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Cross‑asset macro alpha works at the portfolio level, but single‑stock alpha suffers from idiosyncratic noise
  • Nang observes that macro‑level trend models can be applied across futures, commodities, FX, and crypto with similar parameters.
  • When the same parameters are applied to individual equities, performance deteriorates due to company‑specific noise.
  • Therefore, macro strategies should stay at the asset‑class level, while equity alpha needs bespoke, higher‑frequency signals.
  • This informs allocation decisions between macro‑focused funds and equity‑focused discretionary managers.
Rishi NangTitans Of Tomorrow00:50:00

Supporting quotes

There are firms out there that manage ... they can trade trends with consistent parameter sets across all these markets. Rishi Nang
When they try to apply them to single stocks it generally fails. Rishi Nang

From this concept

Strategic Diversification of Alpha Sources

Nang outlines a five-pillar framework for building diversified alpha: trend, reversion, technical sentiment, fundamentals (value/ growth/ carry) and events/supply-demand.

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