Resolve Riffs Investment Podcast

As we returned from the summer break, the season’s opening episode brought the ReSolve crew together for a deep dive into Commodity Trading Advisor (CTA) strategies, often referred to as Managed Futures, covering topics that included: The path we all took to become CTA fund managers The role these strategies can and should play in portfolios How to position them within a broader asset allocation framework ‘Closet betas’ vs true diversifiers Are CTAs necessarily synonymous with trend following? The many faces of trend following ‘Lumpy’ returns and prolonged winters The role central banks have played in reducing outcome dispersion across asset classes Behavioral hurdles and challenges Going beyond trend and the tradeoffs associated with stacking other strategies All-weather vs all-terrain investing 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.

Today’s guest is Claudia Sahm, who is the founder of Stay-At-Home Macro Consulting. She also writes a Substack of the same name, stayathomemacro.substack.com. She is a former Federal Reserve analyst, and also a former White House economic adviser. Claudia and I discussed the interaction between fiscal and monetary policy, and how the government and the Federal Reserve might more effectively combine forces to use the best tools available to address many of the major challenges that are ongoing in the domestic economy today. We also discuss the limitations and strengths of monetary policy and the lost opportunities for constructive action in terms of fiscal policy, and what measures we might be able to take to make progress in Washington, and if so, what type of policy actions might have the greatest impact in terms of improving quality of life without exacerbating the immediate economic effects of the current inflationary impulse. We also talk about the impact of the wealth effect and debate the extent to which housing, the rapid rise in home prices and the enormous outlier gains in equity portfolios over the last several years may be contributing substantially to the type of inflation that we’ve started to see recently on the services side, in terms of discretionary travel, shelter, discretionary healthcare spending and labor costs. Hosted by Adam Butler 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.

Logan is one of the foremost experts on the state and health of the U.S. housing market. In his capacity as Lead Analyst for HousingWire, he invokes a comprehensive data-driven framework for understanding the fundamental drivers of housing supply and demand. Logan demonstrated his expertise on the subject, bringing to bear data and analysis from a variety of sources and perspectives. The housing market is extremely complex with many agents and feedback effects. Logan’s insights into the motivations and risk management tactics of homebuilders were especially interesting. We discussed whether private sector incentives are likely to alleviate a chronic housing shortage and concluded that agents rarely have the right incentives to seek equilibrium between supply and demand. Logan believes sufficiently high interest rates on mortgages will curtail demand and slowly bring supply onto the market to ease price growth, but it will be slow, and a pivot in rates may spur a renewed surge in demand. There are few easy options and it’s hard to see how the housing crisis will be resolved any time soon. Hosted by Adam Butler 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

The conversation was motivated by Demetri’s tweets about MMT and fiscal policy, which stirred up quite a conflagration, and involved several primary exponents of MMT including Warren Mosler and Rohan Gray. Adam and Demetri spent the first 35 or 40 minutes on MMT, mostly overcoming the frustration around the politicization of the concept. They discussed inequality and government’s involvement in the economy. The conversation then shifted to what’s happening currently in the economy and to the US politically, both domestically and in terms of their projection of power internationally. It was natural for the discussion to cover how a constant dwelling on themes around geopolitics and markets, and all the major risks, can weigh on your psyche, and how easy it is to develop pathos and obsessions, and how that can sometimes impact your personal life. Demetri was kind enough to share his experience with brain cancer and how that was so transformative for him and how that translates to his outlook on life and his ability to see past some of the major issues that we constantly think about, and focus on some of the amazing things in our lives. Hosted by Adam Butler 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 our good friend Jason Buck (founder and CIO of Mutiny Fund) for the final episode before the summer break. Our conversation included: Recent price action in the commodity space The incredible confidence of the ‘buy the dip’ equity investors An end to the “bad news is good news” regime The mental pivot required to successfully navigate regime shift Why prolonged bear markets have become a foreign idea to most investors The kind of environment in which the difference between nominal and real returns matters most Human’s constant pursuit of historical analogues The Farmer’s Fable, macro efficiency and a mentality of abundance The opportunities created by the blind-spots in traditional portfolios and the allure of an ‘esoteric fringe’ A harmonious core and a zero-sum explorer Observing the ongoing evolution of the zeitgeist Evidence-based zealotry Two types of scientific theories – those that have been disproven, and those that one day will be An eternal struggle between the brain’s hemispheres – falsifiable simplicity vs intellectual rabbit-holes 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 welcoming Jeff Snider (Head of Global Investment Research at Alhambra Investments) and Emil Kalinowski (enterprising investor, author and host of both a talk radio show and a podcast). Together, they co-host Eurodollar University podcast and shed light on the complexities of the global monetary system. Our conversation included: Back to basics – how the global currency and monetary systems actually work The origins of the Eurodollar system Triffin’s Paradox and the breakdown of the Bretton Woods System Interest rate targeting as a form of mass psychosis for capital markets How banking reserves interact with the Eurodollar system Different types of money – commodity-backed, high-powered and credit Treasuries as the main form of balance sheet ballast for private investors A different take on the Great Financial Crisis – a stampede towards prime collateral at all costs Why central banks would compete to buy assets that are already scarce and in high demand The true impacts of quantitative easing and why it’s ineffective in reducing interest rates The importance of sentiment and why the main role of central banks is theatrical Lacking the tools to unclog the system How even China got caught in the ‘Eurodollar System Vortex’ Vast swathes of the real economy have been deprived of credit since 2008 REPO markets, unwilling primary dealers and backwards elasticity Rehypothecation of collateral and other fundamental problems Creation and intermediation of money should be done by separate institutions 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.

