Multi-strategy hedge funds are still all the rage on Wall Street, but what does it actually mean to be a pod shop and how are they being set up? On this episode, we speak with Dan Morillo, co-founder of Freestone Grove Partners and formerly a partner and head of equity quantitative research at Citadel (one of the most successful multi-strats out there.) While lots of people tend to talk about multi-strategy hedge funds as one big blob, he argues that there are important differences in their business models. We talk about how he identifies top portfolio managers, managing crowding risk, and the math behind compensation, scale and returns.

Previously:
How Hedge Funds Discover the Next Superstar Trader 
How to Succeed at Multi-Strategy Hedge Funds

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots

Multi-strategy hedge funds are still all the rage on Wall Street, but what does it actually mean to be a pod shop and how are they being set up? On this episode, we speak with Dan Morillo, co-founder of Freestone Grove Partners and formerly a partner and head of equity quantitative research at Citadel (one of the most successful multi-strats out there.) While lots of people tend to talk about multi-strategy hedge funds as one big blob, he argues that there are important differences in their business models. We talk about how he identifies top portfolio managers, managing crowding risk, and the math behind compensation, scale and returns. Previously: <a href="https://bloom.bg/3NeBdGq">How Hedge Funds Discover the Next Superstar Trader </a> <a href="https://bloom.bg/4gPiWgD">How to Succeed at Multi-Strategy Hedge Funds</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

The Math That Explains How Multi-Strategy Hedge Funds Make Money

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4ebca9fb-804a-4d62-8b51-b1ff013c06d1/transcript

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For years, the Harvard Endowment has easily been the largest endowment of any university. But as of right now, it's at risk of losing its crown to the University of Texas. So what happened? It's a combination of things including organizational tumult, external controversies over the university, controversy about the endowment's model itself, and other factors. And of course, Texas has unique tailwinds -- including a huge energy windfall -- that aren't easily replicated elsewhere. On this episode we speak with Bloomberg's higher education reporter Janet Lorin about what's changed at this huge source of capital.

Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.

For years, the Harvard Endowment has easily been the largest endowment of any university. But as of right now, it's at risk of losing its crown to the University of Texas. So what happened? It's a combination of things including organizational tumult, external controversies over the university, controversy about the endowment's model itself, and other factors. And of course, Texas has unique tailwinds -- including a huge energy windfall -- that aren't easily replicated elsewhere. On this episode we speak with Bloomberg's higher education reporter Janet Lorin about what's changed at this huge source of capital. Become a Bloomberg.com subscriber using our special intro offer at <a href="http://www.bloomberg.com/podcastoffer?utm_medium=referral&amp;utm_source=Podcast&amp;utm_campaign=OddLots">bloomberg.com/podcastoffer</a>. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the <a href="https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page</a> in Apple Podcasts to listen ad-free.

The Harvard Endowment Is on the Verge of Losing Its Crown

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/04ecb351-17c0-42ae-a7d4-b22f014d1e14/transcript

How did China become the economic behemoth that it is today? One pivotal moment was, obviously, it's ascension into the WTO. Prior to that, the era of reform under Deng Xiaoping was obviously crucial. But obviously no single event or turning point can really tell the story. In a groundbreaking new book -- The Great Transformation: China’s Road from Revolution to Reform --  historians Odd Arne Westad and Chen Jian tell the full story of how China went from being an impoverished, highly planned communist economy to the dynamic capitalist economy it is today. We spoke with Westad, a professor at Yale, about this book, and what people get wrong about China's big opening up.

Read more:
China’s Surging LNG Imports From US Threatened by Next Trade War
Morgan Stanley, Goldman Call for Greater China Transparency

How did China become the economic behemoth that it is today? One pivotal moment was, obviously, it's ascension into the WTO. Prior to that, the era of reform under Deng Xiaoping was obviously crucial. But obviously no single event or turning point can really tell the story. In a groundbreaking new book -- The Great Transformation: China’s Road from Revolution to Reform --  historians Odd Arne Westad and Chen Jian tell the full story of how China went from being an impoverished, highly planned communist economy to the dynamic capitalist economy it is today. We spoke with Westad, a professor at Yale, about this book, and what people get wrong about China's big opening up.
Read more: <a href="https://www.bloomberg.com/news/articles/2024-11-20/china-s-surging-lng-imports-from-us-threatened-by-next-trade-war?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">China’s Surging LNG Imports From US Threatened by Next Trade War</a> <a href="https://www.bloomberg.com/news/articles/2024-11-19/morgan-stanley-goldman-ceos-call-for-greater-china-transparency?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article">Morgan Stanley, Goldman Call for Greater China Transparency</a>

Odd Arne Westad on how China First Joined the Global Capitalist Economy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/41b09622-2ece-49df-81c1-b22e00ee4d86/transcript

After his victory, Donald Trump announced that Elon Musk and Vivek Ramaswamy would be leading up a new Department of Government Efficiency in order to crack down on wasteful, fraudulent spending inside the federal government. Setting aside the question of how effective this particular endeavor will be, the basic premise of cracking down on waste and going after fraudsters should generally be non-controversial. So what does fraud look like? How do companies bilk programs like Medicare and Medicaid for billions of dollars every year? And what can be done about it? On this episode, we speak with Jetson Leder-Luis, an assistant professor at the Questrom School of Business at Boston University and a faculty research fellow at the National Bureau of Economic Research. Jetson walks us through such things as ambulance fraud, identity theft, and other techniques that are used to milk the system. He also explains the tactics and strategies that the government can deploy to reduce billions in wasted spending.

Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.

After his victory, Donald Trump announced that Elon Musk and Vivek Ramaswamy would be leading up a new Department of Government Efficiency in order to crack down on wasteful, fraudulent spending inside the federal government. Setting aside the question of how effective this particular endeavor will be, the basic premise of cracking down on waste and going after fraudsters should generally be non-controversial. So what does fraud look like? How do companies bilk programs like Medicare and Medicaid for billions of dollars every year? And what can be done about it? On this episode, we speak with Jetson Leder-Luis, an assistant professor at the Questrom School of Business at Boston University and a faculty research fellow at the National Bureau of Economic Research. Jetson walks us through such things as ambulance fraud, identity theft, and other techniques that are used to milk the system. He also explains the tactics and strategies that the government can deploy to reduce billions in wasted spending.
Become a Bloomberg.com subscriber using our special intro offer at <a href="http://www.bloomberg.com/podcastoffer?utm_medium=referral&amp;utm_source=Podcast&amp;utm_campaign=OddLots">bloomberg.com/podcastoffer</a>. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the <a href="https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page</a> in Apple Podcasts to listen ad-free.

How Fraudsters Are Bilking the Government Out of Billions of Dollars

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/883dd51a-368a-4521-aea3-b229014f766d/transcript

The Math That Explains How Multi-Strategy Hedge Funds Make Money

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