Ed Cole
speaker
303 appearances
1 recordings
1 series
first heard Jun 2026
last heard 29 Jun
Ed Cole’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
approach.
But the way we think about that is bonds have many uses, but it may not be that they are reliably diversifiers.
We think that this is actually a golden age for alternative investing, to be frank.
that alternative investments have been quite out of fashion for a long time.
They haven't been required because it's been an environment where the returns you got from equities were so fantastic that you just didn't need to bother thinking about diversifying a way to things that are lower return and lower volatility.
But liquid alternatives that have little or no beta to the market
that are genuinely diversifying and are liquid.
What is a liquid alternative asset?
Liquid alternatives are funds that are not directional, so hedge funds in old nomenclature, but they are in our world extremely diversified.
They combine many different approaches to capturing different risk premium in markets.
They're not directional.
They may be market neutral and they're ways to essentially extract
returns out of the market that don't rely on what's happening in beta.
They don't rely on market direction.
It's interesting that these have been very out of fashion for a long time.
You don't need somebody who's going to go market neutral for you.
Exactly right.
And actually, but in the institutional case, so with our biggest investors, it wasn't so much
we'll just have more public equities, we'll have more privates.
And that decision is starting to be reframed again.
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