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One, and welcome everybody to 
another smart money Circle show.

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I'm Adam, Sarah. 
And with me today is Christopher

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J. 
Day, who's a founder and CEO at 

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Days Global Advisor. 
And Christopher, 

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congratulations, you also just 
launched the DGA Absolute Return

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ETF. 
The ticker symbol is HF. 

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Combined with the wealth 
management and the ETF and 

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everything else Christopher's 
involved with, he manages over 

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500 million in assets under 
management. 

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Christopher, thank you so much 
for coming on the show. 

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Absolutely. 
Pleasure to be here. 

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So I always like to ask 
Christopher, can you tell us a 

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little about your story and how 
you got to where you are today, 

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please? 
Sure, sure, absolutely. 

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It actually started back in 
college. 

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You know, I did a went to 
Northeastern University and 

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instead of having. 
I guess internships, they have a

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mandatory Co-op program. 
So I was introduced to a fintech

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startup there and it was 
actually backed by you know a a 

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person in the mutual fund 
industry, Michael Lipper. 

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And you know, through that I 
kind of learned about mutual 

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funds and. 
And things like that. 

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And when I graduated, I went 
down and worked for a family 

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office in Palm Beach and I was 
kind of trained in how to manage

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their portfolios in absolute 
return. 

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And that's really where my story
starts. 

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And I've been doing absolute 
return portfolios on and off 

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ever since. 
I love that. 

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So let's educate the audience a 
little bit in case if they're 

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not familiar, can you please let
us know what exactly is absolute

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return? 
Exactly. 

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Absolute return, it is a way to 
look at your performance that is

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a little different than what's 
called a relative return. 

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So relative return would be. 
So hey, the S&P was up 15% this 

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year. 
I was up 16%. 

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So you beat it by 1%. 
That was your relative return to

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the to the S&P. 
So if the S&P was down like last

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year 22%, but you were only down
21%? 

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Technically you beat the SNP and
you had a relative return, but 

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you're still down 21%. 
Whereas an absolute return talks

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about exactly what your return 
is. 

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Your return is what you get. 
It's not relative to any 

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benchmark. 
So you if you lose 22% you are 

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down 22%, if you are up 10%, you
are up 10%. 

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It's it's very straightforward, 
you know, I love that I'm a big 

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fan of absolute return for what 
it's worth. 

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And Full disclosure out there, I
think it's just a cleaner, 

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easier way of, you know, having 
measuring returns and and all 

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that fun stuff. 
Because absolute return is it's 

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just dollars in, dollars out. 
Hey, I'm up or I'm down. 

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It's binary type of a thing 
where it's much cleaner. 

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All right, beautiful. 
Let's let us know a little about

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your investment strategy, 
please. 

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Sure, sure, sure. 
My investment strategy kind of 

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comes from, you know, my my time
in family office and. 

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It basically is a global macro 
strategy. 

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So it's not it takes out that 
unsystematic risk of individual 

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companies. 
So it is a portfolio that you 

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can use as core. 
But what differentiates it is 

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there is a hedging overlay and 
it's not people think of hedging

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as in your timing the market, 
but that's not really what's 

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happening. 
It's a systematic, systematic 

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hedging overlay that we use and 
it's incrementally manages the 

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risk, so it decreases risk. 
If the market's performing badly

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and it increases risk, if the 
market's performing well and it 

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does that systematically, I love
that. 

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So let's shift gears and talk 
about risk management. 

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What are some rules or how do 
you handle risk and what are 

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some mistakes you see people 
make with respect to risk 

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management? 
I see people risk management 

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definitely either new traders or
even new portfolio managers. 

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I think they over position their
their. 

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Each position they they allocate
too much to anyone position 

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because that can really mess up 
returns. 

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I know there's some studies out 
there about concentrated risk 

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and you know having, you know if
you have 20 positions it's the 

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same thing as being diversified 
over a certain amount. 

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But I I've never adhered to that
because it only takes one or two

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companies that that perform very
badly to to really detract from 

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your performance as a portfolio 
engine. 

