Resolve Riffs Investment Podcast

In this informative episode, we dive deep into a conversation with Chris Kennedy from Bridge Alternatives about his career, investment strategies, and perspectives on managed futures. We take a detailed look at model complexity, the necessity of balance in trading, the impact of trend intimacy, and the challenges of creating efficient investment reporting methods. We also talk about the exciting possibilities of artificial intelligence in trading and the unique attributes of the commodity space. Learn about the compelling world of investment from an expert who has been integral to its development.This is “ReSolve Riffs” – published 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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Join the ReSolve Crew on an exciting tour inside the Strategic Wealth Preservation Vault in the Cayman Islands. With SWP's Mark Yaxley as their host, they discuss the unique properties of gold as a wealth insurance and its long history as a trusted asset across cultures and borders, and why it should be a part of a diversified portfolio. Built around the precious metal, the vault embodies top-notch security and gold-centric design.The conversation touches on how gold's characteristics - longevity, malleability, and ubiquity - make it uniquely suited as both an enduring asset and a geopolitical hedge against fiat currency fluctuations. The group also explores the challenges and misconceptions faced by miners, the role of central bank purchasing, and the potential of location swapping for easier access to physical assets.This is “ReSolve Riffs” – published 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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Meb Faber, Co-founder and CIO of Cambria Investment Management, to discuss a range of topics from the Leuthold report, international diversification, T-bills, shareholder yield, to forecasting returns and diversification. This episode provides valuable insights into different aspects of investing, making it a must-listen for anyone interested in the financial markets.Topics Discussed• Insights from the Leuthold report and its importance for quant investors• The importance of international diversification and its performance over the years• Discussion on T-bills and the impact of bonds on the market• Exploration of the concept of shareholder yield and its evolution over time• The importance of systematic decision-making in investments• The impact of forecasting returns on investment decisions• The significance of diversification in investmentsThis episode is a must-listen for anyone interested in understanding the intricacies of investing, providing valuable insights and strategies to navigate the uncertain financial landscape and better understand the complexities of financial markets.This is “ReSolve’s Riffs” – published 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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team sits down with William Santor, a seasoned financier and producer. They delve into a variety of topics, from Santor's unexpected journey from ballroom dancing to finance, to his innovative approach to the film industry, and the role of AI in content discovery.Topics Discussed• William Santor's unique journey from professional ballroom dancing to finance and how this shaped his approach to finding 'the inches' in financial services• The exploration of the film industry as an investment opportunity, with a deep dive into the financial structures, government rebates, and interim financing that make it possible• The impact of COVID-19 on film production and how Santor's team navigated the challenges to continue producing films• The role of AI and large language models in content discovery and how they can enhance the user experience by providing personalized recommendations• The concept of 'co-watching' and how it can be leveraged to improve content recommendations and user engagement• The evolution of the film industry with the advent of streaming platforms and the challenges and opportunities this presents for content creators and financiersThis episode is a must-listen for anyone interested in the intersection of finance and the film industry, the role of AI in content discovery, and the future of the entertainment industry. With William Santor's unique insights and experiences, listeners will gain a deeper understanding of these complex topics and their implications for the future of content consumption and creation.ReSolve Riffs – published 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Investment Mastery: Risk Parity, Portfolio Construction, and Systematic Investment Strategies for the everyday investor. In this video, Rodrigo Gordillo, President & Portfolio Manager of ReSolve Asset Management Global does a review of a 2020 interview with veteran portfolio manager and ex Toronto Teachers Pension Plan Managing Director, Chris Schindler, to add important commentary around the discussion on the principles of asset management, exploring risk parity, portfolio construction and systematic investing strategies. He also adds color around how market dynamics have changed since the initial interview and delves deep to help investors understand the evolution of investment strategies within this evolving economic climate and the necessity of a diversified investment approach over conventional equity-centered portfolios. Also, gain insights into the significance of diversification, the effectiveness of model building, and various investment pitfalls. Learn why bond yields, present discount rates, and currency hedging matter, and get a grip on emerging trends in private equity, alternatives, and other asset classes.This is "ReSolve's Riffs" – published 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this discussion, the ReSolve team is joined by Alfonso Peccatiello, financial analyst, to discuss the current state of the economy, the impact of Biden's stimulus, and the intricacies of investing in the current financial landscape. They delve into a wide range of topics, providing valuable insights for anyone interested in understanding the complexities of the financial markets.Topics Discussed• The impact of Biden's stimulus on the economy and how it has helped the economic indicators pick up again• The current state of growth, inflation, and the central bank reaction function• The potential impact of fiscal stimulus on the economy and the concept of ‘macro lags’• The influence of interest rates on the economy and the different scenarios that can occur• The current state of the housing and labor markets in response to rising rates• The interpretation of the recent US GDP print and the consensus on future growth• The importance of surprising markets and investing in assets that benefit from this surprise• The concept of a 'Forever Portfolio' and how to achieve it using ETFs• The importance of sizing in portfolio construction and how to balance attackers and defenders• The role of commodities and the Dollar in a diversified portfolio• The concept of allocating for diversity and the importance of tracking error in portfolio managementThis episode is a must-listen for anyone interested in understanding the current state of the economy, the impact of fiscal policies, and the strategies to navigate the uncertain financial landscape. Alfonso Peccatiello provides valuable insights into the intricacies of investing and portfolio construction, making it an enlightening discussion for both new and seasoned investors.This is "ReSolve Riffs" – published 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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this conversation, the ReSolve team is joined by Joe Kelly from Campbell and Company to delve into the world of quantitative investing, managed futures, and derivatives trading. They explore a wide range of topics, including:Topics Discussed• The history and evolution of the hedge fund industry and the growth of systematic investing• The role of derivatives traders in providing liquidity to executives and the creation of a startup to provide liquidity for tech employees• The dynamics of quantitative investing, the importance of systemizing fundamental ideas, and the challenges of explaining complex financial concepts to a non-technical audience• The development and implementation of different models and strategies in quantitative investing, including momentum, quant macro, and short-term• The performance of different strategies during various market conditions and the importance of adaptability• The challenges of scaling in the systematic investing space and the advantages of focusing on a core universe of markets• The trade-off between diversification and control in portfolio construction• The importance of risk management in maintaining a consistent investor experience and the strategies used to manage risk in systematic investingConclusionThis conversation is a must-listen for anyone interested in quantitative investing, managed futures, and derivatives trading. It provides valuable insights into the intricacies of these fields, the strategies used by successful investors, and the importance of risk management in ensuring a consistent investor experience.

