Sandy Rattray
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Sandy Rattray earns The Navigator because his central conviction is that resilience is engineered before crises arrive, never improvised inside them. As co-inventor of the VIX and chief investment officer at Man Group, he converts deep volatility expertise into a doctrine of pre-committed, scenario-agnostic positioning. He does not claim to predict storms.
“It quite accurately, you can forecast it quite well as well. You can forecast volatility much better than you can forecast returns. So all of that is useful, but what's not useful is that we don't really worry in the end about what our volatility was last year or what it'll be next year.”
“Numbers, then I don't think anybody's going to argue that high inflation is good for government bonds. It's clearly bad for government bonds. And so your challenge is that the way you built stable portfolios in the past is balancing equities and bonds is really much less suited to the current environment than it was to the past environmen…”
“So I think the first thing that a portfolio manager should do is realize that you cannot forecast these events. And I speak, at least I used to speak at conferences a lot when we still had conferences and people would ask me, well, what's the Black Swan event that's going to happen this year?”
“Then you'll see that tech is a bigger portion of the US equity market than it has ever been, including in the late 1990s in the tech bubble. So you have an incredibly concentrated equity market, both globally into the US and also by sector within the US.”
Masters in Business: “Sandy Rattray on Strategic Risk Management”
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