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 months

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

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How I Invest with David Weisburd · E294: Endowment Model vs Total Portfolio Approach: The Real Trade-Offs · 30 Jan 2026 podcast

But when putting them together, they have qualities such that they are lowly correlated to one another and make for a great diversifier.

So that can include everything from your larger multi-strat pod shops, for one, in that bucket, as well as distress credit.

market neutral equity, relative value credit as well.

And if you're within the right sizes, kind of marry those together.

One that I had forgotten as well would be discretionary macro, systematic macro managers that you would include in that bucket.

That when taken all together, you get a portfolio exposure that ends up being lowly correlated to stocks and bonds, which is the aim, but yet also still has an expected return that's

more in the zip code of kind of a mid single digit to low double digit return.

And so that's additive to the portfolio, not only just from a correlation standpoint, but also from a contribution from a return standpoint too.

So that's one thing that I key in on typically and try to separate because people just throw hedge funds all into one bucket, but there's a different purpose.

Agreed.

It's really answering the question of like, why do I own this manager?

Why do I have this asset in my portfolio?

What's its core purpose?

And then I want it to compete against other managers or other assets that have that similar quality such that there's a trade-off in competing within them.

I know there's this whole discussion that's occurring about taking a kind of a total portfolio approach versus the endowment model style and getting too ingrained on asset classes and sub-asset classes.

I certainly have come up in the school from the endowment model and still lean in that strategic policy portfolio way of management.

But I think there is a bridge between those two in the sense of you're just trying to loosen up those buckets and not be so dogmatic about the asset classes specifically.

Get at what that ultimate purpose of that strategy or that manager is in your portfolio and make it compete.

And so for growth assets, there's a trade-off of...

you know, having long only equity exposure versus locking it up and having a growth asset type exposure, but doing it in private equity or with venture, one's locked up for 10 years plus ultimately.

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