Top Traders Unplugged11 Okt 2023

ALO16: Beyond 60-40... A Bold Approach to Asset Allocation ft. Troy Gayeski

Troy Gayeski, Chief Market Strategist for FS Investments, joins us today to discuss asset allocation and investment opportunities in today’s higher yield environment. We discuss how higher interests rates are impacting the risk and reward across capital markets and why higher interest rates mean equity valuations may be stretched at the current juncture. We discuss how asset allocation has evolved from the 60-40 benchmark to a 40-30-30 allocation for many institutional investors with a 30% allocation to alternatives. We delve into where Troy sees opportunities within alternatives particularly in real estate, private equity, secondaries and liquid alternatives given his view that we are late in the economic cycle.

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Episode TimeStamps:

02:44 - Introduction to Troy Gayeski

11:36 - A top-down macro perspective

19:43 - The state of the 60/40 portfolio

26:37 - How do investors react to the interest rate?

30:47 - Analyzing the alt space

35:50 - Advice for allocating to real estate

40:00 - An overweight of privates?

44:02 - A mockdown in valuations - an unfolding process or mostly done?

46:30 - Opportunities and positioning in the liquid space

52:42 - Building a diversified liquid alts portfolio

55:09 - Is old school global macro still viable?

57:15 - Troy's perspective on AI tools

01:00:25 - Advice for other investors

01:02:54 - Thanks for listening

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Disclaimer

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