YouSaid · the spoken record

Brian Hurst

lines on the record: 77
first: 2025-01-10
most recent: 2025-01-10
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“There's a lot of smart people out there as smart as you might be. There's a lot to learn from everybody else. Everybody has some insight, some perspective that you don't have. Presume that you know what people are thinking. So ask questions and listen.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Know what the advice would be specific to those things, but talk less and listen more is what I would say. There's a curve. I forget the name of the curve, but it's you know. You start thinking you know a lot, especially Kruger. Yeah, Dunning Kruger, that's what it is. That is such a true effect. I thought I knew everything. And if I just listened to those around me who knew a lot more People are trying to help you more than you realize as a young person. And I should have just listened to more advice. I would have been more successful much more earlier if I had.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“I like history, specifically financial history. The one I'm reading right now is called the World for Sale. It's actually written by a couple of journalists that cover the commodity industry. And it's really about the physical commodity traders and the whole history of that, which is kind of interesting. I love biographies. One particular liked was the Michael Dell one play nice but win where it's kind of chronologically his whole story. I really connected with The building computers in his dorm and selling them obviously was much more successful at that than I was.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say of all the ones I could think of, Cliff would be the top mentor. And Cliff wasn't the kind of guy who would put you around his arm around you and say, hey, this is how you do X, Y, and Zoo, and you should do this differently. He did have a good shovel conversations with me like that. Most of his mentorship was through his actions. Clive's extremely principled, very ethical, and it's a very fortunate thing to be able to be in business with someone like that where you can be successful at business, but do it in a very ethical, principled way that's always doing right by the client. And that's something of the biggest things I've taken away from working with them.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“We like intelligence augmentation versus artificial intelligence, IA instead of AI, using these tools to be more effective.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“And so inevitably, we will learn every way that we can avoid dying and we will take you over. And that has a lot to do with how we approach the business on the investing side. Always learn from mistakes, get the communication out there, and constantly improve. If you improve by a few percent a year, that really compounds over time.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. And there's a scene that's actually relevant to our conversation a little bit today. The leader of the Silons, which is like the robots. Is talking with a human is one of the fighter pilots, and they're watching a video of one of the battles. And the humans win this battle, but then the Cylon says, this is how we're going to beat you. And humans like, what do you mean? Because they just watch one of the humans kill one of the robot fighter pilots. And she says, well, every time that we make a mistake and we lose a battle, every single other Cylon learns from that.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Quite a ride. Okay, great. But in terms of favorite shows, one of my favorites was the remake of Battlestar Galactica, which was a show when I was growing up as a kid.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“My wife and I, after going through the litany of all the kids and their issues each day, it's usually very late, and so we don't get to watch as much TV as we probably would like. There's a lot of great content out there. Lately, we're watching Lioness on Paramount, which is just.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Children as patients. And that usually generates ideas okay, how can we make this more effective? How can we get more funds directed toward this activity?”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So just how we got involved, my wife and I have the five kids, three of which had severe peanut allergies. And we were very concerned about that. a rising epidemic within society over time. And we wanted to see if we could solve that, invest in basically research, try to solve this problem. So we worked with both Yale and our local hospital to can we fund a research effort and a clinical effort to basically collect data because a lot of the research really needs data. So we worked with them and that's how we got originally involved with Yale as an organization. And then they have this council that's focused on children's health issues. And what it is, it's a collection of individuals who are interested in this topic. We meet typically quarterly. They'll have some of their top researchers from Yale come in and talk about whatever research they're working on and their clinical experiences with”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think Portable Alpha is a great way for investors to get exposure to alternative return streams. What Portable Alpha is, is mixing a beta like S&P 500 exposure with an alpha stream and really just plopping that alpha stream on top of the S&P 500 return. So it lets investors get exposure to S&P, which most investors already have. But now exposure to a different tougher return stream. Usually people historically at least have tried to be the S&P by picking a manager who's trying to pick stocks, overweighting stocks that they like versus the index and underweighting stocks that they don't like. But that comes with a lot of constraints. One is the manager can only overweight and underweight stocks in the index. They can't trade other asset classes. They can't utilize any kind of sophisticated investment techniques to try to beat that benchmark. Portable alpha get rid of all of those constraints. And so what you typically see is portable alpha program.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“And it just very small differences between the number one person and the number five person. What you see is the rewards and the compensation tends to be a power law, meaning that the very few get paid a lot. And I see for pure alpha where there's real competition that the investment talent will actually get paid more and more over time. It'll get more and more difficult to be that person. Whereas for the common stuff, the well-known things that have higher capacity, I think you're going to see fees keep going down on that side.