Many investors are used to building their portfolios using long-term buy and hold allocations to stocks and bonds, but Cem turns that on its head and takes a very different approach. We talk about the principles that guide his investment strategy, how he thinks about portfolio construction, his views on inflation and a lot more. For followers of Cem, we also ask for some breadcrumbs on dealer positioning at the end too.
If you found this video valuable, you might also enjoy our other interview with Cem Karsan. In that interview, we take a deeper dive into his dealer positioning models and the basis for his macroeconomic framework. You can find that interview here.
https://www.youtube.com/watch?v=wMWRWn8SNzc&t=9s
#cemkarsan #vanna #charm #gamma #optionsinvesting
00:00 - Intro
02:59 - the guiding principles of Cem's personal portfolio
05:22 - will Cem ever retire?
07:24 - the importance of time
10:39 - how Cem balances time frames in his portfolio
13:09 - how selling his market making business changed Cem's approach
15:32 - the future of the 60-40 portfolio
23:06 - how 60-40 portfolio investors should think about the current environment
25:38 - the outlook for active management going forward
27:17 - how Cem thinks about bonds
30:08 - evaluating active managers
31:15 - equity investing in an inflationary world
35:58 - how Cem thinks about valuation
40:29 - Cem's thoughts on international exposure
43:10 - Looking at drawdowns
46:36 - does long equity exposure make sense in the current regime?
48:12 - inflation and Fed policy
51:56 - assets that perform well in an inflationary environment
57:30 - the importance of getting the secular trend right
01:01:11 - the role of venture capital, private equity and real estate in Cem's portfolio
01:04:08 - things Cem spends money on that are not financially motivated
01:05:59 - some breadcrumbs on current dealer positioning
01:14:15 - the one lesson Cem would teach the average investor
CEM'S PREVIOUS APPEARANCE ON THE PODCAST
https://youtu.be/wMWRWn8SNzc
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