Systematic Thinking, BlackRock Style | Top Traders Unplugged | Ep.151

Описание: In a year marked by macro uncertainty and fractured correlations, Jeff Rosenberg of BlackRock Systematic joins Niels and Alan to unpack the shifting foundation beneath portfolio construction. From the fading diversification power of bonds to the rising demand for outcome-oriented, systematic strategies, the conversation traces how allocators are navigating inflation persistence, policy asymmetry, and crowding in public markets. Jeff outlines BlackRock’s approach to trend and defensive alpha, the constraints and possibilities of the ETF wrapper, and why breadth - not bold calls - may be the real edge. This is about preparing for a regime where risk behaves differently.

#toptraders #investing #trendfollowing

Timestamps
00:00 - Introduction, Jeff’s role at BlackRock Systematic and setting the agenda
04:09 - From too little to too much inflation and the end of divine coincidence
09:32 - Wage dynamics, “prices are too high” and persistent, not resurgent, inflation
14:48 - Bond equity correlation, the changing role of fixed income and income versus diversification
19:55 - Fiscal dominance, debt loads and the risk of soft financial repression
25:21 - What “systematic” means at BlackRock across beta, factors and pure alpha
30:44 - Trend as a systematic return stream and why BlackRock entered the ETF trend space
35:58 - Breadth, capacity and why market selection matters more than cocoa
41:12 - Defensive alpha explained using a credit lens on equities and crisis behaviour
46:27 - Execution, implementation alpha and using BlackRock’s liquidity river
51:39 - Constraints of wrappers, leverage limits and designing strategies for ETFs
56:54 - Growth of liquid alternatives, 50 30 20 and replacing the old 60 40 mindset
01:02:10 - Equity concentration, big tech, AI and the need for uncorrelated return streams
01:07:32 - Whole portfolio thinking, total portfolio approach and final takeaways

Full episode can be found here:
https://toptradsersunplugged.com/ttu151

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