David Weisburd
speaker
9,425 appearances
64 recordings
1 series
first heard Jan 2026
last heard 6d ago
David Weisburd’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 — 64 in all, peaking in Jan 2026 with 14.
Appearances
And if you do the worst possible thing, which is selling when things are down and buying when things are up, you're not only going to do worse than the overall portfolio, you're going to actually have negative alpha.
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So you're going to actually have negative returns.
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And easier said than done.
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You have to actually know which one of your managers are good and which ones are just in a bad part of the market.
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an interesting point they brought up, which is different sometimes is bad.
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I also wonder whether different is sometimes weird.
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In other words, when you think about a manager's right to win, if everybody has the same right to win and becomes kind of competed away, do you find that some of these right to wins, at least for a time period, seem weird or seem different?
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written that many people copied David Swenson's style, but basically missed his principles.
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What did you mean by that?
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I had the CIO of Calsturst, Scott Channon, he talked about they have at this point over three hundred fifty billion dollars.
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And when they go into a new asset class, they need to be large enough because they're gonna essentially move that asset class.
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And I started reflecting and th thinking about that, even though that's true and Calsters has a unique problem set, everybody has this problem set.
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Whereas it whether it's their capital or not, if there's a bunch of capital crowding into investments.
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For example, I would say large buyouts.
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Now there's trillions of dollars from retail that are coming on board.
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If there's so much capital going on, whether you have $350 billion like calisters or you have $350 as a retail investor, you need to be wary of that.
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Think this concept of weird leading to structural alpha is a fascinating thing.
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And people always update their priors to think that they would have always done this like really weird high alpha trade.
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But sometimes it even goes from non-consensus to consensus to then non-consensus and thinking about situational awareness.
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In the beginning, it was a very smart money trade.
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Showing 1081–1100 of 9,425 · page 55 of 472
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