Michael Phipps
speaker
218 appearances
1 recordings
1 series
first heard Jan 2026
last heard 30 Jan
Michael Phipps’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 Jan 2026 with 1.
Appearances
60, 40, or 70, 30 stocks and bonds, there's an expectation that that fixed income component of your portfolio can act like a diversifier when the equity side of your portfolio kind of falls out of bed in tough market periods.
You know, call it in, you know, the GFC or...
Even more recently in 2022, even back in COVID as well.
And I think the argument that we've been pressing is for people to think about that fixed income, that income asset side of portfolio a bit differently, because the aspects about having both income coming from your traditional fixed income and diversification, don't believe that those elements will persist going forward or there's no guarantee of that.
And so that's why we dedicate a piece of a client's portfolio to diversification assets.
Because in a period like 2022, you had stocks down mid-teens and you had fixed income down mid-teens as well.
And you needed that ballast in your portfolio, those diversification assets to show up for you and also give you a place where you could draw from to kind of take advantage of different opportunities and be opportunistic with that capital during that time frame.
And so I'd say that's one area where I'd say from a construction standpoint, I think family offices need to be thinking a little bit more broadly of how they define what is a growth asset in their portfolio, what is a income asset and diversification asset such that it can act how you want it to in portfolio given different market scenarios.
Correct.
And it's one where there is a need for those income pieces of your portfolio to be in there to deliver what you're asking of the portfolio.
But you just need to dedicate a portion of your portfolio to something that's truly diversified.
So diversifier
What we'd like to do is to separate out, I'd call it more of your hedged equity or your directional long short managers from everything else within hedge fund land.
Because I do feel that oftentimes as a grouping, people will just bunch them all together and take that 60-40 portfolio that I mentioned before.
On the 40%, they'll say, okay, I'll do 60% in equities, 20%.
And
fixed income and then 20% in alts.
But the alts are all together in one big bucket, even though there's kind of 31 flavors of different types of hedge funds underneath.
And so first off, I want to separate out those hedged equity managers where they do take some market direction, have some higher net exposure in their portfolio, and we put them in that growth assets bucket.
And then I'm pairing that with what we view as absolute return hedge fund strategies that can take on different shapes.
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