Tim Barrett

We have multi-strat credit managers in Europe and the United States that blow the doors off the bar cap consistently over rolling three and five-year periods.

And when I say blow the doors off, I'm like, one of them was up 17 this last year.

Well, the bar cap was up eight.

17 is probably the high mark for that guy.

So it'll probably gravitate back towards 12.

But that's fine.

That's still beating it substantially over long periods of time.

So we'll pay more for that as well, right?

That's a hedge fund construct.

They're moving the money.

It's not beta oriented.

And we like those types of strategies as well.

We used to run a lot of tactical asset allocations when I was at San Bernardino and we even ran it for a while at tech.

And we found that over time doing it, we added a little bit of value, but a lot of consternation.

There's a lot of stress moving the money around and trying to tactically be right on the market, you know, or over each three to six month period.

And we found that just being more stable and letting structure win is an easier way to do it.

So portable alpha is just a structure.

I'm going to always create my alpha on top of it.

probably with about a 90% hit rate.

Whereas if I do tactical, my ability to add alpha is probably closer to like a 52, 53% hit rate.