For this week’s special episode, Adam, Mike, Rodrigo and Richard gathered to explore the building blocks of an ultimate All Weather portfolio. Our conversation included: The blind spots of the 60/40 stock-bond portfolio Regime dependency and economic shocks Diversifiable versus non-diversifiable risks How to create an optimal portfolio that can navigate most regimes Why Global Risk Parity is the natural starting point for any investor with a long-term view Different ways to implement Risk Parity Time horizons and rebalancing Tactical tilts and the beta-alpha continuum Yield as another proxy for risk Global Carry as a complement to risk parity beta The Existence Proof as a threat to alpha Trend following, seasonality, carry, counter-trend, relative value and volatility Why one man’s alpha can sometimes be another’s (smart) beta Ensembles and thinking beyond traditional factors Considering speed and size 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 had the pleasure this week of speaking with Cem Karsan (the pronunciation can be a bit challenging, bit the hint is in his Twitter handle - @jam_croissant), founder of Kai Volatility Advisors. His deep knowledge of market structures and investment flows took us on a fascinating conversation that included: Joining a team early in his career that would become one of the Street’s largest options market makers Developing a profound understanding of the reflexive game of dealer positioning and its feedback effects on asset prices Launching Kai Volatility Advisors and three uncorrelated strategies A quantitative approach with a discretionary overlay The circumstances under which dealer flow becomes most relevant The upcoming June expiration and the ‘massive delta’ hovering over the market Distributions vs expectations The remarkable advances in the options market over the last two decades The ‘dramatic oversupply’ of volatility and its underperformance as an asset-class The JP Morgan Equity Hedge giant and its impact on the market Efficiency, transparency and performance – the trade-offs between ETFs and private pools Cem’s global macro perspective and his take on the current environment The explosive combination of cheap capital and technological innovation The road to inflation – inequality, populism and a pandemic-induced fiscal trigger of titanic proportions 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 Adam and Rodrigo of ReSolve Global* had the pleasure of speaking with Jason Josephiac of Meketa Investment Group. Our conversation spanned topics including: His background in the industry and joining Meketa Asset Allocation: label/category diversification vs. risk/functional diversification Risk Parity vs. Traditional Asset Allocation What Portable Alpha Synthetically creating your own “bond” with risk factors not directly tied to spreads and rates Risk Mitigating Strategies (RMS) Long Volatility – 1st Responders Trend Following – 2nd Responders Beta Neutral and Uncorrelated (Diversifiers) Behavioral/psychological biases of investors Why “hedge funds” are not an asset class and many “hedge fund” programs tend not to withstand the test of time What is risk? Generalists vs. Specialists How LDI portfolios could be improved Evolution of dissecting returns and understanding factor risks, what is alpha vs. beta How can investment managers and investors become better aligned? Thank you very much for tuning in – please like and share if you find the content valuable! *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 Rob Van Wielingen, President & CEO of Viewpoint Investment Partners, a boutique investment management firm offering systematic strategies to private and institutional investors. Our conversation included: The Van Wielingen family background in the oil and gas industry Rob’s decision at an early age to focus on finance and technology Learning from his grandfather’s experience: “I know what it’s like to be rich – I’ve been rich three times” How the family gradually moved from highly concentrated allocations in energy companies to diversified portfolios The logical fallacy of active vs passive as the starting point for rethinking their investment approach Why the path to becoming rich is diametrically opposed to that of staying rich Trial by fire – launching the business during the Great Financial Crisis From rudimentary spreadsheets to ‘full blown quant’ The trouble with lagged and infrequent data Embracing the ideas of Return Stacking The differences between Risk Parity and Risk Budgeting Recursive Risk Parity – drawing the best ideas from different approaches Human nature vs systematic approaches Carry, Trend, and how asset allocation can be both relative and absolute And 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 Andy Constan (CEO / CIO at Damped Spring Advisors) and prolific member of the FinTwit community under the @dampedspring penname. Our conversation spanned topics including: His long and interesting career in the investment world Starting with equity derivatives and eventually earning his ‘global macro education’ at Bridgewater Associates The constantly evolving challenge of generating alpha Trading and managing portfolios at scale and the importance of liquidity Separating alpha from beta Basis risk vs liquidity risk The broad macro picture vs what is priced in The unique challenges posed by the current environment The front-running of quantitative tightening The daily marking to market of risk premia The weak link between consumer inflation and the Fed’s balance sheet The interplay between the Fed, the Treasury and the bond market Interpreting the messages coming from policymakers The importance of positioning data and rebalancing flows 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. *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.

Vincent Deluard is the Global Macro Strategist for StoneX, where he advises institutional investors on asset allocation and risk management. He joined us for an awesome conversation that covered topics including: His early life in France - expectations for public service but ‘saved’ by a scholarship to study abroad Bitten by the ‘quantitative bug’ from the very start of his career How his macro framework evolved Inflection points in the mega trends that have endured for the last 40 years Concerns with inflation pre-date the pandemic How COVID ‘shrank’ time Sample of one – why Japanese stagnation should not be extrapolated as the path for other countries The demographic collapse in East Asia Views on MMT – analytical tool more than policy framework The ‘incestuous’ relationship between central banks and their governments’ treasuries – from the left pocket to the right The ‘fairy tale land’ of the Fed’s economic projections Inflation as the last painful path to ‘clean up’ excess debt in the system US, Europe, China, and Japan – immigration dynamics and long-term prosperity Analogues with the post-WW2 and 1970s inflationary periods and why this time is likely different The risk that inflation continues to accelerate – the expectation channel The ‘kink’ in the Eurodollar curve Are there viable alternatives to the US dollar? How investors should rethink and broaden their asset allocation approach 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. *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.

It had been a while since we riffed with our good friend Meb Faber (co-founder and the Chief Investment Officer of Cambria Investment Management), and as always, he didn’t disappoint. Our thought-provoking conversation covered topics such as: Meb’s big announcement – his Idea Farm, which curates investment content from a wide variety of sources, is now free Recent equity market dynamics and the pain that historically comes with inflation Why dogmatism and inflexibility are two of the worst traits for investors Never allowing your ideas to become part of your identity Diversification and ensembles are the right way forward, but most investors can’t follow because they are secretly gamblers at heart Marc Faber is not Meb’s dad Chasing the hot hand is rarely a winning investment strategy for the long run The irresistible allure of lottery-ticket stocks vs the Law of Large Numbers The incredible round-trip by ARK ETFs and a following that resembles a religion Every investment makes you richer or wiser, but never both The power of compounding and the most unbelievable investment statistic you’ll ever hear Most professional investors have a process for what they buy, but no process for what they sell The right time horizon to evaluate a strategy is MUCH longer than most investors can stick with if it doesn’t outperform from the start 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. *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.

We were joined this week by Kris Abdelmessih, who spent most of his career as an options trader and now writes about the relationship between money, work and creativity in the Moontower blog and weekly newsletter. Our conversation covered topics that included: Becoming a derivatives and options trader straight out of college Defining the difference between trading and investing Identifying alpha – understanding your edge and capitalizing on it The business of trading Not just surviving but thriving during the Dotcom Crash Learning under the wings of Reggie Brown The high natural rate of attrition in options trading A portable skillset – from derivatives to the underlying The highly disruptive period of the early 2000s The trading pit as the home to misfits and ‘X-men’ Speed as a quintessential skill How the ‘shale boom’ compressed volatility in natural gas Trading can be defined as ‘seeing the present clearly’ Joining FinTwit to learn about the broader investment landscape 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. *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 Rohan Grey, assistant professor at Willamette University College of Law where he teaches Contracts, Business Associations and Securities Regulation. Rohan is also a prominent advocate of Modern Monetary Theory (MMT) and has also recently been involved in drafting regulations in the digital asset and currency space. Our wide ranging conversation took us through historical periods, current policy debates, and included: Why laws have historically been ‘kind to the rich’ and ‘just to the poor’ The notion of ‘legal realism’ The fog of legal liability risks MMT vs Classical Economics Defining money from the MMT vantage point Personifying ‘the taxpayer’ Private credit vs official money Why the US actually left the gold standard in the 1930s and not the 1970s The greenback and the paper money movement Currencies backed by precious metals and ‘Schrodinger’s Gold’ Governments have monopoly over the use of force, but not the creation of money The policy paradigm shift precipitated by the pandemic MMT is not just about deficit spending, and other major policy components Unemployment as a policy choice Biden’s “whatever it takes” moment Neoclassical monetary tightening and the ‘shadow of Volcker’ E-Cash, CBDCs and policy frameworks for the digital realm Central Bank vs Treasury – who should have sovereignty over the currency Why it can be wrong to be right too soon And much, 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. *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.

