Jeffrey Fulk

speaker

308 appearances 1 recordings 1 series first heard Feb 2026 last heard 5 Feb

Jeffrey Fulk’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

Appearances

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How I Invest with David Weisburd · E298: How Family Offices Think About Illiquidity, Taxes, and Compounding · 5 Feb 2026 podcast

And there isn't just a cookie cutter approach to this market, which makes it really helpful.

And so in the most extreme example, which you kind of touched on there, was if you had a zero cost basis stock,

and you wanted to diversify your exposure beyond just holding that one stock, you can deliver that individual stock in to one of the managers that you mentioned, and they can build a portfolio around it over time, leveraging the losses that they're generating, and they can use a fair amount of leverage in a lot of these structures, especially if the security that's being delivered has a large market value to it, and then they can diversify away from that single stock exposure

all at the same time creating the ability for you to take some distributions that are tax advantaged.

You've highlighted the two that are the most popular.

Other groups are getting into this market, and I think people see these opportunities.

And so a lot of the...

Quant hedge funds that have historically focused more on high value, high fee structures are increasingly looking at these opportunities and seeing the potential to enter these markets, especially given they have all the tools that they need.

The governor on all of this is you have to be a very sophisticated investor on the quantitative side because you don't want to run factor risks.

You don't want to run any...

portfolio complexity risks associated with your longs and shorts positions where you have the potential to materially lag your desired index.

And so you have to have very sophisticated quantitative tools to be able to match the factor risks so that you don't end up with any surprises from a purely performance perspective.

That's right.

And you also have to understand...

the correlations and the betas of those names to the market.

Because you want, if you have something that has a 1.5 beta to the market, in order for you to be hedged on the short side, you have to be confident that you're gonna deliver a 1.5 beta on the short side.

And where people get into trouble is, sometimes the shorts that they like would have a 0.7 beta,

And the longs that they like have a 1.5 beta.

So if you just do it on a spread trade, your betas are misaligned.

And so you need alignment on your betas to be able to achieve the correlation that you want to the index that you're trying to deliver a solution against.

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