We recently touched on this story in our latest Return Stacking Symposium podcast recap, but after hearing Jon Glidden’s presentation in person, we wanted to take a deeper look at what may be one of the most compelling real-world case studies in Portable Alpha implementation. Delta Air Lines’ journey from a 38% funded pension in […]
Category: Investing Insight
05
Nov
2025
The ’96 Bulls: A Masterclass in Portfolio Construction
The 1996 Chicago Bulls didn’t just win an NBA championship—they dominated with a 72-10 record that stood as the league’s best for two decades. But beyond the highlight reels and championship parade, that legendary roster offers a surprisingly elegant framework for thinking about modern portfolio design. At a Lunch n Learn sponsored by RCM and […]
21
Aug
2025
Common Diversification Misconceptions
“Diversification Limits Returns” Some investors believe that spreading investments across various assets, a practice known as diversification, necessarily reduces potential returns. Let’s examine this belief. Reality: The core purpose of diversification is not to maximize returns but to manage risk. [1][2] However, by mitigating losses during downturns, a diversified portfolio can achieve more consistent growth […]
27
Mar
2025
Investment Diversification: The Ultimate Protection Strategy for Your Portfolio
Trading futures, forex, and other commodity interests involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Diversification stands as one of investing’s most powerful concepts—yet many investors still misunderstand its true value. Beyond simply “not putting all your eggs in one basket,” proper […]
07
Jan
2025
Return Stacking: From Theory to Practice – A 2024 Perspective
Remember back in 2021 when Rodrigo Gordillo (@RodGordilloP), Adam Butler (@GestaltU), and Corey Hoffstein (@choffstein) introduced us to “Return Stacking“? What started as an intriguing whitepaper has blossomed into something much bigger, transforming how many of us think about portfolio construction. Let’s dive into how this concept has evolved and why it matters even more […]
31
Oct
2024
Blending Insurance and Credit Expertise: How Obra Capital Finds Opportunities in Unique Situations
In this episode, Jeff Malec sits down with Peter Polanskyj, Head of Structured Credit at Obra Capital, to delve into the firm’s unique approach to investing across the insurance and credit markets. Obra Capital is a $4 billion asset manager with a specialized focus on opportunities at the intersection of insurance and credit. Peter shares […]
06
Sep
2024
Asset Class Scoreboard: AUGUST 2024
🎉 August was a wild ride for asset classes! 🎢 U.S. real estate stole the show, with the IYR index showed gains of 5.40% as lower mortgage rates had buyers jumping for joy! U.S. and global equities also advanced, with the S&P 500 rising 2.34% and the ACWX world stock index climbing 2.71% on solid […]
08
Aug
2024
Unpacking the Sell-Off! Awesome Insights from discretionary macro trader Asim Ghaffar
This week’s episode of The Derivative features an in-depth discussion with discretionary global macro trader Asim Ghaffar, founder and CIO of AG Capital. Ghaffar shares his insights on the recent market volatility, including his views on the potential triggers behind the sell-off and the chances we have for a recession. Was it just a blip […]
01
Aug
2024
Cockroach Investing – the infographic
What does diversification really look like? See the Infographic One of the main concepts outlined in the strategy discussion was the Cockroach’s goal of ensembles of ensembles, rings within rings and layers upon layers as young Ender said in his ‘final test’ (for all you sci-fi fans). But what does that look like, in practice. We […]
22
Apr
2024
+125% YTD, this Mulvaney Performance is Unreal?
This isn’t a chart you see too often… It looks more like the latest meme coin than a proper investment. But this is actually happening this year, with Mulvaney Capital putting up +45% in February 2024, and +51% in March of 2024. Signup for the RCM Manager/Fund database to view the full historical performance track […]
