Chris Brycki
speaker
759 appearances
3 recordings
2 series
first heard Mar 2022
last heard 30 Jul
Chris Brycki’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
Because bonds are not very volatile.
I mean, you can play around with things like duration and risk,
And actually that's something that often masks performance in the bond space is a fund manager can take more risk and show more returns from the risk.
But ultimately, you know, it wasn't due to their stock, their bond selection that drove returns.
It was just by, you know, jacking up the risk in their portfolio.
I mean, this is one of my favorites and I'm sure we would have discussed it in the past as well.
And it's, I think one of the favorite lines of active fund managers is, you know, ETFs are building bull markets, but will help to protect you when markets are volatile or they're falling.
You know, there's also been great research done in this space.
And my, my favorite article was one by a writer in the U S Jason Zweig, who looked at brilliant writer on finance and he's looked at all of the research and found that actually.
In big market down periods, whether it was the 87 crash or the financial crisis or the dot-com bust or COVID, there's no evidence that the average fund manager did any better than the market index.
In fact, they did worse.
And so it's actually very hard to predict market downturns, how severe they're going to be, how long they're going to last.
And actually, I think a more relevant article for listeners to find is one of my favorite switches called that
Even God couldn't beat dollar cost averaging.
And it's a really interesting research piece that looks at if you had perfect hindsight, could you actually, you know, pick the bottoms and tops of the market?
And the research maybe counterintuitively finds that if you simply drop the same amount of money into the market week after week, you would have actually beaten someone that was saving up their money and perfectly could pick each dip along the way.
Oh, it is.
And it works very well like that.
So I think the summary is markets do get overheated and absolutely they can go too far, but it's so hard to always pick what the tops or bottoms are and get back in at the right time.
And so, you know, a sensible strategy is just owning everything and just being patient and realizing that markets do get overheated and they get undercooked and that's just what markets do.
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