In this riveting discussion, we delve into the complexities of the global financial landscape and the potential pitfalls of traditional monetary systems with Lyn Alden, Founder of Lyn Alden Investment Strategy. We explore the implications of structural inflation, the rise of new monetary technologies like Bitcoin and stablecoins, and the potential future scenarios for developed and emerging economies.Topics Discussed• Discussion on the structural inflation in countries like Egypt and Argentina, and the impact on their currencies• Examination of the role of Bitcoin, stablecoins, and other new technologies in creating a global marketplace for money• Exploration of the potential for money to move across jurisdictions, bypassing traditional banking systems• Insight into the financial firewalls and the increasing porosity due to technologies like Bitcoin• Analysis of the potential problems major currencies like the dollar, euro, and yen might face due to increasing public debt• Discussion on the bubbles and cycles associated with monetary technologies• Consideration of the potential risks and benefits of Bitcoin, including the concentration of wealth and the potential for it to act as a hedge against currency devaluation• Examination of the potential future scenarios for developed and emerging economies in the face of a potential debt and monetary crisis• Discussion on the potential impact of a fiscal reckoning on the asset bubble and consumer spending in developed economies• Insight into potential strategies for managing the risks associated with a potential fiscal reckoning, including investment in bonds, equities, and BitcoinThis episode offers a deep dive into the intricacies of the global financial landscape, providing valuable insights for anyone interested in understanding the potential future scenarios for our monetary systems. It's a must-listen for anyone seeking to navigate the complexities of the financial world and understand why traditional money might be losing its value.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

With Bradley Barrie (Co-founder and Chief Investment Officer, Dynamic Wealth Group) and Matt O’Bryon (Investment Analyst, Dynamic Wealth Group)In this episode, our team dives deep into the intricacies of asset classes, correlations, and the importance of diversification in investment portfolios. We discuss the challenges of the traditional 60/40 investment strategy and explore the potential of alternative investment approaches.Topics Discussed• The limitations of diversifying only at the asset class level and the importance of understanding correlations• The challenges faced by investors due to the shifting correlations between stocks and bonds• How high growth, high inflation, low growth, low inflation, and other economic regimes can impact asset correlations• The importance of being prepared for various market conditions and the risks of trying to predict market movements• The goal of creating a smoother return experience for investors by minimizing drawdowns and downside risks• The importance of understanding the risks and potential returns of different asset classes and strategies• The challenges and benefits of implementing alternative investment strategies• The role of benchmarking in investment strategies and the potential pitfalls of focusing too much on relative returns• The importance of narrowing down the range of investment outcomes and eliminating big down years• The nuances of managing risk exposures in portfolios and the importance of being adaptable in different market environments• The potential of alternative investments and strategies in creating diversified portfolios• The importance of understanding and managing the risks associated with different investment strategiesThis episode is a must-listen for anyone interested in understanding the complexities of asset classes, correlations, and investment strategies. It provides valuable insights into alternative investment approaches and the importance of diversification in achieving smoother return experiences and minimizing downside risks.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, we delve into the secrets of success and wealth management with our guest Homer Smith, Private Wealth Advisor, Konvergent Wealth Partners. We explore the decisions successful people make, the concept of a virtual family office, and the importance of making good decisions about wealth and taxes. We also discuss the challenges of managing wealth and the benefits of a comprehensive approach to wealth management.Topics Discussed• The mindset and decision-making process of successful people• The concept and benefits of a virtual family office• The importance of making good decisions about wealth and mitigating taxes• The differences in managing ultra wealthy individuals versus those in the median wealth range• The role of taxes in wealth management and the benefits of focusing on tax efficiency• The challenges faced by accountants and lawyers in wealth management and strategies to overcome them• The importance of understanding the intent of wealth management solutions• The role of insurance in wealth management• The benefits of an All-Weather approach to investment and wealth management• The psychological worries of wealthy individuals and how to address them• The importance of focusing on the big picture in wealth managementConclusionThis episode is a must-listen for anyone interested in wealth management, the psychology of successful people, and the intricacies of managing wealth. It provides valuable insights and strategies to navigate the complex world of wealth management and achieve financial success.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Rodrigo Gordillo sits down with David Triplo, Senior Associate, Diversifying Alternatives Research at Mercer,  to discuss his journey from poker to prop trading and finally to systematic global macro trading. They delve into the intricacies of the trading industry, the impact of market changes, and the future of the CTA space.Topics Discussed• David Triplo's transition from poker to prop trading and his early experiences in the industry• The challenges and opportunities of trading on the future side and the specifics of cash basis trading• The decision to move from options trading to futures trading and the factors influencing this choice• The impact of market changes on trading strategies and the necessity of adaptation• David Triplo's time at Transmarket Group and the lessons learned from the boom and bust cycle• The shift to the world of CTAs and the differences between prop trades and CTA roles• The evolution of Systematic Global Macro trading and the increasing use of non-price based information in trading strategies• The role of volatility oriented strategies in hedge fund space and the potential for high convexity in a short time period• The benefits of a diversified approach in Systematic Global Macro for the average allocator• The current state of the alternative investment sleeve and the dominance of private equity and hedge fundsConclusionThis episode is a deep dive into the world of trading from the perspective of someone who has experienced it all - from poker, to prop trading, to Systematic Global Macro. David Triplo's insights provide valuable lessons for anyone interested in the trading industry, the evolution of trading strategies, and the future of the CTA space.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this conversation, we delve into the world of quantitative investing, exploring its intricacies, misconceptions, and the common mistakes people make when trying to apply it. The discussion also sheds light on the importance of asking the right questions and setting up the problem correctly in quant investing.Topics Discussed• The common misconception that a single tool or program can solve all problems in quant investing• The importance of setting up the problem correctly and asking the right questions in quant investing• The challenges of communicating complex quant concepts to laypeople or investment professionals without a background in quantitative methods• The role of intuition and experience in quant investing and how they still hold significant value over calculations• The use of quantitative methods in large institutions and the need for human supervision to prevent unusual or excessively risk-taking actions• The impact of back testing and the importance of incorporating experience into it• The discussion on whether machines can completely take over quant investing and the current limitations• The exploration of arbitrage opportunities in quant investing and how they can be exploited by mid-sized banksThis conversation is a deep dive into the world of quant investing, offering valuable insights into its complexities, the common pitfalls, and the role of human intuition and experience. It's a must-listen for anyone interested in quantitative investing, providing strategies to navigate this complex field.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this conversation, the ReSolve team is joined by Bob Elliott, a prominent figure in the financial industry, to discuss monetary policy, inflation and the role of central banks. They delve into the complexities of the current economic landscape, addressing the impact of fiscal policy, wage growth, and the role of alpha in investment strategies.• Discussion on the impact of monetary policy on inflation and the consequences of not running a sufficiently tight policy in response to economic shocks• Insights into the inflation dynamic and the risks of long-term elevated inflation• Analysis of the bond market's reaction to Powell's statement and the implications for long-term inflation risks• Exploration of the role of income growth in the current economic cycle and its impact on nominal growth• Discussion on the importance of understanding the behavioral aspects of investment strategies and the concept of balanced alphas• Insight into the potential of alpha indexing tools and how they can be used to create more reliable investment outcomes• Discussion on the ideal weighting of equities, bonds, commodities and alpha in an investment portfolio• Exploration of the concept of a diversified portfolio and how it can improve investment outcomesThis episode is a must-listen for anyone interested in understanding the intricacies of the current economic landscape, monetary policy, and investment strategies. Bob Elliott provides valuable insights into the role of central banks, the impact of fiscal policy and wage growth, and the potential of alpha in investment strategies.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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, PJ Pierre, a leading voice in the field of Modern Monetary Theory (MMT), joins the ReSolve team for a deep dive into the complexities and implications of MMT. The conversation explores the role of government in fiscal policy, the impact of deficit spending, and the potential consequences of MMT on the economy.Topics Discussed• The discussion begins with an examination of the conventional belief that government must first collect taxes before spending, and how this view influences perceptions of government solvency and private investment.• The conversation then shifts to the sequence of government spending and taxation, and the implications of a floating exchange system.• PJ Pierre provides an explanation of how the government can issue currency and the potential consequences, such as inflation or a collapse of the currency.• The role of the banking system within the MMT framework is also discussed, highlighting the complexity of this economic model.• The conversation delves into the concept of fiscal dominance and the potential for the Federal Reserve to lose its monetary policy tool for regulation.• The episode concludes with a discussion on the impact of inflation and the role of demographics in economic demand.This episode offers a comprehensive exploration of Modern Monetary Theory, providing valuable insights for anyone interested in understanding the potential implications of MMT on fiscal policy and the economy. PJ Pierre's expertise provides a nuanced perspective on this complex economic model, making this episode a must-listen for those interested in economic theory and policy.This is “ReSolve’s Riffs” – published on YouTube every Friday afternoon to debatethe most relevant investment topics of the day, hosted by Adam Butler, MikePhilbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman ofReSolve Asset Management.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registeredwith the Commodity Futures Trading Commission as a commodity trading advisorand commodity pool operator. This registration is administered through theNational Futures Association (“NFA”). Further, ReSolve Global is a registeredperson with the Cayman Islands Monetary Authority.

