MemCast
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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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