Dr. Antti Ilmanen, Principal and Global Co-head of the Portfolio Solutions Group at AQR Capital Management joins ReSolve Global CIO Adam Butler to discuss the core themes from Antti’s new book, “Investing Amid Low Expected Returns.” In this 100 minute conversation we explore the following themes at length: The pros and cons of several models for forecasting stock returns The role of bonds in portfolios when yields are low. How to measure and optimize the credit risk premium The sources of return for commodity portfolios and the critical role of inflation sensitive assets for optimal portfolio diversification Why the illiquidity premium is probably an illiquidity discount Why PE returns are probably overstated and can be mostly replicated with public market portfolios Style premia as distinct from academic factor models A lengthy discussion on the role and character of global carry strategies, and myth-busting Is global carry the ultimate risk premia strategy? The many benefits of trend and macro trading strategies, especially during inflationary regimes Why Carry and Trend work so well together in portfolios The origins of ‘Defensive Premia’ Which style premia are most overlooked relative to their potential value in a portfolio Which style premia have historically offered the highest sensitivity to inflation Why global risk parity allocations across risk premia and style premia represents the most efficient portfolio The regulatory imperative to maximize diversification Why most investors can’t or won’t invest this way There is not one wasted moment in this conversation, and it is chock-full of practical take-aways for investors of every type. If you listen to one podcast this week, and are motivated to make the most of your invested capital, make it this one! You can find Antti’s book on Amazon here: https://www.amazon.com/gp/product/1119860199/ref=dbs_a_def_rwt_bibl_vppi_i2 Additional book-related content; including “deleted scenes” that didn’t make the final book: Aqr.com/Serenity Hosted by Adam Butler 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.

Our guest this week was Stuart Barton, co-founder and Chief Investment Officer at Volatility Shares. Our conversation ranged across topics that included: Early career as a vol trader and how the space has changed over time Volatility Shares’ investment approach – probability-weighting and active trading ETNs, ETFs and other ‘packaging’ models – benefits and drawbacks Settlement as a crucial variable – matching vehicles and their underlying assets A post-mortem on the ‘Volmageddon’ episode in February 2018 Volatility strategies – wide variety of flavors for investors of all stripes and sizes ‘Picking up pennies in front of a steamroller’ and other vol strategies to avoid Asymmetric risks and rewards Term-structures, curves, expirations and roll-yields The ‘boring’ 3-month VIX futures contracts Multiple sources of signal in the VIX curve, including its shape and how it moves vs the S&P 500 (aka skew delta) The relationship between spot and future volatility at different points along the curve The various ‘800-pound gorillas in the room’ and their techniques for minimizing market impact Why attempts at front-running these larger players sometimes go awry The reflexive and ever-evolving race towards alpha 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. *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 had the pleasure of welcoming Bilal Hafeez, founder, CEO and Head of Research at Macro Hive, and the host of the Macro Hive Conversations podcast. We had a broad global macro conversation that included: Bilal’s journey in the finance industry through North America, Asia and back to Europe Retiring from corporate life and founding a ‘hive-mind’ research firm A top-down approach with an eye for structural trends and a cyclical view Interest rates as the main concern for both retail and institutional clients Central Banking dichotomy – austere in developing nations, creative across the G7 The US Dollar as the ‘cleanest dirty shirt’ Does the US dollar system still serve the best interest of the US? The gravity-defying paradox of equity markets (especially in recent weeks) The Ukrainian war and a global commodity shock The prospects of an energy crisis An upcoming US recession and the possibility of yet another policy blunder by the Fed Navigating the spike in uncertainty with a large cash position Digital assets – a multitude of use cases, evolving regulations, and long-term bullishness The podcast guests that have changed his views over time 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. *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 good friend Eric Balchunas (Senior ETF Analyst at Bloomberg Intelligence) joined us once again, this time to discuss his new book “The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions”. We covered topics that included: Bogle’s early life as a university student and his 1949 thesis Becoming the young CEO of Wellington Fund at age 35 Bogle’s initial enthusiasm with active management before building his “passive juggernaut” The beginnings of Vanguard – starting off as a “back-office company” His rough yet friendly attitude to competitors Vanguard as the “Amazon of asset managers” Giving people what they wanted before they even knew it Mutual ownership structure as a key feature of the ETF revolution Growing and taking market share from “closet beta” funds Vanguard took 30 years to get to USD 1 trillion in AUM, and another 15 years to get to USD 8T Crypto ETFs as a possible next step for Vanguard Thematic ETFs as the “hot sauce” on top of vanilla portfolios 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. *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.

We were joined this week by Preet Banerjee, host of the Mostly Money podcast, management consultant focused on commercial applications of behavioral finance, and founder of MoneyGaps’: "Light Financial Planning" software for advisors. Our conversation included topics such as: Preet’s diverse background – from neuroscience and financial advisory to auto racing Realizing everything is about psychology Outgrowing his advisory practice and becoming a consultant Setting out to quantify the value of financial advice across multiple channels Navigating industry minefields and the trouble with incentives The risks involved with Order Execution Only Innovations in the “high volume, light touch” advice The many faces of financial guidance The evolution of the robo-advisory model Separating wheat and chaff in advisory land Hyperbolic discounting Time inconsistent preferences Process, discipline and maximizing potential outcomes Regulations, choice abundance and Australia’s superannuation model 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. *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.

We were joined this week by none other than Alex Gurevich, founder and CIO of HonTe Investments, author of The Next Perfect Trade, and more recently The Trades of March 2020 – A Shield Against Uncertainty, and a legend in the macro hedge fund industry. Our conversation included topics such as: His background in math, and as a competitive chess, GO and poker player An analytical approach that was well-suited for a Wall Street trader Skin in the game – he wanted to be a trader from the start, not an analyst Typical patterns in financial markets tend to repeat themselves much more frequently than most investors realize Employment and energy prices as strong leading indicators for a recession Interest rate momentum and a bearish outlook for equities How tighter monetary policy may be the wrong tool to fight inflation caused by higher energy prices and supply chain disruptions (and could backfire) Political pressures, the Fed, and the increasing likelihood of a policy error An investment approach focused on major global asset classes and big picture thinking Seeking opportunities with asymmetric odds Precious metals are less about inflation and more about liquidity A risky moment for the global reserve currency How to protect against low probability scenarios that can pose devastatingly negative outcomes Creative hedging Avoiding unnecessary complexity when expressing views – vanilla is usually better than exotic options Time horizons, and differentiating risk management for a trade vs portfolio holding Sizing, stress analysis and conviction – why stop losses are not always the best way to manage risk 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.

