YouSaid · the spoken record

Corey Hoffstein

lines on the record: 156
first: 2024-11-21
most recent: 2024-11-21
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

“Just because you want to, or is there an easier way to do this? At the end of the day, you're trying to meet this objective. What is the easiest way to meet it?”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Do those types of, don't try to time the market. I mean, like every young person, I spent a whole, of course, I'm going to be the one to crack the market and figure out how to time it. It's a dumb, low breadth bet. You don't get to repeat a lot. It's like trying to flip the coin three times in your life and guess heads all three times. It's just very unlikely when you're wrong, there's a lot of damage. All right, so be smarter about the type of strategy you're going to pursue. By the way, the S&P 500 is the hardest universe to try to actively pick stocks in. Maybe don't try to pick stocks there. Go play the game on easy mode where there's a proven opportunity rather than saying having the ego to say, no, I'm going to be the one to figure it out. There are people who can beat the market. But even if I'm smart enough to figure it out or can find that edge, why not find it somewhere where it's easier? And so I think for me, I was earlier in my career someone had really beaten into me. Are you just playing the game on hard mode?”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“A phrase I have been repeating a lot in the last year and a half at my own business, which is Why are we playing the game on hard mode? Play the game on easy mode. I mean that both in the investment strategies we choose to pursue and the products we want to bring to market. I'm not going to talk so much to the products here, though I'm happy to go into that. On the investment strategy side, I wish someone had just sat me down early in my career and said, Low breadth bets you don't get to repeat a lot.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll tell you during that period, I had some fantastic conversations with you over DM. So I, you know, I miss whoever that was.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“And so then you're going, well, I hope someone retweets something interesting so I can discover a new person. And there are absolutely trade-offs to it.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Some young person reaching out to ask me a question. Now it might be 20 times the volume and it's just, it's hard to be as responsive and have the intimate connections I think you had when it was a smaller community. So I know a lot of people who Twitter has its problems, but a lot of people who bemoan the loss of that prior experience. I think it was a small community aspect that has disappeared, and it's hard to rebuild that unless you build your own walled.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm still very active on Twitter, but it's a very curated thing for me. What I find is I, like I'm in groups, for example, of 40, 50 quants who can't disclose who they are, and they don't want to share a lot publicly, but you've built up this trust with them that you can ask these questions of things you're working on and get feedback from people all across the industry in a way that I'm still not sure I could find anywhere else. One of the things I've noticed is back in the mid 2010s, early 2010s, the community was just smaller. And so you could have a lot of conversations in public as Twitter grew and grew and grew just the request for your time became more and more. It used to be I might have one.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“But if I was doing it another path, I would have said, man, maybe I should have just gone to work at AQR for a while. That might have jumped me forward, you know, instead of stumbling in the dark for so long.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I wish I had understood that for where I was trying to go, I would have gotten there a lot faster if I had found a hands-on mentor and understood that this is an apprenticeship industry. Whether you are looking to do deep quant research or looking to build product or run an RIA, every side of it has so many complicated facets that you have to navigate from the regulatory side to understanding the behavior of your clients, understanding the markets and the microstructure and who's operating in them. That trying to discover that all on your own, there's a great chance you don't survive it. And so to me, I wish I take that back. I've had a phenomenal career. I'm very lucky. I wouldn't change a thing.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'll go back to what I just said, which was, and I was interesting, I was just at a symposium at the College of Charleston, which is put on for their students. And I said the same thing to their students, which is I'm loath to give advice, but my experience was I wish I had had a mentor.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“He's doing voices, and it's just, you know, again, if you're not into that type of book, you're not going to enjoy it. But he brings it to life with such vibrancy that it's not someone just reading the book. It's like, he's singing the songs. He's playing the characters. He's giving it to you like a play. It was just really, I mean, I got through all three books very quickly and I wish I had more. So that's one I did just recently. And I tend to do... Audiobooks because it's easier for me when I go out for a walk or a run. Listen to that than it is for me at the end of a day to say I'm going to get through 10 pages of a book and then fall asleep drooling on it.