In this episode, we dive deep into the world of financial markets and economic models with our guest, Joaquin Kritz Lara from Numera Analytics. We explore the importance of a probabilistic approach, the role of uncertainty, the dynamics of inflation, and much more.• The importance of a probabilistic approach in financial markets and the disregard around uncertainty• The role of economists and their strong beliefs around how the world works• The dynamics of inflation and its impact on financial markets• The importance of acknowledging that you don't know the full truth and adapting priors based on new information• The potential risks and rewards of investing in regional banks• The impact of inflation on the valuation of assets and the potential for downturns in certain sectors• The potential of policy support in China and its impact on the global economy• The potential for growth in India and the challenges it faces• The impact of the dollar on the global economy and the potential for its declineThis episode provides a deep dive into the intricacies of financial markets, economic models, and the global economy. It's a must-listen for anyone interested in understanding the complexities of these topics and gaining valuable insights to navigate the uncertain financial landscape.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

The ReSolve Team welcomes Eric Basmajian, founder of EPB Research, and Jeff Weniger, a renowned financial analyst. We delve into the current state of the economy, the potential for a recession, and the role of the banking sector in these dynamics. We also discuss the influence of leading, coincidental and lagging indicators in economic cycles.• Introduction to Eric Basmajian and Jeff Weniger, discussing their backgrounds and influences• Discussion on the potential disparity between equity markets and recession indicators• Exploration of Eric's economic framework and its application to current economic indicators• Insights on the role of bank balance sheets in the economic cycle• Discussion on the impact of the commercial real estate crisis on bank lending• Examination of the contraction in bank credit and its implications for economic growth• Debate on the current state of the economy and the potential for a recession• Discussion on the role of leading, coincidental and lagging indicators in predicting economic cycles• Insights on how different sectors of the economy may experience the impacts of a recession at different times• Discussion on the importance of managing risk in the current economic climateToday’s discussion provides valuable insights into the complexities of the current economic landscape and the potential for a recession. Detailed analysis from Eric Basmajian and Jeff Weniger provides a deeper understanding of the factors influencing the economy and how to navigate these challenging times.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Dominique Dwor-Frecaut shares her journey from working in large organizations such as the IMF and the New York Fed to her current role in a startup called Macro Hive. She discusses the culture of meritocracy, openness to ideas, and learning from mistakes that defines Macro Hive, and how it differs from her previous experiences.Topics Discussed• Insight into the culture of meritocracy at Macro Hive and the value of diverse opinions and contributions• Comparison of policy enactment in the US and Europe, with a focus on the influence of cultural undertones• Discussion on the current financial landscape, with strong growth, high but stable inflation and a dovish Fed• Analysis of the impact of lower energy prices on household income, manufacturing and services• Examination of the US fiscal proflicacy and its implication• Discussion on the correlation between energy prices and non-energy inflation• Insights into the Fed's focus on the employment leg of the mandate and its disregard for the inflation leg• Discussion on the potential for a financial crisis due to high levels of debt and the possibility of the Fed tightening prudential rules• Discussion on the potential impact of China's economic situation and the US banking sector crisis on the global economy• Predictions for the future, including the possibility of higher inflation and financial volatilityThis episode provides a deep dive into the complexities of the current financial landscape, the potential risks, and predictions for the future. It's a must-listen for anyone interested in gaining a nuanced understanding of the economic dynamics at play and the potential implications for the future.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.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this comprehensive episode, Danielle DiMartino Booth, CEO & Chief Strategist for QI Research, joins the discussion to tackle various topics surrounding the Federal Reserve's leadership, monetary policy and the current economic challenges. Key themes covered include:• Jay Powell's leadership and controversies within the Federal Reserve Board • The impact of monetary policies on Wall Street, mortgage rates and unregulated loans, with insights into Powell's motivations and challenges • The multifaceted consequences of the COVID-19 pandemic on the Federal Reserve's policy decisions and potential implications on inflation • The role of central clearing, systemic risk, and technology on the financial market • Explorations into credit easing, inflation battles, and the influence of monetary policy in the treasury market • The Fed's impact on commercial real estate, credit, and the treasury market, along with insights on housing resilience • A deep dive into inflation, quantitative tightening, and how economic indicators affect the treasury market • Discussions on Powell's experiences, interest rate considerations and the influence of fiscal policies on treasury markets and financial engineering • Assessments on data releases, regional banking challenges and wider implications of low-interest rates on the economy • The Fed's interest rate strategies, credit market signals, future of financial regulations and the overall economic outlook This information-packed episode is a must-listen for those keen on understanding the complexities of the Federal Reserve, monetary policy and the evolving economic landscape. Gain valuable insights and expert opinions on how to navigate through these challenging times.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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Meketa’s Jason J. Josephiac, Senior Vice President / Research Consultant, and Ryan Lobdell, Managing Principal / Consultant, joined Adam and Rod to discuss their new white paper. They discuss key strategies and insights for managing risk and allocating assets in today's challenging investment environment, covering a wide range of topics, such as: • The importance of comprehensive risk management and portfolio allocation strategies in diversifying investments • Innovative Investment approaches and trends in risk mitigation, particularly as they relate to endowment and LDI models • Balancing risk and return in investment portfolios through diversification and manager selection • Asset allocation techniques for maximizing returns while maintaining liquidity and capital efficiency • Manager selection and risk mitigation strategies in diverse investment environments, highlighting leverage and portable alpha • Optimizing the selection and allocation of private investments to achieve a more efficient and effective portfolio • Diversification and risk mitigation strategies for endowment portfolios, focusing on achieving a balanced allocation • Navigating inflation, risk management, and alternative investment strategies in 2021-2022 with insights from experienced consultants • Creating balanced portfolios and implementing effective risk management strategies, featuring diverse investment approaches • The role of real estate, private markets, and evolving asset allocation ideas in navigating economic uncertainties This comprehensive resource is a must-read for anyone interested in understanding the complexities of risk management and asset allocation in today's challenging investment landscape. Get expert insights on diversification, portfolio management, manager selection, and risk mitigation strategies to optimize your investment outcomes. