E12. Rafael Ortega: Using Return Stacking To Build an All-Terrain Portfolio

In this episode, Rodrigo Gordillo sits down with Rafael Ortega, a distinguished Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management. Known for pioneering innovative portfolio solutions in Spain—from the classic permanent portfolio to advanced return stacking and off-road strategies—Rafael discusses a wide range of topics including diversification, structural risk balancing, leveraging, regulatory hurdles, and the future of portable alpha in today’s dynamic markets. (0:00) Event announcement: Return Stacking Symposium at Cboe Global Markets (0:44) Introduction to the Get Stacked Investment Podcast and Guest Rafael Ortega (3:40) Discussion on return stacking and balanced portfolio approaches (5:09) Rafael Ortega's journey from engineering to investment management (8:56) Exploring Harry Brown’s permanent portfolio concept (12:16) Asset performance across different economic cycles (17:52) Building a community around structural diversification (22:49) Rafael Ortega on the challenges and opportunities with conservative strategies (26:40) Risk balancing and the impact of volatility on returns (32:04) Understanding the concept of return stacking (34:14) Tackling operational and compliance challenges in investment management (37:02) Examining the role of leverage in diversified portfolios (40:23) Comparing drawdown recovery: S&P 500 vs. diversified portfolios (45:07) Educating investors on the value of diversification (47:21) Debunking misconceptions about all terrain portfolios (48:09) The long-term benefits of a more efficient portfolio (52:43) Managing emotions during market downturns (54:53) Resilience of leveraged portfolios (57:00) Predicting the mainstream adoption of diversifiers (59:30) Tailoring investment strategies to different investor profiles (1:01:00) Growing interest in return stacking and portable alpha (1:03:04) Navigating regulatory challenges in investment strategies (1:06:26) Prospects for the long-term adoption of return stacking (1:07:42) Closing remarks and Rafael Ortega's online presence (1:09:19) Outro and call to action