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll answer that with a different story that we'll draw an analogy here. With the rise of indexing, which has been happening for decades now, and thank God for indexing, it's a fantastic invention that has helped a lot of investors. The original thought was well, as the market goes more and more indexing, and I don't know what the number is, it's probably 70% is indexed of the invested dollars, then it makes the markets, you know, it's easier to make money because there's less people trying to compete for that. But that's not what actually happens. What actually happens is it's become more and more difficult to make money because the talent pool is of higher quality now than it used to be that's searching for that alpha. And just like sports. When there's a zero sum game,”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“A bunch of things to talk about there. So, first thing I would say is the higher capacity strategies that have become well known, I think that those costs are going down because there's a lot of people who can implement those strategies. And so you think just simple supply and demand, lots of portfolio managers who can do them. Then there's unique alpha. I think that's harder, and actually the cost of that has gone up over time. It's not gone down. The cost it takes to compete in the space has increased over time. So there's a bifurcation that's been going on. We think that there's still a lot of efficiencies you can carve out of the system that exists now that we're attacking. Not through technology, a lot through ways of working that can just make the organization more efficient and deliver more net returns to investors.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“The incentives there, it's just not enough to be worth the time. And so if you are a very large investor organization, you do have to prioritize. You still have limited resources and time to look for things. So you're going to have thresholds. I'm not going to vest at least at this amount of dollars. That's where we step in, is kind of fill that gap”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think this is a general thing for all investors, not just other hedge funds. Everybody wants to be in the interesting things. They want to be in the lower capacity things. They know that they're less crowded. The difficulty and really what I think are kind of our business model is you're paying for us to go out and search the world and source them because it's expensive. It's expensive exercise to do. People might not have the expertise or the background to underwrite these types of strategies. It just takes a lot of work. And at the end of the day, Alpha is either about being smarter or working harder. The being smarter can work in the short term, but eventually that does get arbed away. Eventually someone's smart enough comes by. The working harder to me is the thing to actually stays.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Hey It's about dollars of PL you can extract from the markets per year. Percentage returns can be very high for these strategies, but I'll give you a sense. Most other large shops, they're going to look for strategies that can generate at least $100 million of P&L to make it worth their while to invest. We're looking at strategies that are generating $10, $20,000, $30,000, $40 million per year.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Some kind of new technique that is difficult or rare to implement. And the actual P&L that you can generate, profit and loss you can generate, is small relative to that effort.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what I think about is the amount of dollars you can make, this is the ratio I think about, the amount of dollars you can make divided by the complexity or how much brain damage you have to inflict upon yourself to actually implement the strategy. A lot of these small strategies, they're complex and difficult to do. They might require”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“That taps into something we talked about earlier, which is there are thousands of ways to make money in the markets. There's only dozens of ways to make money in big dollar size.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great question. The simple answer is you're unlikely to have any or much of it in your hedge fund portfolio. That's how I would describe it. And so it's looking for people that are either implementing common strategies in a very different way that makes them less susceptible or more immune to people getting out of that strategy. Or people have a completely different idea of how to make money that I haven't heard of before. And I've interviewed hundreds if not thousands of portfolio managers and worked with, developed many strategies of my own. So it's trying to find things that people aren't doing.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Risk factor that these other common strategies have. So that's a niche version of how we might implement that kind of a strategy.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“And merge arbitragures look at that, and they might go long, the company that's being acquired, short the company that's doing the acquire, and then make money if that deal ultimately closes. That's a very common well-known strategy. That would be the common version of implementing the strategy. A less common version to implement is you try to find ones that you like more than others. So you might think they all, or like the vast majority, are going too close, but some you might like better than others. And so you could go long half of them and short half of them. So you're not exposed to this common element of merge arbitrage deals closing. You're neutral to those. So if a large pod shop, one of these large multi-managers, if they decided to get out of merger arbitrage and they're selling all these positions down, half your portfolio will get helped and half your portfolio will get hurt, but you're less exposed to that crowding risk and that common, what I would say.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Question, so I'll use an example here There's a common strategy that people might be familiar with. It's called merge arbitrage. And basically, company A is going to by company B, whether it's for cash consideration or stock-for-stock type transaction.