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No, I love that. 
So you're saying be careful, 

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don't get, oh, even if you're 
really bullish or really believe

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on the quote UN quote story, you
know, Curb Your Enthusiasm type 

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of a thing, you don't get too 
bullish on it because otherwise 

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you get too lopsided in the 
portfolio. 

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Is that correct? 
That is correct, yes. 

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I love the Curb Your Enthusiasm.
Yeah, that's a good visual. 

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Big, big fan of Larry David for 
fullest photo again. 

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OK, beautiful. 
So what are some timeless 

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lessons you've learned along the
way that you'd like to share 

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with the audience? 
I I think timeless lessons would

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be one of the things that is 
differentiated our performance 

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over you know a long term and 
with different what happens in 

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family office versus what other 
people are doing. 

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So say you have a 401K, you're 
in maybe a 6040 allocation of 

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stocks and bonds. 
The thing is, is that's kind of 

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a passive asset class of 
investing and so therefore 

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they're kind of like in 2022 
when the Federal Reserve was 

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raising interest rates. 
They took a long time and they 

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telegraphed. 
They told you exactly what was 

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happening. 
So they gave you a lot of times 

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to reduce your exposure in 
bonds. 

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And just by avoiding bonds for 
for 2022 you've you avoided a 

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lot of downturns. 
I mean a lot of people don't 

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know this and if you go and you 
look long duration treasuries, 

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treasuries, which are supposed 
to be the most stable things, 

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right? 
Yeah, they had basically the 

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equivalent of a 2008 crash. 
So if that was in your 

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portfolio, that definitely drag,
you know was a drag on your 

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performance that that is so, so 
powerful. 

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And how about the other side of 
the coin, Timeless mistakes? 

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Oh, timeless mistakes I would 
say. 

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I I would say one of the largest
mistakes would be when you just 

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let your let your portfolio go 
like you don't watch it. 

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I mean, I understand passive 
investing to a point. 

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But you do still need to watch 
your portfolio and a lot of 

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people don't, A lot of people 
don't, a lot of people and they 

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don't rebalance the portfolio. 
Rebalancing is a is a very it 

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can add a lot to the return over
time by rebalancing. 

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Because there are times. 
Oh, go ahead. 

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I could. 
I couldn't agree with you more. 

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No, by all means. 
Oh yeah, yeah, yeah. 

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Because because there's times 
when you know value stocks are 

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are are I guess in in season and
there are times when. 

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Growth stocks are in the season 
and depending on when those 

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cycles are you want to, you want
to be able to rebalance and have

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that exposure. 
So let's let's go in and go back

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for a second. 
You talked about your investment

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strategies, global macro that 
means you look at the entire 

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market, well the universe 
capital markets, you look at 

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stocks, bonds, currencies, 
commodities etcetera and then 

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you have a systematic approach 
for coming up with I guess 

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stocks that are or areas of the 
market that are undervalued 

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versus areas that are 
overvalued. 

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Is that correct and? 
Then you go that way. 

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Yeah, it's similar, but it's 
it's not really a value 

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investing strategy. 
It's really based off 

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statistical correlation. 
So what we're looking at is 

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we're looking at correlations 
between different asset classes 

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and based on those correlations,
the model will determine you 

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know whether or not those asset 
classes are in favor and then 

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help determine the exposure. 
So if you go and you look at all

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the math. 
Equities have outperformed every

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asset class inflation adjusted. 
They they they really have. 

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I mean even if when you look at 
gold, the inflation adjusted 

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it's, it's gold. 
So really equities are the best 

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asset class at you know if you 
want to take full on risk but if

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you want to start to hedge then 
you want to reduce that exposure

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in you know in equities or kind 
of control it with a with a long

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short. 
Approach and then there's 

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certain times when commodities 
are are in favor as well and 

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start to show those correlations
where they're where they start 

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to outperform equity. 
So then that's when you add some

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commodities in. 
So it's more more of a tactical 

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approach versus a passive asset 
approach. 

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Wonderful. 
That's was my question. 

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How do you actually position it?
Because when you say growth and 

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value and they change and then 
Treasury's 2008, so it's more of

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a tactical approach to 
investing. 

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So you're going to look at the 
entire universe, find areas that

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you feel are attractive and then
allocate to those areas and then

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take away from the areas that 
are not attractive. 

