In this episode of Excess Returns, we sit down with Mike Taylor, portfolio manager of Simplify's PINK healthcare ETF, for a fascinating discussion about how he mansges his personal portfolio. Drawing from his extensive experience at firms like Citadel and Millennium, Mike shares candid insights about what makes a successful investor and his portfolio construction process.
Key topics include:
Why having "skin in the game" matters when managing funds
The critical elements he looks for in high-conviction investments
His unique approach to international investing and macro trends
Valuable lessons learned from working at top hedge funds
His perspective on retirement and career longevity in finance
Thoughts on demographic challenges facing global markets
Mike brings both humor and deep expertise to this conversation, offering rare insights into how a veteran hedge fund manager thinks about markets, risk, and portfolio construction. Whether you're a professional investor or individual managing your own portfolio, this episode provides valuable perspectives on navigating today's complex market environment.
0:00 Introduction
0:22 Mike's investment philosophy and "Get rich or die trying"
3:16 The importance of having skin in the game
7:04 Why Mike never wants to retire
8:49 Being wrong but still outperforming
10:43 Key lessons from Citadel and Millennium
15:35 Why hedge fund managers fail
24:23 Being a successful portfolio manager means being a chameleon
34:31 The five characteristics Mike looks for in investments
37:55 How Mike analyzes new investment opportunities
42:15 Position sizing - "When you got the nuts, you better be big"
44:37 Views on international investing
50:43 Real estate and private investments
55:25 Personal passions and spending (cars and racing)
59:56 Final thoughts on bubbles and markets
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