Resolve Riffs Investment Podcast

What does it take to build a portfolio that can survive inflation shocks, growth booms, credit crises, and lost decades—without sacrificing long-term return potential?In this episode, Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management, joins Pierre Daillie to break down the Four Piston Portfolio: an All-Terrain investing framework designed to perform across a wide range of economic regimes. Drawing on principles of risk parity, managed futures, systematic macro, defensive leverage, and return stacking, Rodrigo explains why diversification—not prediction—is the foundation of resilient portfolio construction.Rodrigo's conviction was forged early. Growing up in Peru, he witnessed 7,200% hyperinflation wipe out his family's savings. A 55% Toronto housing crash followed, then the tech bust. These experiences shaped his belief that no single asset class should be trusted with your entire financial future.The result is a portfolio "engine" powered by four balanced return drivers: global equities, long-term bonds, gold, and systematic macro. By allocating risk rather than dollars, and using capital-efficient tools to scale diversification to equity-like risk, Rodrigo argues investors can pursue stronger long-term outcomes with shallower drawdowns and less dependence on any single market forecast.The conversation explores risk budgeting, managed futures, trend following, return stacking, and the growing institutional shift toward the Total Portfolio Approach—offering a practical blueprint for investors seeking to build portfolios that can adapt to whatever the next decade may bring.Key Topics• Rodrigo's formative years: hyperinflation in Peru, the Toronto housing crash, and the experiences that shaped his investment philosophy• Why portfolios built on the last 40 years of market experience may be vulnerable to the next lost decade• The Four Piston Portfolio: combining global equities, long-term bonds, gold, and systematic macro• Why diversification beats prediction in uncertain economic environments• How inflation and growth regimes determine which assets lead and which lag• Risk parity and inverse-volatility weighting versus traditional asset allocation• Why "equities for returns and bonds for protection" misses the bigger picture• Defensive leverage and the difference between productive and destructive leverage• Managed futures, trend following, and systematic macro as powerful diversifiers• Return stacking and capital-efficient portfolio construction• Solving the diversification dilemma without sacrificing market participation• Thinking in units of risk rather than dollars: institutional risk budgeting and the Total Portfolio ApproachRead the companion article, From All-Weather to All-Terrain Investing for the Stormy Decade Ahead:https://investresolve.com/from-all-weather-to-all-terrain-investing-for-the-stormy-decade-ahead/

In this episode of ReSolve Riffs, host Rodrigo Gordillo is joined by Riccardo Gambineri, President at Crown Global Life Insurance Group, and Frank Seneco, President at Seneco Global Advisors. The discussion delves into sophisticated wealth planning solutions with a focus on private placement life insurance, comparing U.S., U.K., and offshore products while addressing topics such as asset protection, tax deferral, and strategic estate planning.Topics Discussed• Differences in Private Placement Life Insurance across Jurisdictions and Regulatory Frameworks• Investment Flexibility and Portfolio Diversification within PPLI Structures• Regulatory Compliance and Jurisdictional Challenges in Domestic and Offshore Markets• Mechanics of Policy Borrowing, Interest Rates, and Accessing Cash Value• Asset Protection and Creditor Shielding Advantages of Offshore Policies• Transparent Cost Structures and the Value Proposition of PPLI versus U.K. Bonds• Tax Implications, Deferral Mechanisms, and Estate Planning Strategies• Integrating Comprehensive Family Governance and Customized Advisory Solutions

In this episode of ReSolve Riffs, host Adam Butler is joined by two special guests from Takahē Capital – founder, CEO, and chief bottle washer Moritz Seibert, and head of quantitative research, Moritz Heiden. They offer an in‐depth look into systematic trading within managed futures, exploring topics such as commodity markets, trend following, risk management, portfolio construction, and the challenges posed by investor and ESG dynamics.Topics Discussed• The emergence of Takahē Capital from restrictive ESG mandates and its unconventional origins• The core trend following strategy, outlier trading, and the “high octane” approach• Rigorous risk management techniques centered on fixed risk unit sizing and drawdown control• Diversification across conventional and peripheral commodity markets• Position sizing dynamics through multiple independent trading systems• Portfolio construction methods and the management of correlated markets• The balance between simplicity and complexity in systematic trading models• The impact of investor demands and ESG standards on volatility, capital efficiency, and returns

In this episode of ReSolve Riffs, renowned economist and strategist David Woo—CEO of David Woo Unbound and a veteran of global finance—dives deep into a multifaceted discussion on current global economic and political trends with Mike Philbrick and Adam Butler. Drawing on decades of experience at institutions like Bank of America and the IMF, Woo unpacks themes ranging from shifting U.S. trade policies and the fallout from the German election to disruptive advances in technology and evolving fiscal strategies.Topics Discussed• U.S. Trade Policy and Shifting Global Alliances: Analysis of the transition from Biden’s approach to Trump’s competitive strategy• German Election and European Economic Adjustments: Examining the impact on manufacturing competitiveness and embedded fiscal constraints• Tariffs and Trade Warfare: Insight into the deployment of steel, aluminum, auto, and reciprocal tariffs across regions• Market Rotation and Investor Flows: The dynamic shift from U.S. retail-driven buying to increased global and emerging market exposure• Fiscal Discipline and Inflation Management: Strategies to curb deficits, rein in spending, and mitigate inflationary pressures• Emerging Markets and Currency Strategies: Evaluating opportunities in emerging market local currency debt amid global real yield shifts• Technology Disruption in Cloud and Semiconductor Industries: The implications of innovations like DeepSeek and evolving AI dynamics• Japanese Economic Outlook and Structural Reforms: Assessing Japan’s monetary policy, automation, and progress in semiconductor manufacturing

