Insight certainty 4/5 debate potential 2/5

Fisher: An investment argument is stronger the harder it is to invert

Adam Fisher · Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21) · Jul 13, 2020 · at 25:38

Adam Fisher, CIO of Commonwealth Asset Management, discusses Socratic underwriting principles across trading and real estate.

0:00 / 0:07exact quote · 7.2s
720p mp4 · rendered on demand · StarZero watermark
“My core principle as an investor is the harder it is, To invert your argument, the more powerful your argument is.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Adam Fisher

Prediction Didn’t hold up
Fisher (2020): At 5% interest rates, every real estate investor goes bankrupt
“No, not a chance. They go to five to six percent. Every real estate investor that we know is bankrupt. They're not hanging on. They're broke and dead. And every home builder in America has no customers. That's a fact.”
Adam Fisher Jul 13, 2020 ▶ 48:03 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Insight
Fisher: Central bank volatility suppression has made anti-correlation hedges rare
“Central banks, in their zeal to destroy volatility, they've created so much correlation that it's really hard to find anti-correlation is kind of a way to think about it.”
Adam Fisher Jul 13, 2020 ▶ 44:26 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Insight
Fisher: Buy-side firms avoid hiring juniors because training wastes time
“All of us look at this now that I'm in this seat is yeah, let them go work at like one of these bolts bracket firms. Let them train these people for us. And then we'll take them, right? Like, we don't want to train any of these people. Like, that's a waste of …”
Adam Fisher Jul 13, 2020 ▶ 9:27 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Insight
Fisher: Committed real estate funds distort alignment and dull creativity
“I think it's not that great for the sponsor. It's great in the sense that you get a huge amount of capital in our management, you get all these asset management fees and all this other stuff, but I think it makes you do stupid things. The alignment's all off, …”
Adam Fisher Jul 13, 2020 ▶ 21:43 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Opinion
Fisher: Extreme risk management parameters reduce hedge fund industry returns
“I think it's still a worthy debate for the entire industry to have as to whether or not the drive into these extreme risk management parameters is a good thing. I believe it causes everyone's returns to go down, but I think that's a choice.”
Adam Fisher Jul 13, 2020 ▶ 33:13 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Opinion
Fisher: Discretionary macro managers should shift toward trade-specific sidecars
“Frankly, except for very few traders in our industry, I think it's kind of where macro people should try to turn to. I mean, I have a strong view that discretionary people Should really push deeper that direction, not shrink away from it.”
Adam Fisher Jul 13, 2020 ▶ 38:24 Adam Fisher – Blending Global Macro and Real Estate at Commonwealth Asset Management (First Meeting, EP.21)
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 700 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.