Market Already Priced in Lost Bitcoin, Limiting BIP‑361 Boost
If BIP-361 went effective immediately, it seems like 25-30% of current supply would be forever lost. All else held equal, that would imply Bitcoin should jump in price ~30-50%. So, one might interpret price action as the market's time-weighted probability of adoption. But we need to account for the fact that there's estimates of ~3-4mm coins lost/dormant (including Satoshi's wallet), which represents 15-20% of supply already. So, the marginal impact on price would actually be much smaller if the market has already largely written off these tokens...
Optimal Return Stacking Requires Defined Base, Objective, Constraints
One question I get all the time with return stacking is, "what does the optimal stack look like?" Without constraints, it's an intractable question. What's our base? What's our objective? What are our constraints? We explore this in a new blog...
Long‑Only vs Market‑Neutral: Constraints Drive Alpha Gap
An interesting diversion in the performance of alpha in long-only managers vs market neutral managers. How much of it is talent versus a bunch of constraints (e.g. no shorting; need to sell down MAG7 to make room for active bets; harder...
Trust Your Path, Execute Each Step Fully
Loved this quote from this new profile on @chameleon_jeff: "He had always tried to live by this principle: Be very confident you’re going in the right direction, and execute well on the step you’re taking right now, without knowing exactly where...
Quarterly Return Stacked® ETF Commentary Now Available
Our quarterly commentary for the Return Stacked® suite of ETFs is now available. https://t.co/s2N4agfveH https://t.co/fjJfOvDSSc
Use Synthetic Futures with Fixed Expiry to Smooth Perp Funding
i know everyone wants to just compare one number to another... but instead of having perps track the front month contract and have funding spikes during rolls... why not just have perps target a synthetic future with a constant time to expiration?
BlackRock Rewrites 60/40: Add Alternatives, Benchmark Cash
so blackrock is making a strong push that the new 60/40 is actually 60% stocks / 20% bonds / 20% alternatives. and how does blackrock want to benchmark it? 60% stocks / 20% bonds / 20% cash. convenient way to...
Commodity QIS: Hidden Engine of Systematic Returns
Commodity QIS: An Under-Appreciated Source of Systematic Returns? (S7E29) In this episode I speak with Faheem Osman, Managing Director and Global Head of QIS Structuring at Macquarie Group. Faheem has spent nearly two decades inside major investment banks — first at Citi,...
Hiring Associate to Scale Advisor Relationships After $1B Growth
We're hiring. 3 years: $0 → $1bn+ AUM. 7 ETFs. A category we're taking mainstream. Now we need someone to help scale the advisor relationships that got us here. Associate, Advisor Solutions — internal sales, clear path to external. Remote. If you've got distribution...
Portable Alpha Gains Momentum Amid Liquidity Challenges
State of the Portable Alpha Landscape I sit down with Shane McCarthy of LAB Quantitative Strategies for a deep dive into the portable alpha and return stacking landscape, including fresh survey data on how allocators are approaching this space today. 00:00 Welcome...
Big‑Bank Collars Neutralize Retail Bets on S&P
Don't even ask the question. The answer is yes, it's within the collar. Think the S&P is going to rip to new all-time highs? Sorry, there's a short call at 7155 capping your upside. The hedge fund already sold it....
AQR Launches Delphi Fusion: Stacked Global Equity UCITS
People often ask when we're going to bring Return Stacked® funds to Europe. Unfortunately, no time soon. But others are starting to bring interesting product to that market. AQR just launched the Delphi Fusion Global UCITS Fund — global equities stacked with their...
Diversification Cost Driven by Funding, Not Strategy
"If You Can't Beat 'It, Stack 'It" Quantica's latest on why the cost of diversification depends on how you fund it, not the diversifier itself. Worth your time. https://t.co/w7oKWKy3Ot
Dune III Trailer Feels Like Star Wars Ripoff, No Lawsuit
just watched the dune: part three trailer. really crazy to me that george lucas doesn't sue for how much this series rips off star wars.
Team Secures Exclusive License for S&P 500 Perpetual Product
Alright, y'all, looks like I'm eating crow on this one. This post from @bxunit very much says it is truly exclusive. "While this is the first product of its kind, it is also the only official S&P 500 perp product, meaning trade[XYZ]...
