RT24: The Value of Liquidity ft. John Fidler, Christopher Vogt & Jonathan Miles – 1of2 - a podcast by Niels Kaastrup-Larsen

"Not all managed future strategies are created equal." - John Fidler (Tweet)
Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, guest host Ranjan Bhaduri speaks with John Fidler, Senior VP and Director of Alternative Investments at Commonwealth Bank and Trust, Christopher Vogt, Director of Equity Strategies at Margaret Cargill Philanthropies, and Jonathon Miles, Managing Director of Ascent Private Capital Management of U.S. Bank. With these experts on managed futures, we will discuss how managed futures is being incorporated into institutional portfolios, illiquid versus liquid investments, and what role alternative investments play in today's investment landscape.

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In This Episode, You'll Learn:

What managed future strategies John sees the more successful managers gravitating towards
Why diversification isn't always the best idea, and what alternative strategies Jonathan recommends
The advantages and disadvantages of having illiquid versus liquid investments

"What is proven in behavioral finance is that people tend to underestimate the value of liquidity." - Ranjan Bhaduri (Tweet)

The heuristic crutch of private equity
Why Christopher is wary to always choose emerging managers over more established ones
The importance of a strong operational due diligence in managing portfolios

"Quant processing is so cheap. We can all buy computers for almost nothing, and I think that might make it much more challenging as we go forward, given that there's so much easy and inexpensive quant processing to search for anomalies or alpha opportunities." - Christopher Vogt (Tweet)

How trend following will need to evolve amid machine learning and changing markets
How Jonathan's risk premia strategies transformed how his firm looked at managed futures

This episode was sponsored by:

Links Mentioned:

The Impact of Crowding in Alternative Risk Premia Investing
Hedge Funds Are Not an Asset Class: Implications for Institutional Portfolios

Connect with our guests:
Learn more about John Fidler and Commonwealth Bank and Trust
Learn more about Jonathan Miles and Ascent Private Capital Management of U.S. Bank
Learn more about Christopher Vogt and Margaret Cargill Philanthropies
"Diversification for the sake of diversification isn't actually worth it for us." - Jonathon Miles (Tweet)
Full Transcript
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Niels
Welcome back to another edition of Top Traders Round Table, a podcast series on managed futures. My name is Niels Kaastrup-Larsen, and I’m delighted to welcome you to today’s conversation with industry leaders and pioneers in managed futures brought to you by CME Group.
Your guest host today is Ranjan Bhaduri, founder, President, and CEO of Bodhi Research Group and he’s joined by three very interesting guests to discuss how managed futures should fit into your portfolio allocation and the role alternative investments play in today’s investment landscape. So, without further ado, here is Ranjan.
Ranjan
Thank you so much, Niels, and I also thank CME Group. This is a very big honor, and we have excellent panelists for this podcast. I’m going to allow each of the panelists to quickly introduce themselves, starting with Jonathan Miles.
Jonathan
Hi, Ranjan. Thank you very much for having me on this podcast today. My name is Jonathan Miles, and I’m a Managing Director with Ascent Private Capital Management down in our Southern California office. Essentially, I am a family CIO for ultra-high net worth families.

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