This week we had the pleasure of speaking with Marcos Bueno, CIO at Ascent Systematic Advisors. Marcos has a diverse and well-rounded backgrounded in finance, and our conversation covered topics that included: His background at proprietary trading desks and macro funds Starting his career in fundamental, research-oriented investing Early successes during a bull market while recognizing the role of luck The GFC, the Volker Rule and leaving Wall Street to join Graham Capital in London Combining global macro with trend-following The different perspectives between value investors and macro traders Opinion vs Gospel, Humility vs Hubris Bitten by the ‘systematic bug’ and becoming enamored with its elegance and efficiency Systematic thinking as a superior approach by keeping biases in check and limiting your downside Why the market is always ‘right’, even when it’s ‘wrong’ The emotional investment that comes with deep fundamental equity analysis and how it can skew investors’ perception How trend following takes advantage of some of the permanent features in markets Reflection on cognitive biases and trading intuition from a systematic perspective Signaling, information diffusion and self-fulfilling prophecies 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. *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.

After a multi-decade slumber, inflation has been dominating the economic and financial zeitgeist over the last twelve months. The sustained sell-off in both US stocks and bonds at the start of 2022 was an unfamiliar sight to investors that grew accustomed to the negative correlation that created the once mighty 60/40 portfolio. Are we entering a new paradigm where inflation has both higher mean and variance? Adam, Mike and Rodrigo lay out their views for navigating inflationary times, including topics such as: The difference between sustained and volatile inflation Large supply and demand mismatch, combined with a reversal of globalization gains of recent decades The huge difference in effects between monetary and fiscal stimuli The post-war years as a better analogy than the 1970’s for the current backdrop Different types of inflation and varied downstream effects Path dependency and the wide dispersion of possible scenarios Whether transitory or sustained, it’s hard to disagree that we now have higher inflation volatility What types of strategies can thrive during inflationary periods Shifting regimes and the ‘primordial soup’ of portfolio construction Transition phases and leadership changes on decade-long cycles Why commodity-sensitive stocks haven’t really protected portfolios in inflationary shocks The case for multi-asset trend and global macro momentum strategies Protecting against inflation volatility and prolonged bear markets – a historical perspective Portfolio construction for a new macroeconomic scenario 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.

Our guest this week was Cullen Roche, CIO of Disciplined Funds, founder of Orcam Financial Group and author of Pragmatic Capitalism: What Every Investor Needs to Know About Money and Finance. We discussed topics that included: Disciplined Funds’ macro-oriented investment approach Cullen’s rude awakening – classic economics learned in university is largely at odds with real world economics Taking a step back and learning public finances from first principles Digging into the mechanics of quantitative easing, fiscal policy and other major interventions “If you're not confused, you don't understand what's going on” The Kalecki Equation and wealth concentration Fiscal Stimulus – how much is too much An introduction to Modern Monetary Theory The role played by a “currency monopoly” From an MMT perspective, unemployment is a failure of government Why the median voter is so disappointed with the current system that they will likely swing to one of the extremes – the question is which one? The need for productivity improvement to keep up with fiscal outlays The Real Estate Conundrum – a depreciating block of wood on an ever-scarcer plot of land What percentage of homeowners can withstand rising interest rates? The demographic question, Japanification and home prices Thinking of portfolio construction in the current environment – core and satellites Cullen’s 90/10 Rule – helping investors stick with their structured portfolio allocations by “allowing” them to speculate on a small portion of their assets 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.

This week we had the privilege of hosting Viktor Shvets, Managing Director at Macquarie Securities and author of ‘The Great Rupture - Three Empires, Four Turning Points and the Future of Humanity - Do we need to be free?’. This deeply insightful conversation touched on topics that included: Is freedom truly a prerequisite for prosperity? Hong Kong’s transition from global hub to China-centric US and Chinese societies face similar challenges, but have a vastly different toolkit to tackle them China as the world’s locomotive for 18 of the last 20 centuries The extraordinary, and largely unknown, impact Genghis Khan and the Mongols had on civilization The interplay between institutions, culture and geography, and their combined role in the wealth of nations Roman institutions as the great inheritance bestowed upon the West Keynesian and Marxist canon – more similarities than many would believe The highly disruptive labor dislocations between the first and second Industrial Revolutions The likely disruption and dislocation over the next couple of decades How we got here – capital abundance, declining productivity and inequality Technology, financialization and the Fujiwara Effect – when hurricanes collide and compound Maslowian disappointment and the dwindling faith in institutions and the system Breaking the loop – finding the right set of carrots and sticks Building a bridge to the future Inflation volatility, continued secular deflation and a ripe moment for active management Thank you for watching and listening. See you next week. 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 prospect of normalizing monetary policy has been the main catalyst for a major equity rotation that has favored value stocks. Could this be the long-awaited reawakening of value investing? We had the pleasure of speaking to Rafael “Rafa” Resendes, co-founder of Applied Finance and prominent value investor. Our conversation covered: Economic ValueTM as a core metric The power of the Investment Factor The importance of capitalizing R&D and other balance sheet adjustments Sensitivity analyses – recognizing how impactful assumptions on growth and cost of capital can be for valuations Risks that cannot be diversified away must offer higher returns Why CAPM doesn’t make sense, both empirically and logically A market implied approach to cost of capital Leverage and size matter (a lot), though the former even more than the latter Taking advantage of historic mis-pricings Multiples, profitability, risk and competition The relevance of a company’s cash flow duration, and how it relates to interest rates Balancing risk vs duration Intrinsic value and asset pricing models Valuation as measured by implied future growth Thank you for watching and listening. See you next week. 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.

To kick off the new year, our 2022 inaugural episode welcomed back Jeff Weniger, Head of Equity Strategy at WisdomTree Asset Management. Sharp-witted and pulling no punches, Jeff and the team covered topics that included: The early year equity rotation as the inflation narrative gathers steam The third leg of the portfolio stool that most investors are likely missing Owning commodities vs commodity-linked equities Most investors today have barely had any experience with inflation in markets – remembering the commodity super-cycle of the early 2000s Not all inflation is created equally – how it arises determines what asset-classes and instruments can be used most effectively The types of risk gold responds to, and why it hasn’t performed as many expected Owner’s Equivalent Rent and its delayed effect in the Consumer Price Index Maybe the cure for high commodity prices… is high commodity prices The “stealth crash” in the Nasdaq and aggressive equity sector rotation Market-cap weighted equity investors can miss out on huge gains in underrepresented sectors over prolonged periods The possible upcoming perils for Big Tech An ESG Conundrum – the anti-social externality caused by social media platforms Disclosure and the new paradigm of ESG – how sticky can this be? The era of crisis, necessity and change on both micro and macro levels The toughest decade ever for diversified portfolios The reawakening of the value factor Thank you for watching and listening. See you next week. 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.

