cover of episode The Concept of Return Stacking with Corey Hoffstein

The Concept of Return Stacking with Corey Hoffstein

2024/11/21
logo of podcast Masters in Business

Masters in Business
AI Deep Dive AI Chapters Transcript
People
B
Barry Ritholtz
知名投资策略师和媒体人物，现任里特尔茨财富管理公司董事长和首席投资官。
C
Corey Hoffstein
Topics
Barry Ritholtz 认为 Corey Hoffstein 是一位引人入胜的量化分析师，他以通俗易懂的方式解释复杂的量化投资话题，并且是收益叠加概念的先驱。他创立了 Newfound Research，并管理着价值约 7.5 亿美元的 5 只 ETF。 Corey Hoffstein 讲述了他早期想成为游戏开发者的经历，以及后来如何转向量化金融领域。他解释了 Newfound Research 的成立过程，以及如何从大学宿舍开始建立起这家公司。他还分享了与 SEC 的一次不愉快的经历，以及如何通过坚持和努力证明自己的清白。 Hoffstein 还讨论了收益叠加的概念，以及它如何帮助投资者实现多元化和提高回报。他强调了流动性风险和操作风险的重要性，并解释了收益叠加与便携式阿尔法的区别。他还分享了他对市场结构、流动性以及衍生品对市场的影响的看法。

Deep Dive

Chapters
Corey Hoffstein discusses the concept of return stacking, its origins, and how it works, comparing it to portable alpha and explaining its benefits in diversifying portfolios.
  • Return stacking is a method to add diversification to portfolios without reducing existing exposures.
  • It uses derivatives to replicate market exposure while freeing up capital for alternative investments.
  • The concept is rooted in institutional strategies like portable alpha but is packaged for retail investors in ETF form.

Shownotes Transcript

What would YOU like to hear about on Bloomberg? Help make shows like ours even better by taking our Bloomberg audience survey).Barry Ritholtz speaks with Corey Hoffstein, CEO and CIO of Newfound Research. Corey pioneered the concept of 'return stacking' and is one of the masterminds behind the Return Stacked ETF Suite, which manages roughly $750 million across five ETFs. Corey's work has been published in the Journal of Indexing and the *Journal of Alternative Investments. *He is also the host of the popular podcast on quantitative investing "Flirting with Models." On this episode, Barry and Corey discuss the creation of Newfound Research, what it takes to launch an ETF, and how return stacking actually works.

See omnystudio.com/listener) for privacy information.