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Jordi Visser

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2021-11-08

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2021-11-08

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1. “Running some of the index derivative business, specifically the SP book, which was the largest option book at the firm, and then took over the exchange-traded fund. And finally, right before I left, they gave me a chance to actually run some of the sales businesses as well. So I had the fortune over effectively what was an 11, 12 year period at Morgan Stanley, that I got thrown into a lot of different jobs. And I think that helped a lot in building out a breadth of experiences that I still to this day cherish in terms of learning things and not having the same job every single day, I would have been bored.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

2. “That's the best way to deal with that. And that's what I learned. So I ended up on the option desk at that point. And then three years later through a variety of other luck, David ended up taking a program job. So he was supposed to go to Brazil and open office for the firm there. He had been working on it for the better part of three years. He got this other opportunity and they asked me if I would go. And again, I was very young at the time. So it was a great opportunity. And luckily when you grow up with a father who doesn't graduate high school and built all his own equipment, you don't have a lot of fear of failure. So I accepted and went down to Brazil and was there in 97-98, which was during the emerging market crisis. And because my Mexico experience, we did very well there. And then I came back and finished up my Morgan Stanley career.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Ended up with the Christmas that really never happened, but I was at the time, only two years of Morgan Stanley, a lot of firms ran into a lot of trouble with the valuation. Luckily, the book was handed off to me in a very nice way with a lot of hedges and a lot of protection by David. And that kept me in a place where I wasn't fired. Secondly, where I got to learn a lot through the process of what to do. And I ended up trading the market well after that. And I think I learned that if you can prepare or be in a position where you're not hurt during emotional times and you have the market effectively on tilt, it creates more opportunities. And I'd say that philosophy started all the way up until now. That's the philosophy that I have, which is that if you can identify ahead of time risk rewards that are changing and you have a Bayesian framework that identifies that this is not worth it, the hardest thing for type A people to do is to actually be patient and sit on their hands.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

4. “Was doing emerging markets, had been brought into the firm. He had spent a lot of time with me trying to understand how I did the analysis on the P&L form. And he just said, you should be up here trading. And he eventually brought me up. And so in 1994, only two years after being at the firm, I was now leaving controllers, joining him in terms of running an emerging market book with him. And he was going to be moving down to Brazil and gave me the Mexico book for the firm. So I was trading equity derivatives, a Mexico book starting in October of 1994. And then two months later we had the devaluation.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

5. “I'm going back. First of all, it was an interesting group. So when you get into a controller's area. There's a lot of people that wanted to be controllers for life. They had accounting degrees. I didn't like accounting. So I quickly decided that I was going to use those analytics and start building out a risk system because options at that point, this was in 1992. So options were still kind of a new thing and growing for Wall Street and especially coming out of the crash in 1987. That's really when the option market started to take off and people started to really want to have puts and we started having skew and we started going through. So I got the ability of doing a lot of analysis. I started coding to some degree. That was my first risk analytics buildout that I did to analyze the P&L and to do the exotic options. And a couple people on the trading floor took a liking to me and like most people that I think have moved up the ladder at those organizations. The politics is a big part. So if you kind of get a mentor that takes a hold of you and I remember that there was a person specifically Dave Newbert who”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

6. “So, you're good with math. You graduate from Manhattan College. You kind of end up at this level where what you're really doing is doing the P&L analysis for option traders. And they were all extremely good at math and they knew something I didn't know a lot of. So the spark came from a competitive person, played a lot of sports, and wanted to be as good as them. Read a lot of books on option trading and it led to some good things at Morgan Stanley.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

7. “So, I did graduate high school. And then college was a bit of a chore as well in terms of staying focused and going through it. And I did graduate with good grades. But let's just say school and I did not have a perfect relationship. So what lit the spark coming out of school then? I got an offer to go to Morgan Stanley to start in their controller and risk management area. And I'd say when I got there, I was lucky, and sometimes you just get lucky. I ended up being a controller in derivative area.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