This week we had the pleasure of hosting Mark Yaxley, founding partner of Strategic Wealth Preservation, which specializes in the acquisition and storage of precious metals for investors around the world. He also brought his team member Philip Zappacosta to the conversation, which covered topics that included: Mark’s journey through the commodity space, before founding SWP The reasons that drive investors to own physical precious metals Different wealth objectives – creation vs growth vs preservation Property rights and jurisdiction considerations Understanding the role gold has played throughout history Watching the behavior of central banks Why loyalty to an asset-class doesn’t always stem from being “bitten by a bug” Why gold should be considered true money The role of other precious metals in portfolios The densest precious metal that you probably never heard of Silver – hundreds of industrial applications, less attractive in Asia and Europe and likely the most underpriced today Bar sizes, purity, utilities and different premiums The importance of holding smaller bars for liquidity – fractional ownership in the physical space Why gold hasn’t performed as expected in a year of high inflation When to invest in futures, ETFs or miners vs outright physical metals Thank you for watching and listening. Happy holidays, see you in January. 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.

This week we spoke with Glen Burella, PhD, Vice President, Business Development at Abbey Capital (US). Glen previously worked on the investment research side of Abbey Capital having a background in quantum computing and a theoretical physics PHD. Our conversation with Glen covered the following themes: The incredible combination of stocks and trend following Glen’s attraction to science and math A glimpse inside a PhD in quantum physics First days at a new quant firm Behind the scenes at Abbey Capital’s research division Launching new products and taking business risk Abbey Capital’s focus on multi-manager portfolios Why multi-manager instead of single ensemble? Dealing with performance fees in a multi-manager portfolio Segregated accounts vs trade netting Selecting managers and assembling portfolios The role of CTAs in institutional mandates How CTAs are an optimal solution for the coming inflation volatility regime Thank you for watching and listening. See you next week. 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.

This episode features Ben Hunt, founder of Second Foundation Partners, which hosts the Epsilon Theory content portal. I reached out to Ben because I’d been starting to feel myself shifting gears on my feelings and perceptions around the ongoing COVID pandemic, and I knew Ben would be able to help put things in proper perspective. For most of the past 18 months or so I have been firmly in support of most of the measures taken by governments to manage the health impacts of the virus. We adhered strictly to lockdown guidelines, supported border closures, followed protocols, and received vaccines and boosters as soon as they were available. But over the past few weeks I’d felt myself becoming frustrated with the lack of progress on the policy front. After all, residents of developed countries have had access to highly effective vaccines for almost 9 months. Every resident has had ample opportunity to get fully vaccinated at no financial cost, and residents of many countries have had plenty of time to get free booster shots. Yet still, here we are. Everyone I talk to seems to be much more terrified of testing positive than of actually getting the virus. Everyone wants to travel, or go back to university, or see family – live a fulfilling life with the people we care about! – but they’re petrified about facing trip cancelations, quarantines, and/or huge expenses from a positive COVID test. Isn’t the world upside down when most people are more afraid of running afoul the regulations in place to prevent a danger, than they are of the danger itself! These are the themes I felt I needed to cover with Ben, and we did cover most of them in our 90 minute conversation. Ben was extremely patient and generous with his time, wisdom and insights. However, I admit to still feeling like several critical points went unresolved. This gap was definitely my fault, and not Ben’s. It just took me a few days of further ruminating to see the holes I wanted to fill. I think this is an important and timely conversation with someone who understand the topic from top to bottom, and who sees the issues with clear eyes, and a full heart. I hope you get as much value out of it as I did.

Daruis Dale is the Founder and CEO of 42 Macro, an investment research firm that aims to disrupt the financial services industry by democratizing institutional macro-grade risk management frameworks and processes. Prior to founding 42 Macro, Darius was a Managing Director and partner at Hedgeye Risk Management, an independent investment research firm based in Stamford CT. He joined us for jam-packed and timely conversation that included topics such as: Positioning for inflation volatility and the “Midas Touch” The Fed and accelerating the taper The Dynamics of the recent “Friday Smackdown” The missing “Guardians of the Gate” The implications for bonds Cyclical changes and secular regimes Declaring regimes and pricing them in Portfolio construction and conditional probability Why you don’t get paid for being too early Frontrunning pricing with intuition and expectations The Style Factor and why it’s the best predictor Back-testing regime ensembles Covariance ranking, layering and beta ranking in portfolio construction Selecting and weighting macro indicators Behavioral Economics and why being different is important The impact of Bitcoin on portfolios The effects of expensive markets relative to inflation Policy mistakes and corrections Thank you for watching and listening. See you next week. 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.

Phil Huber is the Chief Investment Officer of Savant Wealth Management, and author of The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification. He joined us for a great discussion that covered topics such as: Educating advisors on the role of alternative strategies in portfolios and their benefits Recency bias and why “hindsight is 60/40” A different approach to building a truly balanced portfolio Why allocators find it difficult to diversify away from stocks and bonds, despite recognizing how expensive they currently are Dealing with an environment that most financial professionals have never come across in their lives Embracing alternative risk premiums and trying to understand why they work Private equity and hedge funds – the ‘gateway’ alts Niche vs large managers – why size matters and finding the sweet spot Path dependency and sequence of returns Communication challenges and getting clients across the line to embrace a novel approach Line item risk vs portfolio ‘gestalt’ Fiduciary responsibilities, diversification, fees and behavioral considerations Behavioral coaching as an integral part of an advisor’s job A wide range of experiences and unrealistic expectations – why alternative strategies haven’t been fully embraced by retail investors In the absence of value, we negotiate price Overcrowding, passive-flows and factor underperformance The pitfalls of overly conservative assumptions Minimizing regret vs maximizing utility Plan vs planning – a perpetual, ongoing exercise Thank you for watching and listening. See you next week. 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.

Jack Forehand is co-founder, partner and CIO at Validea Capital, and is also the co-host of the popular Excess Returns podcast. He joined us for an awesome conversation that included topics such as: The different styles for interviewing guests –preparation vs improvisation Factor models to decompose the returns achieved by famed managers Peter Lynch and the real mystery behind his track-record Momentum vs return chasing Cycles, underperformance and the benefits of combining different methodologies The hard problem of factor allocation based on historical returns A pragmatic approach that earned Jack his Twitter Handle – @practicalquant Education, discipline and adherence The incredibly long winter experienced by the value factor – is it over Behavioral vulnerabilities – knowing about them doesn’t dampen their effect Holding minimum amounts of cash – the additional tail-wind for indexed products Tracking error can be more painful than the risk of losses Why finding your like-minded tribe is a crucial component of sticking with a strategy Thank you for watching and listening. See you next week. 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.

Perth Tolle is the founder of Life + Liberty Indexes, an index provider and sponsor of the Freedom 100 Emerging Markets ETF – a first of its kind strategy that uses personal and economic freedom metrics as primary factors in its investment process. She joined us for a great conversation that included: How her early life in China, Hong Kong and the US shaped her perceptions of freedom Isolating the “freedom factor” and using it, not as a tilt, but the primary basis for investment decisions The enormous task of quantifying, converting, and scaling 76 different metrics, many of which are qualitative Political, judicial, economic and social – freedom measured in its many forms Settling contradictions when different freedoms collide Why Perth has avoided the ESG label The many signs that suggested that this was a product that needed to exist Stumbling onto a fishing trip with industry heavy-weights and securing seed capital Reaching the important milestone of USD 100 million assets under management Forging her own path in an extremely competitive and challenging industry Accepting that she can no longer travel to several countries because of her work Her partnership with Alpha Architect New projects on the horizon Thank you for watching and listening See you next week. 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.