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Darius Dale, Founder and CEO of 42 Macro, to discuss the importance of macro indicators and strategies for navigating uncertain times in the financial markets. He covers a vast array of topics, including: • The role of macro indicators in understanding market cycles and making informed investment decisions • The Weather model as a risk management tool, focusing on 10 principal components of macro • The impact of institutional investors on Bitcoin's future and the potential for significant value increase • The complexities of the dollar outlook and the factors influencing its performance • The rising probability of a risk-off event and the importance of monitoring cross asset correction risk indicators • The challenges faced by the Federal Reserve in managing inflation and the implications for the bond market and employment mandate This episode is a must-listen for anyone interested in macro indicators, market cycles, and strategies for navigating uncertain financial times. Gain valuable insights and tactics to better understand the complexities of the financial landscape and make well-informed investment decisions. This is “ReSolve Riffs” – live on YouTube 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Alfonso Peccatiello, a macro strategist and the creator of the popular Twitter account @MacroAlf, to discuss liquidity, the global macro landscape, and the implications for investors. We delve into various topics, including • The impact of demographics and debt on economic growth and the challenges faced by countries in maintaining living standards •The significance of the Global Liquidity Index in understanding rapid changes in equity market behavior •The orthogonal approach to the traditional All Weather framework, focusing on credit-oriented growth measures and policymaker stances on inflation •The Forever Portfolio allocation and the importance of adjusting it using macro analysis to apply tilts based on the current macro cycle •The labor market dynamics reflecting a bifurcation due to the lag in the dispersion of the $5 trillion capital injection into the economy •The potential impact of US fiscal deficits on nominal growth over the next decade, influenced by demographics, private sector leverage, and productivity growth 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. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the Doomberg team explores the complexities of energy policy, market dynamics, and innovative solutions for a decarbonized and sustainable future. The discussion covers a range of topics, including: • Balancing passion, authenticity, and market strategies in business, writing, and investing • The pros and cons of various energy solutions, such as solar, nuclear, and alternative energy sources • Evaluating the political context of energy policies and the role of government in shaping the future of global energy • The impact of innovations in battery storage and fusion on the future of nuclear power and decarbonization • Germany's experience with energy policy and the implications of deindustrialization • The importance of risk management and waste disposal in the nuclear energy sector • China's influence on the global solar industry and the need for a domestic supply chain in the United States • Overcoming challenges with limited resources, optimism, and innovation • The power of rational, polite debate, and the role of authentic, data-driven content in the Doomberg brand This episode offers invaluable insights for anyone interested in energy policy, renewable energy sources, and sustainable economic growth. The Doomberg team's in-depth analysis and thought-provoking debates will help listeners navigate the complexities of today's energy landscape and engage with the critical decisions shaping the future of global energy. 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. *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this comprehensive exploration of global liquidity, Michael Howell shares his expertise and insights on a range of critical topics affecting financial markets, economies, and investment opportunities. Throughout the discussion, the following themes are explored: •Central bank policies, inflation, and market liquidity: Global perspectives and challenges • Monetary policy, government spending and inflation: Impacts on the global economy and investment • Global liquidity, monetary inflation, and central bank balance sheets: Evolving dynamics and effects • Quantitative easing, liquidity, and the US Dollar: Challenges and implications for policymakers • Government spending, inflation and global money flows: Impacts on currency and financial markets • Central bank strategies, inflation and liquidity: Managing growth in a debt-ridden economy • Government fiscal policies, liquidity and debt management: Global perspectives and impacts • US dollar dominance, global liquidity and market implications: Exploring currency and capital • Interest rates, quantitative easing and global liquidity: Investment strategies and economic effects This intensive examination of global liquidity is ideal for anyone interested in understanding the complexities and impacts of liquidity on financial markets, economies and investment decisions. Don't miss out on these valuable insights and analyses to help you stay informed and adaptable in today's constantly changing financial landscape. This is “ReSolve 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Corey Hoffstein, CIO of Newfound Research, Rodrigo Gordillo, President of ReSolve Global* and Adam Butler, CIO of ReSolve Global, delve into the concept of return stacking and introduce the innovative RSBT Return Stacked™ Bonds & Managed Futures ETF. This podcast is essential for investors, financial advisors, and anyone interested in learning more about return stacking, the RSBT ETF, and the potential benefits of combining bonds and managed futures for portfolio diversification and risk management. Don't miss out on this insightful conversation to deepen your understanding of these innovative investment strategies and their potential impact on today's complex financial markets. They cover a wide range of topics, including: The motivation behind the return stacking concept and its relevance in today's market environment The history of institutional leverage and diversification in retail portfolios The advantages of using return stacked strategies for portfolio construction and risk management The role of bonds and managed futures in building a robust, diversified investment portfolio The importance of low correlation between asset classes for effective diversification The mechanics of combining bond exposure with a managed futures overlay in the RSBT ETF, including the use of cash collateral and Treasury Futures The benefits of using ETFs as capital-efficient building blocks for return stacking The potential for a family of return stacked ETF products to address various investor needs and preferences The significance of managed futures as a "third leg of the stool" for managing inflation and mitigating market risks The challenges and opportunities related to implementing managed futures strategies and managing leverage in retail portfolios The goal of matching the RSBT ETF's bond strategy to core US fixed income, such as the Bloomberg US Core Aggregate Bond Index, and adjusting duration accordingly *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority. Definitions: Long/Short, Beta Disclosures: Indexes are unmanaged and do not have fees. One cannot invest directly in an index. For a full list of holdings, click here. Investors should carefully consider the investment objectives, risks, charges and expenses of the Return StackedTM Bonds & Managed Futures ETF. This and other important information about the ETF is contained in the prospectus, which can be obtained by calling 1-310-498-7655 or clicking here. The prospectus should be read carefully before investing. Investing involves risk including possible loss of principle. Derivatives Risk. Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates, or indices. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. Cayman Subsidiary Risk. By investing in the Fund's Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Fund's Prospectus, is not subject to all the investor...