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Andy Circus Who played Gollum, who's a phenomenal voice actor, read all the books, and he is so good at like when he did Gandalf, it sounded like Ian McKellen. Really?”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So again, not a lot of time to read. I just got done listening to all Lord of the Rings on audio. I do leave it to a lot of audio books.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I didn't understand that. I wish I had more mentors. What I will say is on the business side, my father and my business partner are both phenomenal entrepreneurs, and I learned a ton on the business side from them. I will say I've been very fortunate reading and interacting with folks like Cliff Asnis and Auntie Ilmanen who have been huge idols of mine in what they've contributed to the industry and just been very open to communicating with me, I would say from an actual practitioner perspective have been big mentors.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Your career. So there I will say, and this ties to some of the latter questions, I think one of the mistakes I made earlier in my career is not appreciating how much of an apprenticeship industry this is, especially the more niche you go. Into markets. There's just wisdom and experience that it's hard to learn for yourself and it's very easy if you don't have that wisdom to knock yourself out of the business from a performance perspective.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“And so for me, that's been a really big outlet of not only fun with the guys, but that's a lot of content consumption in the sense that this story's playing out in front of me, but also I get to collaborate and be a creative part of the story creation. So that's been a really special part of my life for the last five years.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Game, we have an unbelievable guy who runs the game who is just this imaginative world builder. So imagine if you like fantasy or sci-fi, you can run it however you want. He builds these unbelievably complex worlds that we get to explore as characters. And he has a big narrative arc, but he's constantly adapting to how we interact with the world. And then there's the randomness, which is when you try to do something, you're rolling dice and your success or failure is based on the dice. So the dice play a role in the story”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“But there are seven of us in the industry who started five years ago, and we play weekly, and it's three hours and. That sounds incredibly nerdy, but for those who have never played Dungeons Dragons is really a collaborative storytelling.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“What are you watching? What are you listening? And the problem is with a rapidly expanding business and a young kid at home, I don't have time to watch anything. But what I have carved time out in my life for. Has been this dungeon dragons game. It's hard to say with the serious face, right?”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I was, yeah, in college, I was a very thin guy out in the winger position where I just ran up and down the field. And so I wasn't really massively in the scrums and the rest.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So, anyway, so I wasn't really supposed to play sports. And as I got to college, I thought about not playing anything. And there was a club rugby team. And I just said, you know, this sounds bad, but you're like, you're at an Ivy League school. That's kind of like, it feels like an Ivy League-ish sport. I was like, that would just be fun to go play rugby.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, this is particularly dumb because in high school I actually play lacrosse and got a skull fracture. So, all the doctors said stop playing sports.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So I grew up as a lacrosse player, got to Cornell and I mean the Lacrosse program there is phenomenal. I was never going to make the team. That's a serious.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Really love where we live. St. Pete is a wonderful area for us. We love raising our son there for the moment. We'll see how it plays out.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“You're asking the wrong person. You should ask my wife. I don't have executive power here. I think we will stay in the air.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“It's gone. You know, if you had a two-story house in our neighborhood, your first floor was gone, and the second floor is what remains for those who had single-story houses, which is the majority Everything ends up on the curb. And so driving down our neighborhood for the last, I guess, two months now, it's just people's lives. Are on the curb. And what people don't tell you until you live this is that seawater is also mixed with sewage water. And so the whole place reeks. And all the plants die because they become so everyone's garden. So you're just driving around this place that looks like a trash dump as all the plants are dying and it smells awful.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's one of those days show up four or five days and you go, okay, I'm watching the path. And it became clear, all my furniture is getting delivered. Day before the hurricane's supposed to hit, I've got a pregnant wife who is accepting the delivery as I'm driving the car down. And it just, I was like, I should have left at that point. But Most importantly, my family is safe. Our first floor of our house got completely destroyed. My car got totaled. It's all overshadowed by how amazing being a father is. It's just, it's hard to complain about any of that in the grand scheme of life of just, you know, I got a new kid and it's amazing.