Jason Buck: Defensive Diversification & The Cockroach Portfolio

Listen on The Move

 

Jason Buck, Co-Founder & CIO, Mutiny Funds joins us for a chat that may have the power to change your perspective on diversification and risk management, return and long term investing outcomes.

When unexpected major events occur, such as this year's stock and bond market rout in H122, where most or all of your supposedly diversified investments became correlated, and headed sharply to the downside, you may have been left feeling with the need to consider using a portfolio designed to protect against exogenous (COVID-related supply chain disruptions, Ukraine War), economic (inflation, rates), and or Black Swan events. We're all too accustomed with using 'offensive' assets like stocks and bonds. There is no doubt, however, that we are definitely NOT accustomed to making use of 'defensive' assets and defensive strategies that are structurally uncorrelated or negatively correlated, that can provide ballast protection and real 'balance'. What are defensive assets and defensive strategies?

Jason Buck and his partner at Mutiny Fund have been thinking about this question for a long time and have created one such portfolio.

We discuss:
• Diversification, both offensive and defensive
• Tail Hedging
• Behavioural issues around tail risk and hedging
• Ego doubt and destruction
• Capital Efficiency
• The 'Cockroach' Portfolio

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Where to find Jason Buck, Mutiny Funds
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Jason Buck on Twitter
Jason Buck on Linkedin
Mutiny Funds

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Where to find the Raise Your Average crew:
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ReSolve Asset Management Blog
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Joseph Lamanna on Linkedin
AdvisorAnalyst.com

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"You don't have to be brilliant, just wiser than the other guys, on average, for a long time." Charlie Munger

Welcome to Raise Your Average, our deep dive journey into learning from the people and process behind the world of investing. Through conversations with leaders in the investments game, we peel back the layers of the onion on how these holders of the keys to the kingdom allocate their time, their energy, and their dollars.

We are all students and we are all teachers. We are the average of the 5 people we spend the most time with. Come hang out with us for a while and raise your average, as we raise ours.

Music credit: In Hip Hop, Paul Velchev (8MJZA6T3LK)

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