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“People to feel safe about that is that they need to see me as a leader and my other partners as the leaders to be willing to take in feedback, be challenged even publicly, and say, you know what, that's a really good idea. Let's go with that. And so just having them feel that safe environment so that people can always ask and bring questions up.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“So, just not even knowing a question exists. So, the way we address that is that we use Microsoft Teams at the office, and most people are in various channels, and we're seeing questions going on all the time. I really discourage people from asking me a one-on-one question, and I will usually redirect a question someone asks me to, here's the broad company, here's the question that was asked, here's the answer. So then immediately the entire company learns what this topic was. And very often that says, oh, someone else, I have another idea about that that I want to now share. So getting accessibility for people to deliver. But the most important about IDA meritocracy is really from a leadership standpoint. People have to feel safe bringing up ideas that they're not going to get, you know, yelled at. There's no bad questions. There's only people not asking questions. That's what bad. And the only way that...”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“This is a really important part, and it's a part of our culture at Clear Alpha. The idea is to get all ideas surfaced so that the organization can make the best decisions. What prevents good ideas from surfacing? One is that people may not know that a question is even being asked. So many organizations are run fairly siloed. Different groups, and a lot of that happens, especially large organizations. It's hard for everybody to be constantly communicating with one another”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“So, to me, investor education, really understanding what they're investing is, is a critical component to being a successful investor.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“That really, I mean, if you think about that compounding over a decade, that was a massive hit to wealth. Why is there such a big gap for alternatives and not as much of a gap for the 6040? I think it has a lot to do with investor understanding of what those products are and therefore the confidence. People invest in alternatives. They don't necessarily understand them. And so you're setting yourself up for failure a little bit there because when it has bad performance, you don't understand what it does. You're more likely to redeem.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Small, but it costs, it's still costs 60 basis points per year for the average investor of this paper for those simple funds. Now for alternative funds. When they look at those, that gap is 170 basis points a year.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Please continue. And so, what you find is that for 60-40 balance, which typically are in retirement accounts, where people maybe aren't looking at them every single day, they get statements once a quarter that are delayed.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, and that is going to, the asset way to returns are, you know, counting for the fact that the fund does well, everybody gets excited, money comes in, larger assets, and then it maybe does not as well after that. And so the larger assets earn less return. And so the asset weighted return minus the time weighted return is a really good way to measuring what's the actual impact of this behavioral element of investing, which is a really critical part of investing.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“This is really something that's very important to me when I think about the industry and like what are the big problems that are facing the industry? What's really causing investors not to get as much money in their retirement accounts as we possibly could get there. One of them is this behavioral issue, which I think also ties to like incentives and governance and agency issues within investing organizations. Morningstar does a study that they call Mind the Gap, and they do it on a regular basis. Some of your listeners might have heard this. And it's definitely worth reading. I'll quote some numbers off top of my head. I might be remembering it incorrectly, but what it does is it's measuring the time-weighted returns of funds, which is the returns that funds report. These are the returns that if you invested a dollar at the beginning and you held it all the way through, the returns you would have gotten if you never went to or went out of that fund. Then they compared that to the asset weighted returns.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“The enhanced risk management you can get by having daily position transparency and all the trades of all the different PAMs are doing, being able to hedge out all these beta risks, factor risks, sector risks, things like that allows you to be much more efficient with how you deploy that capital. And so you see that these multi manager funds tend to be a little more invested than a hedge fund portfolio typically could be. And that creates a lot of efficiencies. And so when you look at the returns that they're generating, you know, it's closer to like 50-50. We're like for every dollar that's generative P&L, 50 cents is going to an investor. So it's a much more efficient delivery mechanism of alpha.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Just to be net flat. So if those two managers instead traded those positions into the same vehicle, you're getting that efficiency. And that's worth on the order of like 23% per year, just that alone.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, there's agency issues in between, and I think investors are well aware of these. So that causes part of it too. But a big thing, and I think that kind of the multi-manager, multi strategy approach tackles that a fund offense can't is you get a lot of netting benefits both from one manager's long apple, another manager's short apple. A fund to fund approach where you're investing in two different funds. Well, A, they don't know that. And B, the managers who loan Apple, they're paying a financing spread to go leverage Long Apple and the manager who short is paying a financing spread to go short apples. A lot of costs built in. You're paying a lot of extra cost there.