“When the game starts, no one cares what university you went to, or what size you are. You have to make the play if the play comes to you and it’s your play to make. In this business, you have to deliver, and if you don’t deliver...
What can go wrong? With exchange-traded funds and notes, particularly leveraged ones, the mechanics aren’t as straightforward as they seem. Yet there is little excuse for not knowing what you are getting your clients into.
Adjusting a portfolio’s beta creates value—either positive or negative—on top of any produced by the managers’ stock-picking skills.
