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
But that means you need to raise the bar as to what your expectation is from a return standpoint.
But I like that.
We like that way of kind of putting those asset classes and those assets in those buckets because it makes it compete.
Ultimately, I'm always thinking about what the opportunity cost is of trading off one versus the other within that space.
there's an element of kind of a growth allocation that you've just wedged into all three of those buckets without, you know, pulling, I would take that 20% that you had in hedge funds.
And actually I'd put that more aligned with that equity bucket that you had at 60% for long only equity and the same for high yield.
Just let's take it today.
Ultimately, you know,
I know it's the case that rates are higher than they once were, but you're really not getting paid much from a credit spread standpoint and taking that extra credit risk within high yield or investment grade today.
And so you need to be cognizant about what valuations look like and how you're stepping into each of those three buckets as well, because you could be susceptible to that risk that you just outlined there, where you're taking very similar risk across those three buckets of feeling diversified.
To say it a bit differently too, that's core to how we measure risk appetite for a family when they come on board.
We're asking, or I'm asking them perhaps directly in a meeting of what kind of portfolio peak to trough drawdown can that family tolerate?
I want to calibrate the portfolio such that it matches up with that risk tolerance so that we can be opportunistic when drawdown periods occur, which they will occur.
And
We also want to make sure that we build in those portfolio exposures like the absolute return oriented hedge fund strategies that can act as a counterbalance or a ballast and drawdown periods.
The only piece that I would quibble with your guest earlier before was just saying, I think it's tougher to be able to say that your long bonds today can act in the same manner as
that they have in the past.
Like was the case, as I mentioned, in 2022, where it actually hurt you during that period when rates went the other way and the Fed had kind of pushed things up.
Your long bonds actually didn't end up acting as that ballast.
And partly you could say it's a commentary on our fiscal situation and ultimately that there needs to be some type of further
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