#406 – Dylan Grice, Calderwood Capital – Popular Delusions, The End of Duration & Esoteric Investment Opportunities

<p>Today’s guest is <strong><a href= "https://calderwoodcapital.com/about.html">Dylan Grice</a></strong>, co-founder of Calderwood Capital, a hedge fund boutique specializing in orthogonal, niche and capacity-constrained hedge-fund strategies. He’s also the author of Popular Delusions, one of my favorite financial newsletters.</p> <p>In today’s episode, we kick it off by talking about the end of duration and the headwinds that long-duration assets like stocks, bonds, private equity and real estate face going forward. That leads us to talk about why Dylan loves the idea of the cockroach portfolio and what a creature that’s survived over 350 years can teach us about portfolio construction.</p> <p>As we wind down, we talk about some esoteric strategies, including mortgage prepayments, cat bonds, uranium and energy (both of which he wrote about a few years ago) and even SPACs.</p> <p>Dylan was kind enough to share a few of his letters from Popular Delusions, so be sure to check the links below:</p> <p>• <a href= "https://mebfaber.com/wp-content/uploads/2022/04/the-death-of-duration.pdf"> The Death of Duration</a></p> <p>• <a href= "https://mebfaber.com/wp-content/uploads/2022/04/the-cockroach-portolfio.pdf"> The Cockroach Portfolio</a></p> <p>• <a href= "https://mebfaber.com/wp-content/uploads/2022/04/202203_PopularDelusions.pdf"> March Edition of Popular Delusions</a></p> <p>-----</p> <p>Follow Meb on <strong><a href= "https://twitter.com/MebFaber">Twitter</a></strong>, <strong><a href= "https://www.linkedin.com/in/mebanefaber/">LinkedIn</a></strong> and <strong><a href= "https://www.youtube.com/channel/UCKvWzzrVUA_DSCoKXL6GU2w">YouTube</a></strong></p> <p>For detailed show notes, click <strong><a href= "https://mebfaber.com/2022/04/11/e406-dylan-grice/">here</a></strong></p> <p>To learn more about our funds and follow us, subscribe to our <a href= "https://us1.list-manage.com/subscribe?u=6750faf5c6091bc898da154ff&id=7249739cdb"><strong>mailing list</strong></a> or visit us at <a href= "http://www.cambriainvestments