In this episode, the ReSolve team is joined by Julian Brigden, Co-Founder & President of Macro Intelligence 2 Partners, to discuss his outlook on the current macroeconomic landscape, focusing on the secular USD trend and its impact on global markets. We cover a wide range of topics, including: • The ongoing debate between inflation and deflation, and the potential consequences of each • The role of central banks in driving market liquidity and asset prices, and the implications for investors • The possibility of an impending recession driven by tightening credit, inventory cycles, and housing market adjustments • Central banks' ability to foresee economic changes and their willingness to act on them • The mixed signals and challenges of investing in a market dominated by big tech and its impact on diversification • The potential for a currency-driven shift in market dynamics, with a focus on the US dollar • The importance of asset allocation and risk management in navigating an uncertain market environment • The impact of behavioral biases on decision-making and portfolio management • The potential benefits and risks of systematic investment strategies in the current market context · Julian's thoughts on future trends and potential market opportunities, particularly in the macro space This episode is a must-listen for anyone interested in macroeconomic trends, currency markets, and the challenges of investing in today's complex and uncertain environment, offering valuable insights and strategies to navigate these intricate markets. This is “ReSolve 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.

In this episode, the ReSolve team welcomes Roni Israelov, Chief Investment Officer and President of NDVR, to discuss advanced portfolio strategies for optimizing tax efficiency, credit exposure, and cash flow objectives. We explore a wide range of topics, including: Roni's background and experience in asset management, including his time at AQR Capital Management and Lehman Brothers The importance of portfolio construction and implementation in achieving investment goals The challenges and opportunities in managing custom lifestyle-protected growth portfolios The role of research and model building in informing and optimizing investment strategies The impact of transaction costs and factor decay profiles on portfolio performance The benefits and risks of incorporating short-term signals within long-term investment models, and using short-term models to adjust overall trading Lessons learned from building and managing option strategies focused on harvesting volatility risk premiums The role of investor psychology and behavioral biases in decision-making and portfolio management The importance of diversification and risk management in navigating uncertain markets The complexity of characterizing individual investors' utility functions and the need for custom portfolios to best satisfy unique objectives Future trends and potential opportunities in the wealth optimization space This episode is a must-listen for anyone interested in advanced portfolio strategies, tax efficiency, credit exposure, and cash flow goals, providing valuable insights and practical advice for navigating complex financial markets and achieving lasting success in the world of investing. This is “ReSolve 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Vlad Aldea and Ross Fortune from ATNV Energy LP for an insightful conversation exploring the intricacies of the electricity markets, and how their careers led to the creation of ATNV Energy. During the episode, Vlad and Ross cover a wide range of topics related to electricity markets, including: • The similarities and key differences between electricity markets and other energy commodities like natural gas and oil • The importance of a strong foundation in understanding the physical grid, including generation, load, and transmission aspects • The concept of load hedging and its relevance in the electricity market • The role of Independent System Operators (ISOs) in managing regional grids in the United States • The significance of financial transmission rights (FTRs) and their role in the electricity market • The increasing impact of storage technologies like hydro storage, pumped storage, and batteries on the electricity market • The fungibility of electrons and the accounting abstractions used in electricity markets • The challenges and opportunities in analyzing and trading within the electricity market • The evolution of ATNV Energy and its focus on transmission analysis and financial trading in the electricity market • The importance of adaptability, risk management, and collaboration in the ever-changing landscape of electricity markets • The critical role of transmission in the electricity markets and its impact on the grid’s reliability and accounting This episode is a must-listen for anyone interested in understanding the complex world of electricity markets, providing valuable insights and strategies to navigate this unique and rapidly evolving sector. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team talks with Oliver Rust, Head of Product at Truflation, a blockchain-based project that aims to provide real-time inflation forecasting. We discuss a range of topics, including: The current challenges in measuring inflation and the potential benefits of utilizing blockchain technology in inflation forecasting An introduction to Truflation and its mission to provide more accurate, real-time inflation data How decentralized oracles can help improve the accuracy and reliability of inflation forecasting The potential impact of recent central bank actions on inflation and the global economy Jerome Powell's tough position as the head of the Federal Reserve and his focus on his legacy The complexity of managing inflation, employment, and financial stability simultaneously The role of the Fed and the government in supporting local and regional banks during turbulent economic times The importance of new inflation measurement tools like Truflation in helping investors make better allocation decisions The long-term implications of current economic policies on inflation and financial markets How to get involved with and follow the developments of Truflation and its data This episode is a must-listen for anyone interested in understanding the complexities of inflation management, the potential benefits of blockchain technology in forecasting, and the role of central banks in a rapidly changing global economy. Discover insights and strategies to navigate these intricate markets and stay informed on the latest developments in real-time inflation forecasting. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, the ReSolve team is joined by Brian Moriarty, Associate Director of Fixed Income at Morningstar Research Services, and Dave Nadig, Chief Futurist at VettaFi Financial, to discuss the recent demise of Credit Suisse and the complexities of capital structure in banks. They explore various topics, including: • The persistent overweight of fixed-income mutual funds in financials, and in particular, banks • The impact of the 2008 global financial crisis on the capital structure of banks and the regulations put in place • The fertile hunting ground for active managers in the complex capital structure of banks • The Credit Suisse trade setup and its implications for fixed-income portfolios • A comparison of capital structures between regulated banks and traditional US corporates • The unique contractual clauses and outcomes of European and US preferred shares, specifically contingent convertible bonds (Cocos) and Tier 1 capital (AT1) • The nuances between Swiss and other European banks' AT1 and regulatory requirements • The performance of the capital structure regulations since the global financial crisis • The importance of understanding the risks and nuances within different levels of the capital structure • The role of bank counterparties and the potential risks they pose to the