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Is that is that a good way of 
somebody? 

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Correct, Correct. 
Wonderful. 

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And that helps you because you 
don't necessarily have to know 

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how an area is going to perform,
you just have to have. 

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A nice measured exposure. 
And then when that area starts 

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to outperform, you say, OK, 
well, you know, my job is to 

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manage the risks. 
So I take off those profits and 

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I add to areas where you know, 
they're there, you know there's 

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potential to catch up. 
Got it. 

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OK, wonderful. 
And that's the rebalancing that 

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you spoke about earlier. 
So the audience can can follow 

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along. 
Correct. 

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Yes, I do, beautiful. 
All right, Christopher, the next

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question for you. 
What's the best piece of advice 

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you'd like to share with the 
audience or give your 30 year 

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old self? 
Oh, if I could go back and give 

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my 30 year old self, I would 
definitely shy away from 

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excessive consumerism. 
And you know I would have 

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definitely, I think not 
necessarily saved more but 

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actually invested more. 
I mean that would be for anybody

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I'm sure because time is what 
matters in investing. 

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You know the best time to invest
is yesterday, the next best time

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is is now. 
So that is really what I would I

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would focus on and also I would 
have. 

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Started to look at things 
besides you know 6040 

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portfolios. 
I mean there's a reason why 

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these models have existed in 
four O1 KS for a long time. 

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I I guess yes in some way 
instances they're time tested 

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but you got to kind of think for
yourself because when globe when

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when things hit like 2008 and 
you have different you, you have

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global volatility. 
Now all assets classes start to 

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converge in correlation. 
So you know. 

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So that would be, yeah, no, that
makes perfect sense. 

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So let's talk about the ETF 
because I know that's very 

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exciting news and 
congratulations for ticker 

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symbols HF. 
Again, tell us about how you 

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that came to mind and and the 
journey and how you brought it 

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to life, please. 
Absolutely, absolutely. 

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That goes all the way back to 
the first family office that I 

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worked with and I was trained by
them and. 

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He was actually a former 
specialist of spear leaves and 

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Kellogg. 
I think they're they're Goldman 

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now but but they taught me kind 
of a framework and how to look 

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at the market and this is and I 
was doing it manually with 

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spreadsheets and on a ready plus
platform and you know and 

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pulling my hair out but over the
20 years we've refined it to 

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where it now runs you know in 
the in a virtual cloud and the 

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models there and. 
And that's really how it kind of

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evolved. 
So it's it's really a way to 

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look at the market that's not a 
passive asset class investing 

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and to look at it as a framework
of correlations between 

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different asset classes. 
I love it. 

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And that's available. 
Anyone can buy that. 

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Whether a financial advisor, a 
big institution, individual 

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investor, it's open to 
everybody. 

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Absolutely. 
And and that's really the reason

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why I did it. 
Normally somebody would take a a

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strategy like this and you know 
do a 2 and 20. 

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And, you know, call it a day, 
but I, I, one of the things I'm 

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very passionate about is global 
financial inclusion. 

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And that's why I, you know, went
and went through the regulatory 

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process and to have it come out 
as a ETF for everyone. 

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Got it. 
I love it. 

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Yeah, I love it. 
Thank you so much for that. 

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And then what is the best way 
for people to get a hold of you?

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Or do you have a website that 
you want to share with the 

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audience? 
Absolutely. 

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My website is 
www.daysadvisors.com and there 

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you can learn about the the 
firm, you can learn about the 

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ETF. 
There's an education section 

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that kind of goes over the 
absolute return kind of basics 

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of the math. 
You know, it's because really 

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it's it's it's elegant math that
works in your favor over time. 

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That's what it is. 
I love it. 

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I love it. 
There's a great book called The 

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Slight Edge Christopher, where 
the guy talks about just getting

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a slight edge a little bit 
everyday. 

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Small wins and adds up something
really, really big over time, 

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but compounding effect. 
And it sounds like exactly what 

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you're doing from the numbers 
and math. 

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I love it. 
Well, Christopher, thank you so 

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much for coming on the show. 
This has been very delightful. 

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Thank you. 
Oh, thank you so much for having

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me. 
All right. 

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Take care, Adam.