This week we had the pleasure of hosting our friend Jon Aikman, President and CIO of ReSolution Investments, for a broad conversation on the three-lettered acronym that has taken the investment world by storm in the last few years: ESG – Environmental, Social and Governance. We covered: How a background in law, banking and academia developed into a passion for impact investing While the environment has drawn most of the attention, we shouldn’t overlook the social and governance agenda Untangling definitions and acronyms Anti-carbon policies running ahead of replacement technology Oil isn’t going away any time soon – think carbon sequestration Environmental goals at odds with shareholder value maximization One man’s waste is another man’s biofuel Investors’ time horizons are often too short to take long-term externalities into account Any time people make investment decisions for non-economic reasons, opportunities arise How dislocations impose ripe opportunities for active management Green washing, opportunism and gaming the system Incorporating inflation hedging within an ESG framework The temporal question – developed nations evolved and polluted, emerging markets want the right to do the same The tough economic decisions governments, companies and individuals are likely to face in the coming years Thank you for watching and listening. See you next week. 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.

Tom Morgan is Director of Communications and Content for the Knall/Cohen/Pence (KCP) Group at Stifel. He writes a weekly missive called The Attention Span, which curates and synthesizes content, ideas and frameworks to help readers make sense of an increasingly complex world. Tom, Richard, Mike and Adam wandered into a wide range of topics, but the central theme orbited around humanity’s universal craving for meaning and connection in the vacuum created by the post-modernist Western focus on empirical rationalism. Along the way we touched on the following subjects: The central importance of authenticity and following your passion to stand out and build community in an increasingly hostile information ecosystem The importance of intuition as a connection to the “extended mind” and the example of George Soros’ sore back The human obsession with the sacred and the profane, and how this need manifests in tribalism in the absence of religious context The West’s devilish obsession with left-brain priorities like data, taxonomies, definitions, and process, which are devoid of context and meaning The critical role of emergent dynamics in shaping our world from the bottom-up The potential for evolutionary processes to converge on awful solutions Potential dangers in applying constraints or directions in complex dynamic systems How asymmetrically powerful actors like Facebook’s engagement AIs might corrupt natural evolutionary processes and lead us down a dark path Why we are accelerating toward universal irrelevancy and must soon rethink the value of individuals and our social contracts How to “dance” with complexity and find the joy in adapting rather than controlling Why all meaningful change happens at the border of order and chaos Why the most important leaps forward always seem insane right up to the point when they are universally accepted This is obviously a long list, but there is so much more between the lines and in the connective tissue of the discussion. The ReSolve crew had a lot of fun with this conversation and we think you will too. Thank you for watching and listening. See you next week. 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.

Wes, Patrick and the Alpha Architect Team are long-time friends of ReSolve, and were gracious enough to join us last-minute to discuss their huge win in the ETF white label space, with the launch of the ARK 21Shares Bitcoin ETF. Wes and team are known for their pure factor ETFs, but in the last few years they’ve pivoted from asset management to create an ETF Architect division, offering the “picks and shovels” for external managers to offer niche strategies with tight operations and low costs. Wes and Patrick give us the straight goods on what it takes to launch a successful ETF, including: Overcoming their academic focus on factor-oriented quant strategies to entertain more diverse offerings How “ETF Innovation” differs from traditional approaches and fund conversions The “minimum effective dose” of operating capital and market buy-in necessary to facilitate a successful ETF launch A deep dive into the levers of economics and margins for launching and operating an ETF Insights on changes to tax and regulatory rules proposed by the Biden administration, and the economic merits of equalizing ETF and mutual fund tax treatment Evolution in market access – how investors access ETFs vs mutual funds and how to get shelf space for fund products The special considerations involved in launching a Bitcoin ETF Overcoming the negative roll yield typical of Bitcoin futures The state of arbitrage in the digital asset space, and why juicy returns will probably persist You will not find a more candid, competent and credible team than Wes and Patrick to get the unfiltered version of what you need to deliver a successful ETF launch. It was also amazing to learn more about the machinations involved in standing up a crypto asset product, and getting a glimpse into the future of the space. Thank you for watching and listening. See you next week. 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.

Traditional portfolios are faced with the prospects of depressed expected returns in the coming years, as implied by current stretched valuations of stocks, and near record low rates and credit spreads for bonds. Our recently released paper – Return Stacking: Strategies for Overcoming a Low Return Environment – co-authored by Rodrigo and our good friend Corey Hoffstein, shows how investors may materially improve their chances of success by allocating to uncorrelated managers that may offer more ‘bang for your buck’ and free up valuable ‘portfolio real-estate’. Fielding questions from the ‘Twittersphere’ as well as our live audience, this episode covers: The pitfalls of emulating large institutions with limited portfolio agility and mandate flexibility Stellar returns and recency bias – why so many investors remain anchored to the ‘60/40 portfolio’ Why stocks and bonds are structurally not designed to thrive in high inflation and/or low growth environments How loose fiscal policy, layered atop highly expansive monetary policy, strengthens the case for persistent inflation A trip down portfolio theory memory lane Risk transformation and financial alchemy Leverage aversion – concentrated bets vs capital efficient diversified return streams Structural diversification, tracking error and absolute returns Return stacking as a form of liability hedging for advisors Finding structural edges and tilting the odds in one’s favor The team also discussed the importance of separating the underlying components of any strategy, not only across asset-classes, but also beta, alpha, styles, and tilts, in order to use them as building blocks to create tailored portfolios with desired exposures. There’s also an “Easter Egg” where Adam discusses the results of a forthcoming paper on the shockingly large potential benefits of trade and fee netting in multi-strategy products. Thank you for watching and listening. See you next week. 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.

Whether stemming from a recession, a policy shock, a terrorist attack, or a global pandemic, financial markets periodically go through major selloffs. It has always been this way. Euphoria eventually leads to panic, every time. Another way to look at these crashes is through the lens of volatility (and its commensurate rise), which has become a fundamental component of investment decisions. As time goes by, innovations can (and will) suppress volatility and can sometimes give the impression that risk has been eliminated, but that is always a fool’s dream. Eventually the piper must be paid. Our guests this week were Benn Eifert (Founder & CIO) and Scott Maidel (Head of Business Development), of QVR Advisors, a boutique asset manager that specializes in strategies seeking to profit from volatility and all its downstream effects – including attempts to suppress it. We covered: How markets fundamentally changed following the Great Financial Crisis Call overwriting – the favorite strategy of yield-thirsty institutions Why ‘selling vol’ is too broad a term and has all but lost its meaning Everybody wants protection – reflexivity and the options tail that wags the equity dog The behemoth equity hedged strategy that now moves the market at the end of every quarter “Gradually, then suddenly” – the nature of volatility Gamma & Vanna – the second-order ‘Greeks’ and their outsized influence in short-term moves Execution is key – don’t trade against the Flash Boys Buying what you don’t want to build Systematic vs Quant Benn and Scott also described in detail QVR’s two main lines of business – absolute return and tailored solutions – providing insight into their processes and competitive advantages. We also discussed the distinct nature of different market crashes, trade monetization, rebalancing, and much more. It was a fascinating conversation and a true lesson on the current structure of equity markets. Thank you for watching and listening. See you next week. 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.