8. “Bar was the line where my parents would leave me alone. So, all right, B will keep me. Fine. I'll get B pluses. And I didn't really like school, but I went through it and found a way to kind of find the bits and pieces that I liked. I think the one thing that I was obsessed with was analytics and just data. I think I got my first computer as a junior in high school, which was a little Commodore computer, which was just connected to the old Commodore 64. Exactly. And I was building games. And more importantly, I was my father owned claiming racehorses that were like $5,000 and I would go through the programs, take all the data because there's tons of data. I'm a huge Kentucky Derby fan, so this all kind of led to this. But that was the beginning. And that's where I started to realize that what I really liked was data and math. And because my father had an engineering brain, I decided I did not like getting electrocuted and losing my hearing and carrying heavy stuff upstairs. So I decided I had to go to college.”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

9. “Jordy, thanks so much for joining me. No problem, Ted. Happy to do it. Love starting at the beginning. And so why don't you take us back to school? I grew up in a town which at the time was a very blue-collar town. My father is still today and was a construction worker. So I grew up in a blue-collar household. My mother had me when she was 19, so she was a stay-at-home mom. And needless to say, my father, who was a construction worker who didn't graduate high school, had a very entrepreneurial way of construction, and he invented all his own equipment. So he's definitely non-consensus and contrarian in the way he approaches things. And the fact that he didn't graduate high school and left in the eighth grade and was an atheist, I didn't really have a lot of beliefs growing up. I would say I took that approach in school, but also I'm definitely a visual learner who is easily bored. And so school was something that I just wanted to find out where the”

   2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Opportunities in biotech and healthcare, the future of the hedge fund industry, and positioning an asset manager for the future. Geordie leads a rigorous approach to identifying, assessing, and improving an internal multi-manager team using data analytics. The transparency and tools he employs are a few steps ahead of where most allocators find themselves today, and as such, his insights can shine a light on the path where all allocators can develop going forward. Please enjoy my conversation with Geordie Thisser.”

    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

11. “My guest on today's show is Jordi Visser, the president and chief investment officer of $1.7 billion Weiss multi-strategy advisors, an asset management firm with a 40-year history of focusing on innovative investment processes and cutting edge thought leadership. Our conversation covers Geordi's decade of learning at Morgan Stanley and then turns to a deep dive on all aspects of Weiss's equity market neutral multi-manager process, including the importance of data visualization to risk management, behavioral alpha, improving portfolio manager performance, blending macro insights with a multi-manager team, factor-based replication, hiring managers, ranking managers, and knowing when to move on. We then discuss issues with the use of analytics outside of public equities, the pending problem caused by high corporate leverage,”

    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

12. “Hello, I'm Ted Sides, and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can keep up to date by visiting capital allocators podcast.com.”

    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

13. “Capital out hitters is also brought to you by admired leadership. Back in April on episode 497, I sat down with Randall Studman, the executive coach behind admired leadership, who advised more than 500 CEOs, including some of the most respected names in asset management. Randall introduced me to Alex, an AI leadership coach's team built on 40 years of proprietary research into what the best leaders actually do. For investment professionals, that means your entire team gets on-demand coaching grounded in the behaviors that drive results, and build the kind of followership that retains your top talent. We use Alex and our team at Capital Allocators swears by it. Try Alex for yourself at the link in our show notes. Try Alex. Leadership.com.”

    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

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    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source

16. “Capital allocators is brought to you by AlphaCents. Here's something for you. Most AI tools today are very good at sounding right. But can you actually trace it back to a filing, transcript, or specific passage that drove the answer? Or are you just trusting the confidence of the output? For allocators, that's not a minor concern. A missed filing, incorrect source, or context that gets lost somewhere in a retrieval chain aren't edge cases. They're how decisions go wrong. AlphaSense is the AI platform built specifically for this. They own the content over 500 million curated documents from broker research and expert transcripts to filings and earnings calls. And they own the retrieval layer on top of it. That means every answer can link back”

    2021-11-08 · Capital Allocators · [REPLAY] - Jordi Visser – Next Generation of Manager Allocation (Capital Allocators, EP.92) · IDENTIFIED FROM THE TRANSCRIPT · source