In this episode, the ReSolve team delves deep into the challenges and emotional rollercoaster associated with trend following amid an uncertain market environment. They discuss an array of topics, including: • The impact of Jerome Powell's recent statement on interest rates and its implications for market participants • The role of central bank policies on systematic investment strategies • The lack of clear trends, economic trajectories, and market signals in today's financial landscape • The importance of maintaining small positions and staying prudent in turbulent times • Potential shifts in the market and what investors should watch for • The role of investor psychology in trend following and how to manage emotions during market turbulence • The importance of diversification and its benefits in navigating uncertain markets • The effects of market noise on trend following strategies and how to filter relevant information • The potential benefits and risks of leveraging systematic signals in the current market environment • The role of risk management and position sizing in trend following strategies • The impact of behavioral biases on decision-making and portfolio management • The team's thoughts on future trends and potential market opportunities This episode is a must-listen for anyone interested in trend following, market volatility, and the challenges of investing in today's uncertain environment, providing valuable insights and strategies to navigate these complex markets. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

In this episode, Adam, Rod and Mike review a new whitepaper called Peering Around Corners: How to Replicate Trend Following Managed Futures. They cover the motivation, methods, analysis and conclusions including: · why managed futures produce strong returns · the role of managed futures in a stock / bond portfolio · why every strategy is vulnerable to lost decades, and the role of diversification · why investors probably shouldn’t be worried about flows to managed futures · why replication does not negate the presence of manager alpha · how replication is related to returns based style analysis · how other authors replicated Buffet’s alpha and how it relates · why one might want to replicate a managed futures index · choice of simple vs complex replication methods · top down replication methods - pros and cons · bottom up replication methods - pros and cons · why top down and bottom up replication complement each other’s strengths and weaknesses · how well a combination of top down and bottom up replicates the trend following index · why investors might expect to achieve fee alpha from managed futures replication · and much more… This discussion of a new whitepaper should help investors understand how replication strategies work and the role that a managed futures replication strategy might play in portfolios. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National...

In this episode, Adam, Rod, Mike and Richard review the topics covered in the ReSolve Masterclass podcast series and offer context and updates in response to the 2022 investment experience. Specifically, they cover: • Why asset allocation is more important than security selection • How diversifying globally can help to reduce risk • How to triangulate on the outcome of asset classes by drawing from multiple perspectives and sources of information • How to think about long-lived assets and how that changes your mindset when you're thinking about investments • How to steward long-lived wealth and make decisions based on preparation rather than prediction • How to balance and rebalance a portfolio • How to think about alpha and tail protection • How to put it all together in an investment framework • How to analyze investment performance over different economic cycles and regimes • How to use a systematic process to select the group of assets and the weights of those assets and how often to rebalance them in a portfolio • How to use systematic investing to analyze investment performance over many decades and different economic cycles and regimes · And much more… This update of the ReSolve Masterclass series is essential listening for anyone who wondered how the concepts and methods held up in an inflationary environment and is curious about what to expect going forward. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority

In this episode, our guest Jerry Parker, founder and CEO of Chesapeake Capital, a global systematic trend-following investment manager, shares his insights on: His journey from being a student of legendary trader Richard Dennis to running his own trend-following fund The importance of sticking to a disciplined process despite market noise Why trend following is the ultimate solution for diversifying portfolios How to navigate compliance hurdles and get exposure to trend following strategies The potential benefits of maximizing convexity in a portfolio How to create the perfect standalone portfolio that doesn't rely on passive indexes The role of education versus pain and reward in motivating change and decision-making Jerry's approach to risk management and how it can lead to both serious strategies and potential profits The vast potential of ETFs in providing access to more markets And so much more This is a fascinating and informative episode for anyone interested in trend following, portfolio diversification, and risk management in today's markets. 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 refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

