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Podcast: Excess Returns
Episode: You Can't Eat Risk-Adjusted Returns | AQR's Pete Hecht on Portable Alpha's Capital Efficient Edge
Description: In this episode of Excess Returns, we sit down with Pete Hecht of AQR to break down portable alpha, capital efficient portfolio construction, and how investors can combine equity beta with truly diversifying sources of alpha. We cover how portable alpha works in practice, how it solves the funding problem for alternative strategies, and why implementation details like leverage, liquidity, and financing costs matter more than most investors realize. If you’re interested in diversification, long short investing, managed futures, equity market neutral strategies, or improving total returns without giving up equity exposure, this discussion provides a practical and de...