We had a very special guest this week – Roy Niederhoffer, founder and president of R. G. Niederhoffer Capital Management, a NY-based quantitative investment firm. With a strong musical background and an original plan to become a neuroscientist, Roy might have led an academic life if it weren’t for his programming skills and an offer to join his older brother’s hedge fund, one that he couldn’t refuse. He joined us for a fascinating conversation, covering topics such as: His early life, a diverse set of interests and becoming a highly-skilled generalist Striking out on his own – why would an institution ever invest with a 26-year old running computers in his living room? Developing short-duration strategies that are uncorrelated to both traditional and alternative investments Long volatility vs short volatility strategies The inescapable dopamine rush of capital markets and the importance of managing emotions Trend-following, convexity, and why the frequency of observations matters so much Behavioral neuroscience applied to markets Leaning into the work of Danny Kahneman and dissecting his magnum opus over dozens of weekly sessions Identifying price patterns that will trigger predictable emotional responses from market participants – therein lies the edge The difference between strategy management and risk management Printing of fiat money and the conditions for an elimination event that can wipe out multi-generational wealth He also summarized his general investment theory, which seeks to identify asset-class characteristics that can be generalized, those that will remain idiosyncratic, and some that might eventually spill over into other markets. Roy is a true polymath, with a unique perspective and a generous disposition to share his knowledge. Thank you for watching and listening. See you next week. 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 unfortunate truth is, very few want to hear an optimistic take on the world during a pandemic.” Human beings evolved to pay closer attention to negative vs positive information. For our ancestors, the cost of seeing danger where there was none was a cortisol spike and an unnecessary sprint, but dismissing a real threat might have led them to be a predator’s next meal. Our guest this week was Laurence Siegel, Director of Research at the CFA Institute Research Foundation and author of “Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance”. We discussed the main themes from his book, including: The case for techno-optimism Demographics, healthcare and lifespan Inflation, deflation and hedonic adjustments Pollution, climate modelling and the wide range of possible outcomes Why nuclear power is a crucial component of a greener energy matrix Differences across geographies Economics, capital markets and realistic expectations We also debated the future of cities, real-estate costs and possible changes to the jobs market if we extrapolate current trends. Thank you for watching and listening. See you next week. 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.

“Don’t hide from risk; find it and attack it.” We were joined this week by none other than Tom Basso (Enjoytheride.world), trend following legend, author of Panic-Proof Investing and The Frustrated Investor and known as ‘Mr Serenity’ from his depiction in Jack Schwager’s best-selling Market Wizard series. From his ten-dollar a week paper route, to earning enough money to buy his first mutual fund, our conversation spanned a few decades and included: A chemical engineer’s approach to capital markets Commodity futures as the ultimate training ground in the 1970s Black Monday, Dotcom Crash, GFC and Covid – a career shaped by ‘crisis alpha’ A business mindset to asset management, and early struggles as a salesman Retiring from money management, and smiling ever since Taking much more risk in retirement than when he managed funds Improving his techniques and the evolution of his edge Solving the investment puzzle – codify your rules, size trades appropriately, and most important, work on your mental game We dug deeper into the latter point, discussing the benefits of stoicism, meditation, journaling and other techniques that can improve one’s mental game, both in trading and in life. Tom also shared insights into some of the different strategies he runs and parameters he watches closely, as well as his friendship with Eric Crittenden and becoming chairman of Standpoint Funds. Thank you for watching and listening. See you next week. 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.

As a growing percentage of Baby Boomers prepare for retirement, they are confronted with the uncomfortable prospect of record stock and bond valuations. Even the most optimistic capital market assumptions suggest the 60/40 portfolio is unlikely to deliver the returns many nest eggs have been built for. To help us get a clearer picture of the challenges and opportunities faced by retirees in the coming decade, we had the pleasure of speaking with Michael Finke (Professor of Wealth Management) and David Blanchett (Managing Director and Head of Retirement Research at QMA). Topics included: The crucial importance of updated and realistic capital market assumptions Lifespan, “healthspan” and the prospects of retirements that last well over 30 years Why ‘probability of success’ is no longer an adequate yardstick for retirement planning How to prepare if we are indeed stuck in a perpetually low interest rate environment The fundamental dynamics of sequence of returns Guaranteed incomes, utility and nuance – true outcome vs probability of failure The difference between a TIPS ladder and an annuity Longevity annuities and optimal spending rates Purpose Investment’s Longevity Pension Fund – combining a tontine, an annuity and a balanced portfolio Analyzing other tailored products We also discussed how any tool, no matter how sophisticated, is still bound to the ‘GIGO (Garbage In, Garbage Out) problem’, why these problems are not limited to retail investors, a highly effective cake analogy to describe solutions to longevity risk, and much more. Thank you for watching and listening. See you next week. 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.

A casual observer of modern economies might be forgiven for feeling that life is pretty good. And they might reasonably credit neoclassical economic principles for facilitating what appears to have been a great leap forward in global prosperity. At the same time, we are occasionally confronted with news of looming global calamities, which are a product of the exact same policies that brought about this apparent prosperity: irreversible climate change, unprecedented global private credit, global asset bubbles to name just a few. Our guest this week, Professor Steve Keen, has spent a lifetime demonstrating why neoclassical economics is fundamentally self-terminating because it fails to account for realities imposed by the physical world. He walks us through the root issues and describes an economic framework for sustainable growth and more even prosperity. In particular we discussed: The roots of the 2008 global financial crisis and how he predicted it in advance How the 1972 report “Limits to Growth” successfully forecast how the global economy would run headlong into resource boundary conditions Richard Vague’s findings that accelerating growth of private credit has presaged every major financial collapse in the past few centuries How the misguided work of two economists in the early 1990s has led to catastrophic policy and climate consequences The financialization of housing and its impact on home prices, demand for private credit, and a return to feudalism How to incorporate resource consumption and waste into modern economic models The character and potential positive impact of a modern debt jubilee Professor Keen is not a man who minces words. Pour yourself an Irish coffee and settle in for a jarring ride. 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. Thank you for watching and listening. See you next week. *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.

