OI23: Why Capital Efficiency Is the Next Edge in Investing ft. Charlie McGarraugh

Charlie McGarraugh joins Moritz Seibert to discuss how systematic investing is evolving beyond traditional trend following. Drawing on experience from Goldman Sachs, crypto and machine learning, Charlie explains why adaptive portfolios, capital efficiency and smarter position sizing may become the defining advantages for the next generation of macro investors. They explore the rise of managed futures ETFs, China's growing futures markets, the trade off between diversification and simplicity, and why portfolio construction often matters more than finding the next predictive signal. It is a thoughtful conversation about where systematic investing may be heading next.
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Episode TimeStamps:
00:00 - Why position sizing may matter more than return prediction
01:03 - Charlie McGarra's journey from Goldman Sachs to Altis Partners
09:03 - The history of Altis Partners and its evolution beyond trend following
11:19 - Building a multi factor macro strategy around trend
16:02 - Why adaptive investing is becoming increasingly important
21:49 - The growth of managed futures ETFs and reaching new investors
25:27 - Designing ETFs for diversification and capital efficiency
30:30 - Why Chinese commodity futures offer unique opportunities
40:41 - New ideas around leverage and capital efficiency
42:37 - Kelly sizing, drawdowns and maximizing long term returns
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