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I live in the Tampa area and I moved there two years ago. And I should have known something was wrong when I originally from Boston and was moving from Boston, driving down, and it was a hurricane showed up out of nowhere. And I actually had to stop my drive halfway down and just hang out in North Carolina.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So you had all this abundance of hot capital in this market that suddenly evaporated. You had very loud players like three arrows capital that was massively overlet start to fall apart. And as that liquidity disappears, so with it do the abundant trading opportunities. And so that's where it started to become clear to me. Just the game was over. It was a game of musical chairs. The music had stopped playing. And I was like, I'm just going to get out of the room because you can overtrade these things.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Are fractionally backed or backed by a variety of assets. And then you had what was called algorithmically backed stable coins. And I don't think there's any success stories there. They all know. Blew up Mark Cuban famously lost a bunch of money in one of those. Oh, did he? Yeah, in what was called, I believe it was called iron finances was what it was called. And that, you know, again, when you have nothing backing a coin other than a systematic strategy that's going to try to buy and sell the coin to keep it within a peg, it just...”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, reported to be these stable coins, which are a way for people to transact in what are effectively dollars on the blockchain, some of which are actually backed by dollars and others of which”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“There was this really fascinating window of both investor behavior and opportunity in what was developing and what it all could become.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Eking for every bip, and it's just you're just printing money. And it was a very limited window. That does not exist anymore. Right.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Just the systems weren't set up, there were limits to arbitrage, and so you had these situations where you said, oh, you can make a good deal of money here. And I had friends who dropped their careers in finance and said, I used to be a market maker for treasury futures, and I'm now a market maker for crypto. And oh, now I'm retired two years later because the market's that inefficient. And all I had to do was port the exact same skill set that was a bloodbath in traditional markets.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's just fun because it was almost by definition because of regulatory reasons lots of parties couldn't get involved. You had a market that was being dominated by retail. Don't want to say I'll lower information flow, right? More momentum driven.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“But you had all these, or called protocols or applications that were doing all this interesting stuff. And it was a fascinating world to explore not only from But there were some incredible trading opportunities. For people who operated in traditional markets, that you would see things and say, That shouldn't be like that. That's wildly mispriced. And in any traditional market that wouldn't exist, but Okay, I'll put my money where my mouth is. And so there was a fun trading opportunity. I certainly wouldn't say I maximized it.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Chop it up, see what's going on in markets. And for folks who weren't paying attention to the crypto markets at that time, it was an absolutely Cambrian explosion of activity. You had all these retail traders who started trading crypto and the available functionality of what you could build in crypto really exploded. So you not only had NFTs,”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“So that was a fun one for us where we just said, you know, that was the era of all right on a Friday afternoon, let's grab a beer.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, because you're technically borrowing from yourself, you can use that cash, and you've actually just taken a loan based on, and it's very attractive financing rates, the embedded rate of financing in these futures is like T-bills. So instead of borrowing from a bank, you can actually borrow from yourself. Or you can take that cash and invest in something, hopefully for diversification or return, but as long as whatever you're investing in outperforms cash, you will have added value to your portfolio. So let's say you love managed futures as a strategy, but you don't like the way I implement managed futures. You love Cliff Asnes at AQR. You love their fund. Well, you can buy my global stocks and bonds fund to free up the cash to then invest in his Manch Futures Fund and what you have effectively done is kept your 60-40 hole and stacked his fund on top. And so you can now stack whatever alternative asset class or investment strategy you want.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“You want So let me give you a really quick example. Say you've got a 60-40 portfolio, 60% stocks, 40% bonds. If you sell 10% of your stocks and 10% of your bonds and buy 10% of that fund, That 10% of that fund gives you both the stocks and bonds back. And now you have 10% left over in cash with which you can do whatever you want. You could have it sit in cash and in sit in T-bills and the return of that portfolio would be sort of the same as your 60-40, but hey, now you've got more cash on hand. You can do some interesting things about self-financing.