The Compound and Friends
00:01:01 · Alex Altmann, Josh Brown, Michael Batnick
[00:01:01] S1: It's just a pain in [00:01:02] S0: the ass to go see him, but, like, I love that neighborhood. It's changed completely. [00:01:07] S1: So they've they've they've built the park all the way south to 59th Street now, all on on the water. [00:01:12] S0: Can run all the way down? All the way down. [00:01:14] S1: And you've got obviously the Beware [00:01:15] S2: for you. [00:01:16] S0: The the wet Where's the boat basin? [00:01:20] S1: Oh, it's up on 90 something. [00:01:22] S0: Okay. Because that's a whole thing also in the summers. [00:01:24] S1: Yeah. Yeah. I've got a friend who owns one of those [00:01:27] S0: Have you been there? [00:01:27] S1: No. It's like a restaurant boat thing. [00:01:31] S0: I I I think the Upper West Side's beautiful. I also... I like Hudson Yards. I would work there. [00:01:37] S1: Hudson Yards. But the but the office is expensive there. It's like It's [00:01:40] S0: $250 a square foot to touch anything on a decently high floor. [00:01:45] S1: Yeah. Forget [00:01:45] S0: it. I don't... It doesn't make sense for us. We're not in the we're not in the 220 world. So I [00:01:51] S1: You and me both, mate. [00:01:52] S0: Yeah. So I I think we'll we'll figure it out, but I'm delaying that project as long as possible because it's it's a big decision. You gotta sign ten year leases in Manhattan. [00:02:02] S1: Listen. Like, a lot could happen in the next eighteen months. We'll talk a bit about it on this on this pod, I guess. But, like [00:02:08] S0: Yes.
00:02:08 · Josh Brown, Alex Altmann, Michael Batnick
[00:02:08] S0: Yes. [00:02:09] S1: You know, you you could see... I mean, it's very plausible that we see a recession before the next election, and you might actually get a decent opportunity to scoop some commercial real estate at, like, attractive prices if a bunch of businesses go par. [00:02:22] S0: Oh, the whole city [00:02:22] S2: could burn willing. [00:02:23] S0: Right? Literally literally anything can [00:02:25] S2: anything can happen. Anything for a good deal. Alright. Let's go. [00:02:29] S0: Yeah, boys. How are doing? Ready? All right. It's The Compound and Friends episode two. Curious
00:02:29 · Josh Brown, Michael Batnick
[00:02:29] S0: Yeah, boys. How are doing? Ready? All right. It's The Compound and Friends episode two. Curious [00:02:39] S2: about crypto and not sure where to start? Start with Grayscale. Grayscale is the world's largest crypto focused investment platform and has been in crypto for over a decade. That's a long time when you consider how early we still are in crypto adoption. In markets like these, education matters more than ever. Grayscale provides research, insights, and long term perspective to help investors better understand digital assets and the evolving crypto ecosystem. Whether you're exploring crypto for the first time or looking to deepen your knowledge, let Grayscale be your guide. Today's show is also brought to you by Janus Henderson. At Janus Henderson Investors, we believe working together is the way to work better. By combining your portfolio plans and our in-depth strategy, your valued assets and our valuable insights, your mission and our vision, Always working in perfect harmony to find the right investment opportunities. Janus Henderson Investors, investing in a brighter future together. Visit janicehenderson.com.
00:02:39 · Michael Batnick, Josh Brown, Alex Altmann
[00:02:39] S2: about crypto and not sure where to start? Start with Grayscale. Grayscale is the world's largest crypto focused investment platform and has been in crypto for over a decade. That's a long time when you consider how early we still are in crypto adoption. In markets like these, education matters more than ever. Grayscale provides research, insights, and long term perspective to help investors better understand digital assets and the evolving crypto ecosystem. Whether you're exploring crypto for the first time or looking to deepen your knowledge, let Grayscale be your guide. Today's show is also brought to you by Janus Henderson. At Janus Henderson Investors, we believe working together is the way to work better. By combining your portfolio plans and our in-depth strategy, your valued assets and our valuable insights, your mission and our vision, Always working in perfect harmony to find the right investment opportunities. Janus Henderson Investors, investing in a brighter future together. Visit janicehenderson.com. [00:03:47] S0: Thank you, Thing One. We appreciate it. Miss Nicole in Halloween regalia. Ladies and gentlemen, welcome to the best investing podcast in the world. Four out of five dentists say The Compound and Friends is where they get all their financial news, and we appreciate that. We have a new guest. I'm so excited. I've been looking forward to this conversation since we booked it. I'm really pumped for this. Our guest today is Alex Altmann. People call you Alti Yeah. I've been told. [00:04:18] S1: Is that [00:04:18] S0: a thing?
00:04:18 · Josh Brown, Alex Altmann
[00:04:18] S0: a thing? [00:04:18] S1: There's a story to that, but, yeah, sure. [00:04:20] S0: Alright. You'll get into that in one second. Alex is managing director and global head of equities tactical strategies at Barclays where he generates thematic ideas and market content for the bank's equities and global markets clients. The Barclays Equitable... Equity Tactical Strategies or bets team generates tactical ideas from the trading desk and turns them into research for clients before Barclays. Alex was a macro portfolio manager at Millennium and spent a decade running equity trading strategy at Citi. So he's seen the markets from both the buy side and the sell side. Alex, thank you for being here. We really appreciate it. [00:05:02] S1: Thank you for having me. Yes. [00:05:03] S0: The crowd is going wild. Can you hear that? It's unbelievable. It's run of exception. For the benefit of the audience, how do you define the term tactical, and what is different about the work you do at Barclays versus other tactical trading desks or research groups that refer to themselves as tactical? Sure. [00:05:22] S1: Okay. Well, again, thanks for having me, guys. I mean, tactical is a really easy answer. It just means it's camouflaged and, you know, has has weapons involved. Right? [00:05:29] S0: Made it a lot of pockets.
00:05:30 · Alex Altmann
[00:05:30] S1: Yeah. Exactly. Just unnecessary pockets. No. I mean, like, tactical in the in the traditional sense of of of Wall Street will mean that rather than thinking about your typical research outfit that we'll look at six, twelve, even longer time horizon, six, twelve months, we'll we'll... We're kinda trafficking in the shorter time horizon more suited, but not exclusively, to the fast money community. So we're thinking one week, two week, four week, maybe, you know, eight weeks ahead, not really much beyond that. We have thematic views. We've... You know, we have views that have sort of been prevailing for for months, if not years in some cases, on some structural opinions. But we're generally trying to think four to eight weeks out and say, alright. How are we gonna make money? And what are what are markets are gonna wanna do? Where's the best asymmetry? And then the other aspect about the tactical consideration is we we traffic a lot in verticals of the market that your traditional research outfits tend to not cover. So we'll think about positioning, derivatives, quant, what a hedge funds are up to, you know, and and these are really important verticals or pillars of the investment process that, quite frankly, all of the buy side are doing, but a lot of the sell side still kind of don't cover from a traditional research perspective. So we try to basically match the desk investment process to what the buy sides or the guys that we typically talk to, what they're doing. And that way, we can have a pretty sort of, like, pari passu head to head conversation.