42 min listen
25 Sayings on Vol and Risk…Part 3 of 5
FromAlpha Exchange
ratings:
Length:
25 minutes
Released:
Feb 20, 2024
Format:
Podcast episode
Description
Our journey to 25 Sayings on Vol and Risk continues, folks…and as UFC’s Bruce Buffer is known to emphatically tells us…”It’s TIME!”… for our third segment…sayings 11-15. We’ve got some good ones ahead of us and, as always, I aim to share some of my thinking on markets, overlay a dose of history and pop culture and, perhaps, give you a chuckle in the process. We’ll be in and out in under 30 minutes, i.e., shorter than a Powell presser, a five-block cab ride from the east side to west side, and no doubt less time it takes Windows to update the drivers on your PC. Sayings 11 through 15 are… 1. “If history is a foreign country, the history of risk is another planet.”2. “By definition, there’s a winner to every back-test.”3. “Price is a liar.”4. “Volatility is an instrument of truth.”5. “It ain’t what you don’t know that gets you in trouble. It’s what you know for sure that just ain’t so.”
Released:
Feb 20, 2024
Format:
Podcast episode
Titles in the series (100)
Alberto Gallo, Partner and Portfolio Manager, Algebris Investments: Earning his chops as a macro economist on the sell-side, Alberto Gallo has seen the pendulum of risk swing from extreme fear to euphoria. During his tenure at Goldman Sachs and then at RBS where he ran the Global Macro Credit Research product, Alberto provided buy-side clients with key insights on seminal volatility events like the Global Financial Crisis and the Eurozone Sovereign debt crisis. Now, as a Partner at Algebris Investments, Alberto leads the firm’s Macro Strategy effort, a credit-oriented portfolio designed to navigate the ever tricky terrain of present-day markets. Our conversation considers portfolio construction in a world starved of yield, of low cross-asset risk premia, and one in which the potential for more drastic policy response may be on the horizon. Alberto’s views on today’s regime of monetary policy point to the side effects that result from negative rates, as the banking system suffers, an by Alpha Exchange