E12. Rafael Ortega: Using Return Stacking To Build an All-Terrain Portfolio

In this episode, Rodrigo Gordillo sits down with Rafael Ortega, a distinguished Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management. Known for pioneering innovative portfolio solutions in Spain—from the classic permanent portfolio to advanced return stacking and off-road strategies—Rafael discusses a wide range of topics including diversification, structural risk balancing, leveraging, regulatory hurdles, and the future of portable alpha in today’s dynamic markets.

(0:00) Event announcement: Return Stacking Symposium at Cboe Global Markets

(0:44) Introduction to the Get Stacked Investment Podcast and Guest Rafael Ortega

(3:40) Discussion on return stacking and balanced portfolio approaches

(5:09) Rafael Ortega's journey from engineering to investment management

(8:56) Exploring Harry Brown’s permanent portfolio concept

(12:16) Asset performance across different economic cycles

(17:52) Building a community around structural diversification

(22:49) Rafael Ortega on the challenges and opportunities with conservative strategies

(26:40) Risk balancing and the impact of volatility on returns

(32:04) Understanding the concept of return stacking

(34:14) Tackling operational and compliance challenges in investment management

(37:02) Examining the role of leverage in diversified portfolios

(40:23) Comparing drawdown recovery: S&P 500 vs. diversified portfolios

(45:07) Educating investors on the value of diversification

(47:21) Debunking misconceptions about all terrain portfolios

(48:09) The long-term benefits of a more efficient portfolio

(52:43) Managing emotions during market downturns

(54:53) Resilience of leveraged portfolios

(57:00) Predicting the mainstream adoption of diversifiers

(59:30) Tailoring investment strategies to different investor profiles

(1:01:00) Growing interest in return stacking and portable alpha

(1:03:04) Navigating regulatory challenges in investment strategies

(1:06:26) Prospects for the long-term adoption of return stacking

(1:07:42) Closing remarks and Rafael Ortega's online presence

(1:09:19) Outro and call to action