Our guest this week was Jeremy Schwartz, Global CIO of WisdomTree ETFs, a global ETF manager with over $70 billion in AUM. Our conversation covered: Why it is important to consider refinancing your house at a lower interest rate and to move your excess cash to higher-yielding accounts How managing your savings has become more crucial in the current low interest rate environment Why your checking account is costing you money and what you can do to avoid it How the recent surge in money supply and inflationary pressures may impact the economy and investments Why there is still a structural shift in the labor market and how it could affect real wages How the divergence between equities and rates markets may impact investors and the Fed's policies Why it is important to diversify your equity portfolio with lower duration, higher quality and lower valuation companies How alternatives and inflation hedges can play a significant role in asset allocation and provide return stacking opportunities Why commodities can be a useful diversifier to stocks and bonds, particularly in an inflationary environment How passive commodity exposure can act as a direct hedge against inflationary environments and provide balance to a portfolio Why investors should consider a stock-bond capital efficient portfolio, and how does it work? Why is a leveraged 60-40 portfolio a good combination for taxable investors, and why did WisdomTree choose equity underlying and futures on top of it for a leveraged 60-40 position How investors can outperform cash with a third of the portfolio that is available for investment in diversifiers, and what are some examples of diversifiers How adding managed futures to a stock-bond portfolio provides diversification and protection during inflationary shocks What companies are under the hood of an AI portfolio, and how are they selected 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Adam and Rodrigo had the opportunity to chat with engineer and business owner Alonso Gonzalez about his upcoming book, and in particular his research on the transition from a dirty, inefficient fossil fuel economy predicated on scarce energy to a new energy economy founded on effectively infinite, distributed clean energy from the sun. Alonso shared a presentation that introduced a variety of novel concepts and assertions that makes a compelling case for a complete overhaul of earth’s energy sources and infrastructure, much of which will be quite noticeable and impactful within the next five to seven years. Topics covered include: Impacts of the exponential age of knowledge Megatrends of energy abundance and digitization Uncertainty as the source of anxiety From linear to exponential growth and how the past is no longer useful in understanding the future Difference between innovation and disruption and the phases and timeline of disruption Understanding general terms about energy Understanding current energy production and consumption Visualizing a chronological road map of the transition from fossil fuels to renewable energy in the near future Consequences of energy abundance We hope you enjoy our conversation with Alonso Gonzalez! Hosted by Adam Butler and Rodrigo Gordillo of ReSolve Global* *ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.

This week we welcomed back Andy Constan (CEO / CIO of Damped Spring Advisors) and thought-provoking commentator on financial markets. His deep understanding of the global macro landscape and structure of markets, as always, made for a fascinating conversation that covered: A disciple of two completely different and complimentary schools of global macro excellence Navigating his portfolio in 2022 through the Twitter looking glass Listening between the lines and hearing the drumbeat of quantitative tightening (QT) early on In the old days, understanding inflation and growth was enough for capital allocation The game is now mostly about policymakers’ toolkit, stimuli, and their impact on flows The driving force of equity derivatives and their huge impact in the second half of last year Under normal circumstances, commercial banks account for the lion’s share of money creation and liquidity Issuance, roll-offs, and duration management – the mechanics behind the Fed’s balance sheet Credit and leverage as a function of banks’ ability and willingness to expand their own balance sheets The role of duration in the Fed’s balance sheet activity Why Japan, the original QE trailblazer, was ineffective in its efforts to support asset prices for many years Compression of risk premia, asset inflation, and a weak transmission mechanism towards wealth effects and increased consumption Valuation multiples as the inverse of risk premia Multiples expansion as the primary mechanism for QE-driven asset bubbles Debt monetization as the medium-term bogey on the radar How the Fed relinquished control of QT duration to the Treasury And so much more This is “ReSolve 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

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 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority. 

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 Asset Management Inc. *ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

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 and minimizing error Constrained vs unconstrained mean variance portfolios, de-coupled vs integrated, in a managed futures context The effect of constraints in limiting models from being “different” The practical takeaways about integrated solutions for Advisors and Portfolio Managers The value of humility in optimizing for financial markets – knowledge, wisdom and experience Stochastic dominance vs t-tests Time horizons – size matters The Consultant Industry – monthly data vs understanding process 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Our guest this week was Vincent Deluard, Director of Global Macro Strategy at Stonex. StoneX (formerly known as INTL FCStone) is an institutional-grade financial services network that connects companies, organizations, traders and investors to the global markets ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. Our conversation covered: Comparing the narratives from other allocators Is the Fed Pivot here now and will there be a soft landing The rise of structural inflation since before COVID and where will it settle Why the Fed is attempting to show that it “tried” Underestimating the strength of the economy Accepting that Growth, Austerity or Inflation are the solutions How China saved the Fed Bubbles of Bubbles and Ponzi schemes vs fundamentally driven growth Shifting from monetary to fiscal dominance The effects of automation on labor requirements Irrational American optimism vs European pessimism Political influences on monetary policy and the challenges of “onshoring” Adjusting the price, not the quantity The effects of the rates of change The possibility of equities and bonds returning to normal correlations Pension funds, interest rates, central banks and commodities The importance of diversified portfolios with sophisticated hedges 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Our guest this week was Bradley Barrie, president and CEO of Dynamic Alpha Solution, a firm that is reshaping the way US advisors think about asset allocation through their multi-dimensional framework. Our conversation covered: His early career and almost becoming a math teacher Embracing difference and uniqueness from the very beginning The barren landscape for alternative strategies in the 1990s Style drift and closet indexers False diversification Defining Multi-Dimensional Asset Allocation Structural diversification and pairing complimentary styles Outsourced CIO tailored for financial advisors Recognizing the importance of investor psychology Smoothing out the path for portfolios as the ultimate objective The three Ps of qualitative analysis Sharpe vs Sortino 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Alfonso – also known as MacroAlf – joined Adam and Mike to discuss his most recent report entitled “Yes, But When Recession?” Our conversation covered: Alf’s experience managing a $20B multi-asset book at a global bank Experience launching an independent macro newsletter for greater freedom of views Benefits of interacting with central bankers, regulators and senior officials at the bank Currently focused on recession – when and how bad will it be? Economic, social and market impacts of recessions How recession might change the Fed’s reaction function Powell and other central bankers questioning the benefits of QE and whether Fed may have a different reaction function this time Exploring the pros and cons of QE Why banks lend, and why they didn’t want to lend over the past decade of QE? Powell’s focus on Volcker and implications for policy trajectory Expectations for a second leg down and the 2000 – 2002 analog What happens in bear markets after Fed pivots? Prospects for a longer, grinding bear market Impact of high returns on cash competing with low returns on real estate and other risk assets Character of stock market bottoms in a cyclical downturn Market indicators of recession and inflation risk using Alf’s Volatility Adjusted Market Dashboard Negative credit impulse signaling recession in Q2 2023 Impact of rate of change vs level of credit given enormous surge in bank reserves in 2020 Leading indicators suggesting recession in late Q2 2023 Housing market and Sahm Rule implying recession in Q2 2023 Expectations for returns on stocks, bonds and other assets over the next several years *ReSolve Global Inc. refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Our guest this week was Mark Yusko, founder, chief investment officer and managing director of Morgan Creek Capital Management. With deep experience in both digital assets and traditional finance, Mark took us on a rollercoaster as we dissected the recent turmoil affecting the ‘crypto-verse’. Topics included: A post-mortem of the FTX debacle – an evolving situation with many missing pieces The sequence of events that led to the debacle Why Mark passed on the opportunity to invest… three times Useful idiots? Conspiracy theories versus actual conspiracies You can’t ban a decentralized system, but you ‘assassinate its character’ The due diligence failure of high-profile capital allocators Fiduciary responsibility gone awry Parallels with other frauds and characters An analogy between digital assets and the Eurodollar system Bitcoin as the base layer of a future monetary system Displacing trust with truth Innovation – why timing is key Exciting ventures and projects for the coming years With every investment we get richer or wiser… never both 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