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a US equity plus what we would call a multi asset carry strategy. So, this is so managed futures is typically done with trend following signals. Can also be done with what's called the carry signal, which is you can sort of think of carry as your yield. What's the return you're going to get if the world doesn't change? And so carry signals can be powerful predictors of total returns. So it's just a different quant signal. It behaves differently. trades a similar universe of currencies and commodities and equities and rates around the world so it's long short just a different quant signal so we have a us plus that we have a bonds plus that multi-asset carry and then the final piece is what i consider to be our most flexible portfolio which is just you give us a dollar we'll give you a dollar of as passively allocated as we can global stocks plus a ladder of us treasuries and the idea there is not to say let's stack bonds on top of equities in your portfolio the idea there is to say that is an incredibly powerful capital efficiency tool that allows you to stack whatever you need”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“And if you are an advisor running a business and you're saying sorry to your clients too much, that's a great way to get fired. There's just real business risk there. And so what we're finding is not only, I think, do we make a compelling value proposition of. Hey, this is an interesting way of trying to add returns to your portfolio in the portable alpha sense. If you think Managed Futures generates $200, $300 basis points of excess returns over time, why are you picking stocks? Just buy the S&P 500 and add man futures on top. But for the diversifiers, they're going, this is a great way to introduce my alternatives without giving up all the beta. And having that return hurdle issue and having that behavioral friction issue.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“They're doing it the way they've historically done it, which is they have banking relationships and they manage the futures and the swaps. And so they don't need a product like an ETF. Where we tend to see and have seen all the flows is independent RIAs. Who are saying I'm trying to figure out how to get diversification? I like alternatives, but man, it is hard to say to my client for the fifth time when they point to that man's futures fund as a line item and they say, why in the world do we have this? And you're saying, well, because diversification and”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's really funny. So you would think potentially with institutions, and we have lots of calls with institutions, and they all say the same thing, which is we love this and we also do it ourselves. We don't need to buy an ETF.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Your bond managers, but you're never going to beat the SP 500. So take that passive SP 500 and buy our fund, you get the S&P back with the managed futures on top because you don't want to do it with bonds because you think your bond manager is going to add value. So again, I'm being non-prescriptive in the products I'm bringing to market. I'm letting people say I like the concept of adding an overlay, how I want to express and where I want to express and the size with which I want to express, that's a conversation and a dialogue we have when we consult with our clients.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“I would go the other way, which is you're a very aggressive investor. You're, let's say, a growth client 80-20. You just have more equities around. It's easier to potentially overlay your equities than it is on bonds You're a very conservative investor. You just have more bonds around. Or you have a strong view that you can add alpha.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Plus a dollar of managed futures trend following. Same managed futures trend following on top, but one gives you the S&P, one gives you bonds as the bottom layer.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the things I think I underappreciated earlier in my career is that advisors and allocators want control in their portfolio. And so with this new suite, what we've tried to come out with is what I would call very much a Lego or building block approach where each product is very narrowly focused so that allocators can use them how they want. So I'll just give two really quick examples. We have one fund that for every dollar you invest with us will give you what is effectively a dollar of passive large cap US equities plus a dollar of a managed futures trend following strategy. We have another fund that for every dollar you invest with us will give you a dollar of core US fixed income.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“Just clipped over $800 million, launched, I guess 18, 20 months ago. So we're very happy and pleased with the growth, and I think it speaks to people understanding what we're trying to do in this new form of diversification we're trying to build. Talking about getting a little bit smarter on the product side”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source
“This concept to the extreme and runs with significant amount of notional leverage with the idea they're trying to risk balance all the variety of asset classes and it held up incredibly well during 2008 despite having so much leverage and it's because they're using leverage to unlock the benefits of diversification rather than using leverage to amplify returns.”
2024-11-21 · Masters in Business · The Concept of Return Stacking with Corey Hoffstein · IDENTIFIED FROM THE TRANSCRIPT · source