In this episode of Two Quants and a Financial Planner, we dive into Corey Hoffstein's insightful list of "15 Ideas, Frameworks and Lessons from 15 Years." We explore several key concepts, such as the transformation of risk, the necessity of pain to achieve premiums, and the philosophical limits of diversification. Through a mix of investing and real-life examples, we discuss how these ideas can be applied to both portfolio management and personal decision-making. Join us as we break down Hoffstein's thought-provoking lessons and share our own experiences in navigating the complex world of investing and financial planning.
00:00 - Intro
02:54 - Concept 1: Risk cannot be destroyed, only transformed
07:57 - Concept 2: No pain, no premium
14:52 - Concept 3: Diversifying cheap betas is worth just as much as diversifying expensive alpha
17:53 - Concept 4: Diversification has multiple forms
23:00 - Concept 5: The philosophical limits of diversification
27:57 - Concept 6: It's usually the unintended bets that blow you up
32:19 - Concept 7: Long/short portfolios all the way down
36:59 - Concept 9: Certain signals are only valuable at extremes
45:19 - Concept 10: Halvsies - splitting the difference under strong uncertainty
52:51 - Concept 11: A backtest is just a single draw of a stochastic process
53:50 - Wrap-up and closing thoughts
COREY'S BLOG POST
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