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. Strategy is down. What's been down? Let's get out of that. Let's get into the thing that's been up recently. That costs about a third of your alpha”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. And it's really interesting. It breaks down the sources of all these things. Part of it is fees and double layers of fees and things like that. A big part of it is the behavioral nature, which I think is driven by governance of investing organizations where”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's really about the fee as a percentage of the dollars of P&L being earned. There's an academic paper recently published. They did a really interesting study over 10 years of looking at institutional hedge fund portfolios. What it showed is that for every dollar of P&L being generated by these hedge fund strategies, at the end of the day, the institutional investor took home about 37 cents.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's an evolution. It doesn't mean that the Fund of Funds model is going away entirely. There's certain managers out there who have commingled vehicles that only, you know, they won't run an SMA for you. They won't trade their strategy into your account. Fund of funds can access that. So there's a reason for that. They're nice one-stop shops and they can maybe be a little more transparent. But there are, you talked about this earlier, the fees being an issue”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“To scale up. And if you're going to be a very large fund, you by definition have to put more and more of your money into the well-known large trading strategies. And so they have to be particularly attuned to the fact that they're large and their competitors are also large and then those same kind of trades. So what is at risk? And when these things, you know, when one of these shops sells out or reduces risks and one of these common strategies, it's going to affect the other ones. It's hard to avoid that. But they are fairly well diversified across many different types of strategies. So that's what you see still very consistent returns, but there is this exogenous risk element of having being big in the crowd. The way you avoid that is by being smaller, focusing on smaller strategies that are a little bit different.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And there's a reason for why that's the case. There are literally thousands of different types of ways to make money in the markets, thousands. But there's only dozens of ways of making money in the markets that have lots of capacity. You can put a lot of dollars in general, a lot of dollars. Scale up.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Great question, and I would say a more recent example might be COVID, March of 2020. So I talked about a couple different common risks. One is beta, another one might be factors. A simple other one is just There's a well known strategy. Let's say merge arbit There are plenty of funds that are running merge arbitrage as one of their strategies within the fund. Okay. Simply because a lot of people are doing something that in a sense when there is some other exogenous event that causes people to de-risk, it actually makes it bad to be in well-known, well-understood trading strategies. So you know ahead of time that this is something that is crowded. You know that there are other players that are doing the same kind of trades as you going in.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, when you're running a multi strategy fund, it's really about looking at these common risks beta is the simplest example. It could be sector exposure, it could be factor exposure, like momentum you mentioned earlier. And there's a lot of other. Less well known but known in the industry risks that take place. People talk about crowding. There's reasons why crowding happens. So being able to be aware of those and look for signs of that and trying to mitigate those commonalities across your different strategies is a really key component to managing risk for these multi-strategy funds.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Pure beta. And I think about the scarce resource is your risk budget. And how do you want to allocate that risk budget? If you're allocating a lot of your risk budget to just pure beta, that might work for the manager, but for an investor, that doesn't make a lot of sense because I can go and get pure beta. I can buy an index fund for single digit basis points at this point. It's effectively free. These multi strategy funds, in order to reduce the correlation across their managers, they don't want to have all these managers long pure beta. That's a common risk that will cause them to make and lose money at the same time.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Activist exactly. These are all out there. They're well known. When you look at each one of those, you can break it down between kind of cheap passive beta. So let's take an example. Long short discretionary stock picking. Most of these hedge funds, the way they're implemented is the manager is net long the stock market. And so some portion of their returns, it's actually a pretty significant portion, is just going to be driven by whether the stock market's up or down.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, when I think about most hedge fund strategies, the ones that people know about, the ones that there are, if you look at hedge fund indices, there's a category for it. So it could be long, short stock picking, it could be merger arbitrage, it could be index rebalance arbitrage or basis trading. There's a variety and there's like dozens of these kind of well-known well understood activists.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“The multi strategy hedge fund is really like the house where each table or each game in the casino, in their house, has a slight edge. And if they make sure that there's not going to be massive losses at different tables on the same night, same weekend, same month, over time, they will just statistically accrue profits in a more consistent manner. So that is a big focus. And if you think about what risk managers would do at a casino, it's the same thing. They're going to make sure that these tables, these games, are not going to be making or losing money at the same time.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source
“Great question. I think it's helpful. I don't like the gambling angle, but I think it's a helpful analogy because most people are used to the analogy. If you think about the casino, people go to the casino knowing that if they play the games long enough, they're going to lose their money. I think most people think that.”
2025-01-10 · Masters in Business · From AQR Quant to Founder & CIO with Brian Hurst · IDENTIFIED FROM THE TRANSCRIPT · source