It was our great privilege to welcome Mark Rzepczynski this week. Mark has over 25 years of experience in financial markets, is a former finance professor and writes frequently about global markets and quantitative investing. Our conversation covered: His early years, ‘forged in the chaos of the trading pits’ Pursuing a PhD and recognizing a career in research was not for him Working for John Henry – an apprenticeship in trend following Finding one’s comparative advantage and sticking to it Why trend following had a bad reputation when the Efficient Market Hypothesis (EMH) was still regarded as the law of the land Trend following as the first derivative of the EMH Understanding how markets actually behave, as opposed to how they should Prices are primal Uncertainty as the gap between what you don’t know and what you should know The interplay between price action and narrative Specialists can be tremendously myopic, while trend followers seek to be the ultimate, rules-based generalists Black Box vs Glass Box Trend following as a signal to noise problem The dirty secret of trend-following – when most of the money is actually made 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

We have been eagerly waiting for this one for a while! Our friend Mike Green, Chief Strategist and Portfolio Manager at Simplify Asset Management, returned to the podcast this week. Always thought-provoking, Mike journeyed with us through a wide range of topics that included: Why the enthusiasm for central bank intervention is so asymmetric Options trading and the wild swings in Zero Days to Expiration Options (0DTE) Statistical anomalies in the labor market The primary drivers of inflation in the 1970s A comparison between Volcker and Powell Monetary policy as a blunt tool and powerful opioid – numbing investors and delaying reforms Tax arbitrage by big corporations and why they must end A path to political moderation in the US Why tighter monetary policy may be the wrong policy right now A criticism of the Fed – authority, legitimacy, and reach Reasons for underinvestment in US energy production Why the capital allocation process in the US economy is largely broken An update on the recent dynamics of passive investment vehicles Home ownership, nimbyism, and affordability The importance of the Minsky Framework for the current environment “If you’re not doing macro, macro is doing you” 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

It was our great pleasure to welcome back Cem Karsan (also known as @jam_croissant on Twitter), Founder and Sr. Managing Partner at Kai Volatility Advisors. This deeply insightful conversation included topics such as: A recap of the last few months in equity markets Volume-weighted time and why seasonality matters more than most people know The acceleration of gamma, vanna and charm – a dangerous time to be short equities Dealer positioning as a major gravitational force in markets, often overlooked The ‘game of chicken’ played between speculators, hedgers and market makers Less ‘put hedging’ begets the currently very low skew observed Why the first and last two weeks of a year are so important The large impact of retail speculative activity and challenges to market makers Households still sitting on very large excess savings, which is often making its way into equity markets Buy the dip – investors’ conditioning over the last 40 years The risk of another lost decade for equity investors Millennials vs Boomers – a generational tussle Why the American dream has become increasingly unattainable to most 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Our guest this week was Darius Dale, founder and CEO of 42 Macro, an investment research firm focused on macroeconomics. Our conversation covered topics including: How higher inflation leads to higher inflation volatility and increased risk premia The core drivers of inflation and where the data currently points Complacency followed by overshooting – the central bank dichotomy Don’t count on a pivot anytime soon – why Powell is determined to “break things” An uncomfortable trade-off – under inflation, central banks can have price or financial stability, not both Signs the US economy is still firing on all cylinders Strong balance sheets and perhaps the strongest labor market in living memory Why cash has once again taken the throne The demise of the 60/40 portfolio Energy markets dynamics – from geopolitics to ESG Why a structural undersupply of labor reduces the probability of a recession The dysfunctional combination of tighter monetary and looser fiscal policies 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Wade Pfau is Professor of Retirement Income at The American College and has published several books on retirement, most recently The Retirement Planning Guidebook: Navigating The Important Decisions For Retirement Success. He joined us for an awesome discussion that included: The drawbacks of privatized retirement plans Why longevity pooling is so important Trade-offs between defined benefits and defined contribution plans Varying incentives across countries How different systems can withstand long-term shocks Path dependency, sequence of returns and the most crucial period for a retirement portfolio Motivations for writing his latest book and debunking retirement myths Safety First vs Probability First Optionality vs Commitment Different profiles and preferences, and a framework to accommodate them all A controversial take on the importance of asset allocation Why a 4% withdrawal rate is the least efficient approach Navigating the tax maze 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.

Our friend Jeff Weniger, Head of Equity Strategy at Wisdom Tree, returned as this week’s guest. Our wide-ranging conversation covered topics including: How sticky has inflation really become Many ways to measure inflation Leading and lagging indicators The recent drop in US home prices and the health of the real-estate market How the recent rise in interest rates affects mortgages and affordability US money supply and the reversal of the TINA trade Japan – demographics, debt burden and a collapsing Yen Reverse currency wars What makes a country (and its currency) a safe haven The apparent disconnect between financial markets and the economy How investors should prepare and protect their portfolios for the next few years 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 with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global Inc. is a registered person with the Cayman Islands Monetary Authority.