One of the major trends catalyzed by the era of low interest rates and excess liquidity has been the drive towards real assets. Uniqueness and scarcity premiums are paid in assets as diverse as real estate, art, digital assets, and fine wines. With our friend Jason Buck (CIO of Mutiny Fund) as co-host, we were joined this week by Atul Tiwari (CEO of Cult Wines) for a deep dive into the world of investable fine wines. Topics included: Atul’s journey – from reformed lawyer and finance executive to managing liquid, wooden-barreled assets Separately Managed Wines – tailored solutions for different objectives The industry’s original 800 pound gorilla and his point system – reverse-engineering for a single palate Specialization and diversity – the multiple voices currently driving wine culture The surprising existence of wine futures Vintage ranges, consumption windows, storage and handling Value vs growth dynamics, with no easily accessible beta – and some serious negative carry Insurance, free ports and bonded warehouses – geographic diversification and avoiding double taxation Bypassing auctions and buying only when authenticity can be verified Enriched by Jason’s experience as a former restauranteur and Mike’s passion for the subject, the conversation also touched on underappreciated vineyards, great documentaries, and tips for finding appropriately aged wine in restaurants. A special thanks to sommelier Amanda McCrossin (@SommVivant) for joining our live chat (and adding tons of pedigree to Jason’s views). If there was ever an episode that you should consider pouring a glass for, this is it. 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.

If you’ve been following international news over the past few years, you’ve likely noticed brewing tensions between major countries, even before the pandemic struck. Proxy wars, diplomatic tensions and regional skirmishes have been flaring up across the globe. To help us make sense of these events and how they may impact financial markets, we had the distinct pleasure of hosting none other than Dr. Pippa Malmgren, former presidential advisor, best-selling and award winning author. Her expertise sits at the intersection of geopolitics, economics and technology, leading to a wide-ranging conversation that covered topics such as: Family business – growing up in Washington, D.C. as the daughter of an advisor to four US presidents Why members of the armed forces are operating as if there is already a global conflict at hand Disputed borders, near misses and the risk of miscalculations – skirmishes below most peoples’ radar Thucydides Trap – Rising China, declining US and the possibility of superpowers clashing Political polarization in the US and globally Information bubbles and the search for common purpose The Great Gatsby vs The Grapes of Wrath – two opposing narratives emanating from the same catalyst AI, Quantum Computing and Robotics – a closer look at the 21st century’s battlefield We also discussed the positive and negative effects of the digital age and the exponential increase in available information, the race for natural resources in the Arctic, opportunities and risks investors should be mindful of, and much more. Pippa was on her usual top form and very generous with her time, which made for a fascinating and highly entertaining episode. Thank you for watching and listening. See you next week. 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 our good friend Dave Nadig (CIO and Director of Research at ETF Trends) as co-host, we had the pleasure of speaking with Matt Hougan, CIO of Bitwise Investment, which manages the world’s largest crypto index fund. A veteran of the ETF industry, Matt brings institutional gravitas to a nascent sector and has recently authored the CFA Institute’s curriculum guidelines for digital assets. Our conversation included: Crypto as a currency looks highly unlikely to succeed, but as a technological advance it is highly unlikely to fail One of the most interesting problems in the space: very few people actually understand blockchain technology and its multifaceted capabilities The biggest risk in digital assets is behavioral Why market-cap weighted may be quasi optimal – size matters in a sector driven by network effects The delusional notions of Bitcoin replacing the USD The crucial importance of frequently rebalancing a portfolio that holds highly volatile assets A shifting zeitgeist and the typical question – from “will it go to zero?” to “what is a reasonable weight range?” Why UniSwap may be the greatest entrepreneurial story of the past decade We also discussed DeFi (Decentralized Finance), technological updates and the excitement around the Ethereum ecosystem, tax implications and much more. A big thanks to Dave Nadig, not only for the introduction to Matt and co-hosting the episode, but for flexing his healthy skeptical muscles and pushing back at times – it made for great entertainment! Thank you for watching and listening. See you next week. 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.

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. Following our first conversation with David Fauchier (Portfolio Manager at Nickel Digital Asset Management), he insisted that we had to speak with Thomas Braziel, Founder and CIO of 507 Capital, who he claimed was one of the most interesting and independently-minded investors he had met in the digital asset space. With David as co-host, our awesome conversation with Thomas covered topics such as: Why almost all his stories begin with a bankruptcy Opportunities that don’t scale tend to offer the juiciest returns The reason some of these trades work is precisely because they are not scalable His perspective on the Mt. Gox debacle and why he has been buying claims on it for years Claims investing – why many distressed assets fly under the radar of most allocators His unique investment style – if Soros and Buffet had an ‘investment love child’ Different models for claims investing – from complex factoring to ‘loon shot buccaneering’ Getting along with all the players in the space can be a form of alpha We went deep into the inner workings of the space, including how different countries treat personal liabilities in bankruptcies, the contrasts between English Common Law and the US legal system, and what it means to go ‘forum shopping’. Yet another highly entertaining and educational episode and we hope you enjoy it. Thank you for watching and listening. See you next week. *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.

For this podcast we had the pleasure of being joined by Fred Pye, Chairman and Chief Executive Officer of 3iQ Corp. He is also the Chairman of 3iQ Digital Holdings Inc. 3iQ is a pioneer manager in the digital asset space, with a variety of Canadian and international mutual funds and ETFs providing access to a variety of cryptocurrencies. On this episode we discuss: The early history of trailblazing unique asset classes The QSC/OSC and Bitcoin – a commodity, a security or a currency Closed-end funds – their advantages for investors Four years, plus 10,000 pages of due diligence Frontier asset classes and client retention The impact of Bitcoin on third world economies The future of the Blockchain We thoroughly enjoyed this episode and hope that you will too. See you next week. This is GestaltU from ReSolve Asset Management where we debate the most relevant investment topics of the day, hosted by Adam Butler and Rodrigo Gordillo of ReSolve Global*.

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*. “A year ago, digital assets were a fringe asset class, the mere mention of which could spell career risk. Now, the career risk is likely if you completely ignore the space.” Global markets are evolving at a blinding pace, and investors often find themselves in a race to catch up with what are sometimes truly tectonic shifts. Nowhere is this more emblematic than in the digital assets realm. We had the pleasure of once again hosting Tyrone Ross Jr, along with his new business partner Eric Ervin – founders of Onramp Invest – for a fascinating conversation that covered: A ‘meeting of minds’ that resulted in Onramp Invest The fast and furious migration of digital assets into the common zeitgeist Trying to seamlessly integrate Onramp Invest into advisors’ workflow – ease of access is crucial Onramp Academy – filling the education vacuum and establishing a foundation for conversations Integrating traditional finance with the crypto world The difference between digital assets and digital currencies One third of the S&P500’s market cap is represented by financial services – the size of the DeFi (Decentralized Finance) Pie The importance of properly anchored risk expectations for a highly volatile and emerging asset class The discussion also included frameworks for understanding both the value of digital assets (think network effects) and their possible place in portfolios (where rebalancing is of paramount importance). Eric and Tyrone shared their screen to walk us through their portal and some of the very useful tools they’ve created for investors. Thank you for watching and listening. See you next week. *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.