
Bloomberg
Bloomberg Radio host Barry Ritholtz speaks with investing legend Charlie Ellis, who is the founder and former managing partner of Greenwich Associates. In addition to advising institutional investors, foundations and government organizations in more than 130 markets, Ellis has taught courses at Yale and Harvard and has written several books, including “Winning the Loser’s Game: Timeless Strategies for Successful Investing,” which is now in its eighth edition. See omnystudio.com/listener for privacy information.
https://omny.fm/shows/masters-in-business/charlie-ellis-on-the-rules-of-investing
ReSolve Riffs with ReSolve’s own Dr Andrew Butler on Integrating Prediction with Optimization
Open
2022/12/23
Invest Resolve
Our guest this week was Dr. Andrew Butler, Chief Investment Officer here at ReSolve. He has an Honors B.Sc. in Applied Mathematics & Physics from Memorial University, an M.A. in Applied Mathematics & Statistics, Financial Engineering from York University, and a PhD from the University of Toronto, Department of Mechanical & Industrial Engineering. Our conversation covered:   Mentors, studying optimization, machine learning and emulating similarities Comparing methodologies used in calculating oil reserves, with empirical finance Mathematics, known truths, soft axioms and assumptions Data science, tools and hypothesis tests in finance Comparing the definitions of “noise” and different scientific methods Regression types, relationships and features Existing models vs creating models with data Hyperparameters, universes, good decision-making and edges The fallacy of “The Efficient Frontier” in Modern Portfolio Theory Methods that make for good choices, and setting expectations Neural Networks, financial data extraction and optimization science Building complex models, integrating and optimizing predictions, and making decisions Counterintuitive predictions and “explainability” – integrated vs optimized models Optimizing for decision accuracy by minimizing prediction error Using Decision Trees, Ensembles and Boosting Market data and making predictions using de-coupled vs integrated approaches Training models and optimizing, going forward Optimal covariance shrinkage a
https://gestaltu.libsyn.com/resolve-riffs-with-resolves-own-dr-andrew-butler-on-integrating-prediction-with-optimization
#395: Tools for README.md Creation and Maintenance
Open
2022/12/22
Michael Kennedy
If you maintain projects on places like GitHub, you know that having a classy readme is important and that maintaining a change log can be helpful for you and consumers of the project. It can also be a pain. That's why I'm excited to welcome back Ned Batchelder to the show. He has a lot of tools to help here as well as some opinions we're looking forward to hearing. We cover his tools and a bunch of others he and I found along the way. Links from the show Ned on Mastodon: @nedbat@hachyderm.io Ned's website: nedbatchelder.com Readme as a Service: readme.so hatch-fancy-pypi-readme: github.com Shields.io badges: shields.io All Contributors: allcontributors.org Keep a changelog: keepachangelog.com Scriv: Changelog management tool: github.com changelog_manager: github.com executablebooks' github activity: github.com dinghy: A GitHub activity digest tool: github.com cpython's blurb: github.com release drafter: github.com Towncrier: github.com mktestdocs testing code samples in readmes: github.com shed: github.com blacken-docs: github.com Cog: github.com Awesome tools for readme: github.com coverage.py: coverage.readthedocs.io Tailwind CSS "Landing page": tailwindcss.com Poetry "Landing page": python-poetry.org Textual: textualize.io Rich: github.com Join Mastodon Page: joinmastodon.org Watch this episode on YouTube: youtube.com Episode transcripts: talkpython.fm --- Stay in touch with us --- Subscribe to us on YouTube: youtube.com Follow Talk Python on Mastodon: talkpython Fol
https://talkpython.fm/episodes/show/395/tools-for-readme.md-creation-and-maintenance
Illiquidity + Opacity = Insolvency: A Discussion with Gary Stern, Former President of the Minneapolis Fed
Open
2022/12/22
What's going on in private markets? As interest rates have gone up, public markets have been marked down much more severely than assets in the private market. Will the chickens come home to roost? And, if so, when?  Gary Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 to September 2009. Stern, a native of Wisconsin, joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, Stern was a partner in a New York-based economic consulting firm. Stern's prior experience includes seven years at the Federal Reserve Bank of New York. Stern serves on the board of directors of FINRA, The Dolan Company, The Depository Trust and Clearing Corporation, Ambac Assurance Corporation, and the Council for Economic Education (CEE), where he served for a time as acting President and Chief Executive Officer. Stern is co-author of Too Big to Fail: The Hazards of Bank Bailouts, published by The Brookings Institution (2004). Stern holds an A.B. in economics from Washington University, St. Louis, and a Ph.D. in economics from Rice University, Houston. Robert Kowit began a career in investing in 1972, working in International Fixed Income and Foreign Exchange as a Senior Vice President at White Weld, Kidder Peabody, and as a Director of Midland Montagu. Moving to the buy-side in 1990, he was Senior Vice President and Head of International Fixed Income at Jo
https://traffic.megaphone.fm/NBN6965706828.mp3?updated=1671640262
Louisa Nicola – How To Perform At Your Best Physically & Mentally
Open
2022/12/21
Meb Faber
