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E6. Saving Delta’s Pension with Portable Alpha - Jonathan Glidde
Manage episode 453705770 series 3572448
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In this episode, we delve into the world of portable alpha and risk management with Jon Glidden, a seasoned investor with over a decade of experience. Jon shares his journey from his early days in Newport News, Virginia, to his current role in managing billions of dollars. We explore the intricacies of portable alpha, the role of hedge funds, and the importance of governance buy-in. (0:00) Introduction of Jonathan Glidden and his background in portable alpha strategies (1:35) Podcast introduction, disclaimer, and hosts (2:43) Sponsor: returnstack.com (3:11) Jonathan's professional journey in portable alpha for Delta's pension plan (14:27) Evaluating alpha sources and hedge funds suitability (22:50) Challenges and reframing of hedge fund investments with a focus on high residual information ratio (26:01) Leverage limits and risk management in portable alpha (29:53) Alpha validation and lessons from 2008 (39:02) Gaining stakeholder buy-in and impact of overfunding on strategy (46:30) Adjusting derivatives and hedging in portable alpha management (49:11) Day-to-day complexities and liquidity management in pension portfolios (54:11) The effect of market conditions on pension fund performance and scalable strategies (58:50) Advice and importance of liquidity management during market shocks (1:06:11) Key lessons and concluding thoughts
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