In this riveting episode, the ReSolve team converses with Warren Mosler, a prominent economist and theorist in the field of Modern Monetary Theory (MMT). The conversation is enriched by the presence of Richard Latterman, a portfolio manager at Resolve, who is keen on gaining insights on policy and economics. The discussion dives deep into the evolution of economics, the departure of MMT from classical economics, the impact of interest rates on inflation, and the intricacies of the banking system.Topics Discussed• Warren Mosler provides an introduction to Modern Monetary Theory and how it deviates from classical economics• The discussion delves into the order of operations in economics, with a focus on the concept of 'spend before taxing and borrowing'• Exploration of the role of the U.S. government in the creation of dollars and the implications of this process• Discussion on the fear of removing the scarcity constraint or the scarcity mindset in economics• Analysis of the impact of interest rates on inflation, challenging conventional economic wisdom• Understanding the concept of continuous change in the price level under floating exchange rates• The conversation delves into the complexities of the banking system and the role of regulations and compliance• Warren Mosler shares his views on the potential impact of certain policy suggestions on the current economic system.• The discussion concludes with Warren Mosler sharing his non-consensus views on investment and asset allocation.This episode is a treasure trove of insights for anyone interested in understanding the nuances of Modern Monetary Theory, the impact of interest rates on inflation, and the intricacies of the banking system. Warren Mosler's insightful views challenge conventional economic wisdom and provide a fresh perspective on the evolution of economics and economic policy.

In this episode, we delve into the world of STEM education with John Skrentny, a professor of sociology at UC San Diego. We discuss the current state of STEM education, its implications for the future workforce, and the intersection of technology, policy, and societal needs.Topics Discussed• The importance of STEM education and the common misconception that more STEM graduates equate to more innovation• The comparison of STEM job opportunities in different countries, with a focus on the United States and Japan• The exploration of the reasons why many STEM graduates choose to pursue careers outside of their field of study• The discussion on the perceived shortage of STEM graduates in the job market and the behaviors of employers• The impact of technological advancements, particularly AI, on the demand for STEM skills• The importance of developing a wide range of skills for career longevity and adaptability in the rapidly changing job market• The exploration of the role of universities in providing continuous education and training for a diverse range of careers• The discussion on the value of humanities in the context of technological advancement and societal needsThis episode provides valuable insights into the complexities of STEM education and its role in shaping the future workforce. It is a must-listen for anyone interested in education, technology, and the future of work.

In this episode, we delve into the world of behavioral finance and financial planning with Brian Portnoy, one of the co-founders of Shaping Wealth. We discuss the importance of understanding human behavior in financial planning, the concept of 'behavioral finance 2.0', and how financial advisors can better serve their clients by taking a more human-centric approach.Topics Discussed• Discussion on normalizing human behavior in financial planning and the emergence of 'behavioral finance 2.0', which focuses on understanding the humanity of clients rather than their flaws• Exploration of the difference between reflective happiness and life satisfaction, and how these concepts can guide financial planning• Insights into the role of identity and narrative in financial planning, and how advisors can help clients navigate these complex dimensions• Discussion on how individuals can engage in self-reflection and maintain honesty in their financial journey despite external influences• Introduction to the concept of 'funded contentment' and how it relates to wealth and financial planning• Discussion on the recruitment and training of advisors suited for a human-centric approach to financial planning• Insights into the sensitive and complex nature of discussing identity and purpose with clients, and the importance of having better coaching skills• Introduction to Lydia, an AI tool designed to assist financial advisors by providing empathetic and insightful guidance• Discussion on the potential of Lydia to enhance the financial advising process by providing personalized insights and suggestions based on the advisor's patterns and past conversationsThis episode provides valuable insights into the evolving field of financial planning, emphasizing the need for a more human-centric approach. It introduces innovative tools and methodologies that can enhance the advisor-client relationship and ultimately lead to better financial outcomes. A must-listen for anyone interested in the intersection of behavioral finance, financial planning, and AI technology.

In this riveting episode, we dive deep into the world of fiscal and monetary systems, post the global financial crisis of 2008. We are joined by Jordan MacLeod, an intellectual powerhouse who has been at the forefront of revolutionizing the global monetary system. We discuss the trends identified in 2009, the impact of 2008 on the urgency to rethink monetary frameworks, and the potential for a global rebalancing in economic and monetary frameworks.Topics Discussed• The journey of Jordan MacLeod's intellectual background and his work on identifying global trends and the future• The impact of the 2008 financial crisis on the urgency to rethink monetary frameworks• The potential for a global rebalancing in economic and monetary frameworks• The concept of a zero interest economy and its implications• The role of AI, robotics, and automation in changing the nature of labor markets• The possibility of moving from a financialized economy to a real economy• The mechanism to migrate from a speculative economy to a real economy• The potential of a new monetary system and the signs to look for that decision makers are moving in this directionThis episode is a must-listen for anyone interested in understanding the complexities of the global monetary system, the potential for a shift towards a real economy, and the implications of AI and automation on labor markets. Join us as we navigate through these intricate topics, providing valuable insights and strategies to understand the uncertain financial landscape.*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.