What's behind the curtain at those often-discussed, murky hedge funds? According to our guest Mark Spindel, the managers of these risky investment vehicles for the rich pretty much do what we do: try to figure out what's going on in the world (aka assess the macro economic outlook), weigh the risks that exists and put money to work. In addition to being one of my oldest friends in the world, Spindel is the founder, Managing Member, Chief Executive Officer and Chief Investment Officer for Potomac River Capital, LLC.
Prior to launching the firm a decade a ago, Mark spent nearly ten years at the World Bank where he was Deputy Treasurer and Chief Investment Officer of the International Finance Corporation managing $15 billion in fixed income reserves and was also a member of the Board of Trustees of the World Bank’s $14 billion pension fund where he oversaw strategic asset allocation across investment classes including equities, bonds and alternative investments (hedge funds, private equity and real estate).
Mark described where he thinks the economy stands right now: we are in a slow growth world, where the U.S. looks better than most of the alternatives. He says that being an investor in the post-crisis era is harder than it used to be--primarily because central banks are taking such unusual steps to spur their economies and it is hard to know what the impact of unwinding the policies will be. His recommendation for any investor? Own a large US stock index fund along with a bond fund that invests in inflation protected bonds or "TIPS".
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