Michael Sala

If you think portfolio risk management is just about diversification, think again. This article sheds light on some surprising strategies that challenge common perceptions. Here are some thought-provoking takeaways: - Did you know that reducing the number of investments in a portfolio can sometimes actually decrease risks? It's all about strategic selection. - Contrary to popular belief, actively managing risk doesn't necessarily mean more frequent trading. In fact, a hands-off approach can be a smart move. - One of the key points discussed is the importance of understanding the correlation between investments, a factor often overlooked in risk management strategies. - Asymmetric risk and the role it plays in portfolio management is explored, offering a fresh perspective on balancing risk and return. - Ever considered tail risk hedging? This article dives into this lesser-known strategy that can enhance risk management effectiveness. Share your thoughts and feelings on these unconventional risk management strategies. https://lnkd.in/ecgSpH93

Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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The growing array of companies serving the Office of the CFO will gather at Jefferies' Fourth Annual Office of the CFO Summit today to discuss the most important trends, opportunities, and challenges for software companies operating in this space in 2024 and beyond. In preparation for the Summit, we sat down with Evan Osheroff, Managing Director, Software Investment Banking at Jefferies, to explore what is happening in the CFO office today and its implications for software companies and investors. http://spklr.io/6040Qbhn

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New Article: Forget Hedge Fund Strategy Labels – Here Are Three Groups that Matter: https://okt.to/M8Qfyx In our latest article, Toby Goodworth challenges traditional hedge fund strategy labels, claiming that they are not "particularly helpful" for investors seeking to build an "effective portfolio". #hedgefunds #diversification #onyourside

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Listen as Senior Portfolio Manager Daniel Mannix, CFA®, discusses ProVise's proactive approach to investment management and filtering out the noise to surface what’s most impactful for our clients’ long-term goals. Most recently, rising inflation and interest rates from mid-2021 on spurred a change in strategy. Listen to the full radio show here: https://lnkd.in/gVe8vRHY #Investing #InvestmentManagement

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Recently sat down with Pensions & Investments for an interview during #Concordia24. ​ ​ Here's more on what I think about the Fed's recent rate cut: https://okt.to/0KWeYS

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Great to be back with Maria Bartiromo on Fox Business Network earlier today to kick off this important week. With a full slate of #Fedspeak leading to Fed Chair Jerome Powell’s #JacksonHole speech on Friday, monetary policy will be center stage as investors attempt to glean the future path of interest rates. At Jackson Hole, #Powell is widely anticipated to more explicitly set the timeline for the rate-cutting cycle to begin in September with the main unknown being whether the Fed cuts 25 or 50 bps in September. Broadly speaking, inflation continues to normalize while retail sales and more benign jobless claims/continuing claims data do not point to an economy heading off a cliff. We’re in an economy that’s slowing, not breaking, and as such my base case remains for a single 25-bp cut in September. Check out our discussion below where I lay out my thoughts on #catalysts for the market going forward, my thoughts on the #labormarket, and the all too overlooked positive #earningsseason that continues to defy expectations. https://lnkd.in/dn_NTesA

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The landscape of structured investments appears poised for growth, with total US issuance up 41% in Q1 2024 compared to Q1 2023, per Structured Products Intelligence | SPi. Read our latest blog post by Marc Premselaar, Senior Managing Director, Capital Markets, to uncover how CAIS is propelling the evolution of structured investments through our powerful combination of people, platform, and product. https://lnkd.in/g-U2P8Va #structuredinvestments #financialadvisors #wealthmanagement

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📢 Don’t miss the Nicsa 2024 Asset & Wealth Management Summit, happening October 29-30 in Boston! 📅 Secure your spot: https://lnkd.in/e6P6h5hy This year’s theme focuses on AI and alternative investments and how they are reshaping the future of the industry. Learn from top C-Suite executives and thought leaders, with expanded sessions designed to give you practical, actionable insights. Plus, take advantage of unmatched networking with industry peers and leaders. Don’t miss your chance to stay ahead—register now! #NicsaSummit2024 #AI #AlternativeInvestments #AssetManagement #WealthManagement #NicsaEvents #IndustryLeaders #Innovation

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We are delighted to announce that Managed Asset Portfolios, LLC (MAP) has achieved Top Guns status for its U.S. Multi-Cap Value Strategy for Q2 2024. 🏆📈 Read press release: 👉 https://lnkd.in/eqDHD8Kp #ManagedAssetPortfolios #Investing #StockMarket #Awards #ValueStrategy #BestMoneyManagers #TopGunsManager

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In private equity, unclear communication regarding past financial performance and future projections can lead to investor skepticism, potentially derailing fundraising efforts. Implementing reporting frameworks and performance dashboards to pitch financial metrics transparently can help private equity firms make a more compelling case to prospective investors. Need help developing a clear, investor-ready financial profile? Consider a fundraising consultation with one of our seasoned advisors. #PrivateEquity #InvestorRelations #FinancialTransparency #FundraisingSuccess #PerformanceMetrics

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Blue Owl Capital is acquiring Atalaya Capital Management, an alternative credit manager, for $450 million. This strategic move will enhance Blue Owl's credit and asset-based finance capabilities, adding over $10 billion in assets under management. Atalaya focuses on asset-based credit investments across various sectors and manages over $10 billion in assets. Post-acquisition, most of Atalaya’s 115 employees, including founder Ivan Zinn, will join Blue Owl. Zinn will lead the alternative credit segment under Craig Packer. The deal includes $350 million in Blue Owl equity and $100 million in cash, with an additional potential earnout of up to $350 million in equity, contingent on future revenue targets. This acquisition reflects a growing trend of consolidation in the alternative credit space. Blue Owl's expansion into asset-based finance signifies increasing demand for versatile and specialised credit offerings.

