{"podcast":{"title":"Odds on Open","slug":"odds-on-open-7262993","podcast_index_feed_id":7262993,"rss_url":"https://anchor.fm/s/101506278/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/odds-on-open","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/43070126/43070126-1753073465781-13389f75f3c86.jpg","author":"Ethan Kho","episode_count":62,"summary":"Conversations with leading thinkers on trading and investing. Hosted by Ethan Kho. Produced by Patrick Kho.","last_synced_at":"2026-06-26T04:18:56.319752+00:00","page_url":"https://stenobird.com/podcast/odds-on-open-7262993"},"episode":{"title":"Meet the 25-Year-Old Running a Multi-Manager Hedge Fund","slug":"meet-the-25-year-old-running-a-multi-manager-hedge-fund","published_at":"2026-03-05T15:00:01+00:00","page_url":"https://stenobird.com/podcast/odds-on-open-7262993/meet-the-25-year-old-running-a-multi-manager-hedge-fund","show_page_url":"https://stenobird.com/podcast/odds-on-open-7262993","url":"https://podcasters.spotify.com/pod/show/odds-on-open/episodes/Meet-the-25-Year-Old-Running-a-Multi-Manager-Hedge-Fund-e3fvq55","audio_url":"https://anchor.fm/s/101506278/podcast/play/116434533/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-5%2F419346856-44100-2-7cb85b34a4666.mp3","summary":"Zachary A. Levitt joins the pod to break down the architecture of a capacity-constrained multi-manager platform designed to harvest high alpha loads in niche, idiosyncratic markets. We dive deep into portfolio construction beyond the "Big Four" pod model, focusing on inverse-volatility weighting, discretionary risk overlays during regime shifts, and the mechanics of screening for relative value arbitrage strategies with minimal factor exposure. Zach explains his transition from a data-driven biotech alpha capture book to running a center book, detailing how he identifies micro-regime persistence and manages the microstructure of a lean, performance-aligned firm. This conversation is a masterclass for allocators and quants on building a non-correlated return stream by targeting the liquidity gaps and specialized incentives that larger, multi-billion dollar funds are forced to ignore.00:00 Intro01:02 The primary constraint for a young multi-manager03:13 Screening for niche strategies and consistent track records06:03 Maximizing idiosyncratic P&L through relative value arbitrage08:19 Tactical sizing and capturing micro-regime persistence12:43 Balancing inverse-vol weighting with discretionary risk overlays15:41 Case study: Rebalancing small-cap L/S during market corrections17:37 Distilling signal from noise in multi-manager portfolio oversight22:02 Coachability and removing emotion from the PM feedback loop25:52 Alpha capture in biotech via options market data30:20 Scaling the boutique multi-manager business model34:02 Disrupting the "Big Four" pods with capacity-constrained strategies42:21 Unit economics of a lean, performance-driven platform53:09 LP management and optimizing the business development funnel1:00:19 Moving from portfolio management…","meta_description":"Zachary A. Levitt joins the pod to break down the architecture of a capacity-constrained multi-manager platform designed to harvest high alpha loads in ni…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4282,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/odds-on-open-7262993/episodes/meet-the-25-year-old-running-a-multi-manager-hedge-fund/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/odds-on-open-7262993/meet-the-25-year-old-running-a-multi-manager-hedge-fund.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}