Today’s guest is Louisa Nicola, a neurophysiologist and human performance coach, and the founder of Neuro Athletics, which provides scientific strategies to help athletes and investors achieve peak performance. In today’s episode, Louisa is helping all of us become better investors by giving a masterclass on peak performance. She walks through the three pillars she focuses on: sleep, exercise and nutrition. She gives some tips and tricks to improve in each category and how all three improve cognitive performance. Louisa also touches on some of her favorite supplements, common tests she recommends to her clients, and why alcohol is probably hurting you more than you realize. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- This episode is sponsored by AcreTrader. AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include 
https://mebfaber.libsyn.com/louisa-nicola-how-to-perform-at-your-best-physically-mentally-461
Episode #97: Felix Wang- China Sector Head at Hedgeye on Investing and Trading China
Open
2022/12/20
Market Maker
Partner, Managing Director and China Sector Head at Hedgeye. Before joining Hedgeye, he worked at an asset management firm where he focused on China equities. A CFA charter holder and graduated cum laude from the Wharton School. He has been featured on Bloomberg, Barron’s, Fast Money and many more. Confessions of a Market Maker Presents Felix Wang---------------------------------------------------------------------------------------------***Any listener of this podcast that has the skills to pass an evaluation can become a prop trader fully funded by either APEX Trader or Topstep Funding. Our own microefutures trading community has many members who are now fully funded. No need to trade with your own money and keep 90% of your profits. To learn more, visit our website at microefutures.com***---------------------------------------------------------------------------------------------Felix on Twitter: https://twitter.com/HedgeyeChina?s=20&t=6QYDwwq8WOsYUlumcBobQAHedgeye China Pro: https://accounts.hedgeye.com/products/china_pro/659!660?utm_source=twitter&utm_medium=social&utm_content=%2Fchina-pro-save-700-tweet&utm_campaign=twitter-organicJJ on Twitter: https://twitter.com/vwaptrader1?s=20&t=6QYDwwq8WOsYUlumcBobQARay on Twitter: https://twitter.com/AllxDayxRayx
https://rss.com/podcasts/confessionsmm/750661
New York Society Meeting: Measuring and Harvesting the ESG Return Premia
Open
2022/12/20
Dr. Arik Ben Dor
https://www.cqfinstitute.org/content/new-york-society-meeting-measuring-and-harvesting-esg-return-premia
Russian Election Interference Effectiveness
Open
2022/12/19
Data Skeptic
There were reports of Russia’s interference in the 2016 US elections. In today’s episode, Koustuv Saha, a researcher at Microsoft Research walks us through the effect of targeted ads for political campaigns. Using practical examples, he discusses how targeted ads can propagate fake news, its ripple effects on electioneering, and how to find a sweet spot with targeted ads.
https://dataskeptic.com/blog/episodes/2022/russian-election-interference-effectiveness
Clara E. Mattei, "The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism" (U Chicago Press, 2022)
Open
2022/12/19
A groundbreaking examination of austerity’s dark intellectual origins. For more than a century, governments facing financial crisis have resorted to the economic policies of austerity—cuts to wages, fiscal spending, and public benefits—as a path to solvency. While these policies have been successful in appeasing creditors, they’ve had devastating effects on social and economic welfare in countries all over the world. Today, as austerity remains a favored policy among troubled states, an important question remains: What if solvency was never really the goal?  In The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism (University of Chicago Press, 2022), political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital—and indeed capitalism—in times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners, smothered workers, and imposed a rigid economic hierarchy across their societies. Where these policies “succeeded,” relatively speaking, was in their enrichment of certain parties, including employers and foreign-trade interests, who accumulated power and capital at the expense of labor. Here, Mattei argues, is where the true value of austerity can be observed: its insulation of e
https://traffic.megaphone.fm/NBN4648645030.mp3?updated=1671134745
The Etna Research Episode
Open
2022/12/19
Mark Fleming-Williams
In this episode I speak to Marco Jean Aboav of Etna Research, the provider of indices that rolls together data scouting and quantitative signals creation.In our conversation, Marco and I get to grips with Etna Research’s product, and the type of investor who might be interested in it.If you have a dataset that might be of interest for the podcast, please get in touch. DISCLAIMERThis podcast is an edited recording of an interview with Marco Jean Aboav recorded in September 2022. The views and opinions expressed in this interview are those of Marco Jean Aboav and Mark Fleming-Williams and do not necessarily reflect the official policy or position of either CFM or any of its affiliates. The information provided herein is general information only and does not constitute investment or other advice. Any statements regarding market events, future events or other similar statements constitute only subjective views, are based upon expectations or beliefs, involve inherent risks and uncertainties and should therefore not be relied on. Future evidence and actual results could differ materially from those set forth, contemplated by or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are or will prove to be accurate or complete in any way. Hosted on Acast. See acast.com/privacy for more information.
https://shows.acast.com/the-alternative-data-podcast/episodes/the-etna-research-episode
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