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For the first time in years, rising yields have made bonds a much more powerful part of the asset allocator’s toolkit. How should asset allocators be thinking about the role of fixed income in portfolios? Download the report → https://bit.ly/3yddQc3

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3 WEEKS TO GO!!! With only 3 weeks to go, the countdown is on for the CFA Society New York 11th Annual Ben Graham Conference. Join guest panelists Roger de Bree (Tweedy Browne), Richard Cook (Cook & Bynum) and many more renowned value investors who will discuss: ·        SPECIALIZED ETFS, MUTUAL FUNDS, AND CLOSED-END FUNDS ·        VALUE SELECTION IN THE U.S. ·        INTERNATIONAL VALUE ·        INTEGRATING AI INTO THE VALUE INVESTING PROCESS   Don’t miss out on this amazing opportunity to learn more about the current state of value investing – both domestic and internationally, including the challenges and opportunities involved as volatility has recently returned. Register here now for the conference: https://lnkd.in/eNpcfMdE

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Active vs. passive: The tectonic shift 🫨 in one chart! Long/short equity managers James Hanbury & Jamie Grimston of Lancaster Investment Management with commentary on the impact the shift to passive investing is likely to have in a major market correction 📉scenario: "As passive investing continues to gain share by definition it drives momentum investing. While this has been a very successful style over the past decade or so (partly in a self fulfilling way) it gets more and more precarious as a greater percentage of the market follows suit. Most investors buying a passive fund have no idea they are on a momentum trade and clearly they are adding to the weight of money that does not understand what it owns. The trouble with 'buying blind' is the difficulty to buy more when the price falls and with human nature, it is often the reverse that plays out." ⚠️ As a consequence, Lancaster IM sees the market vulnerable to a major correction as passive investing is likely to exhibit momentum style not just on the way up but also on the way down. Source: Minack Advisors (via Lancaster Investment Management) (+++Opinions are my own. Not investment advice. Do your own research.+++) #markets #investing #wealthmanagement #hedgefunds #absolutereturn Tap the bell 🔔 to subscribe to my profile & you'll be notified when I post. 💸

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Portfolio Manager Trevor Williams highlights a trend of slowing private equity exits in the U.S., with a 7% year-over-year decline and a 44.4% drop compared to 2021. He explains, this shift is prompting PE firms to pursue "modern" value creation strategies to drive sustainable growth amid longer holding periods. #privateequity #peexits #valuecreation #buyandbuild #sustainablegrowth #investmentinsights #assetmanagement #investmentstrategy #mergersandacquisitions #growthstrategy #investing #assetmanagementinsights

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It was a pleasure hosting Reihan Salam, President of the Manhattan Institute, at the Red Apple Group offices recently. Reihan’s insights into policy, economics, and the future of our cities are consistently thought-provoking. As a regular contributor on platforms like CNN, Real Time with Bill Maher on HBO (Warner Bros. Discovery), and The Atlantic, he remains an essential voice in today’s policy discourse. Fun fact (aka nerd alert!): Reihan and I go way back—30 years ago, we were competitors on two of the nation’s top-ranked speech and debate teams at Stuyvesant High School and Iona Preparatory School. Those formative years sharpened our skills in public speaking and critical analysis, setting the stage for professional journeys defined by rigorous inquiry. It’s inspiring to see how those early days of debate shaped leaders and thinkers like Reihan, who now contributes so significantly to the broader discourse on public policy and governance. Recently, Reihan joined John Catsimatidis, Founder & CEO of Red Apple Group, on The Cats Roundtable on 77 WABC Radio, to discuss the current state of the U.S., with a special focus on New York. As a Brooklyn native and the son of Bangladeshi immigrants, Reihan brings a uniquely grounded and thoughtful perspective on improving New York City and State. This segment originally aired on Sunday, November 3, on New York’s #1 rated station, 77 WABC Radio, owned and operated by Red Apple Group. Reihan’s views on the path forward for New York are well worth a listen.  Interview Link:  https://lnkd.in/ecWY2Eme    Manhattan Institute: Under Reihan’s leadership, is a cornerstone in the world of public policy. Established in 1977, the Institute remains one of America’s leading think tanks. Through rigorous research and data-driven recommendations, the Institute shapes public policy debates, offering non-partisan, research-based solutions to some of the nation's most pressing challenges. Under Reihan's leadership, as cities and states grapple with post-pandemic challenges, the Institute’s research will be more essential than ever, guiding efforts to create resilient, vibrant communities. Through Reihan’s stewardship, the Manhattan Institute continues its mission with a steadfast commitment to integrity, clarity, and data over partisanship. Ultimately, Reihan and the Manhattan Institute exemplify the power of ideas, showing that dedication to facts, intellectual rigor, and principled discourse can lead to real, meaningful change. #ManhattanInstitute #PolicyLeadership #PublicPolicy #EconomicFreedom #Governance #NewYorkPolicy #ThoughtLeadership #RedAppleGroup #WABCRadio #PublicDiscourse #SpeechAndDebateLegacy #FreeMarketIdeas #ConstructiveDialogue #RedAppleGroup #JohnCatsimatidis #WABC770 #NewYork #NewYorkState #NewYorkCity

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Watch as Mike Dowdall, CFA® discusses the differentiating factors of the Alternative Fund Advisors, LLC's AFA Private Credit Fund and the ways to include it in investor portfolios 👉 https://lnkd.in/ecF_iZzc

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