#4 - Wes Gray - “Even God Would Get Fired as an Active Investor”
What if you had perfect foresight and knew ahead of time which stocks would be the best performers? The reality is even if you knew this and invested accordingly, you’d still suffer gut-wrenching drawdowns along the way so painful (around 75%) that “even God would get fired as an active investor” if he was managing other peoples’ money. That’s the result of one of Wes’s studies which he and Meb discuss. By the way, with perfect foresight, you’d do about 28% a year, so what does that mean for those investment groups that want your business, claiming they do 35% or so a year? Then Wes says it’s not about volatility – it’s about protection against tail risk. That leads into a discussion on one of Meb’s favorite topics, managed futures, “one of the best diversifiers to a traditional portfolio.” There’s talk of Wes’s roboadvisor, timing factors, and Wes’s secret to getting the best prices on Amazon. All this and more on Episode #4.
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