Bob Elliott: Uncensored, Unlimited & "Nonconsensus"

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Aug 20, 2025

Bob Elliott, co-founder and CEO of Unlimited, discusses his impressive journey from leading investment research at Bridgewater Associates to creating innovative ETFs using machine learning. He shares insights on the 2008 financial crisis, current macroeconomic issues like Federal Reserve actions, and global economic conditions in places such as Japan and China. Elliott dives into topics like the implications of oil prices, the role of gold, and Bitcoin’s dual identity as a risky asset and potential safe haven. He emphasizes the value of diversification and the future of hedge fund replication through technology.

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INSIGHT

China's Devaluation And Gold Demand

China has returned to currency depreciation because credit constraints and weak domestic demand leave exports as the main lever.
That dynamic helps explain strong Chinese demand for gold as a domestic store of value.

INSIGHT

Oil Stuck In A Structural Range

Oil has been range-bound with US shale supply economics setting a floor near the low 60s and OPEC+ capping highs around the 80s.
That range makes oil less stimulative for US consumers despite lower prices versus prior peaks.

INSIGHT

Gold Strategically, Bonds Tactically

Elliott frames gold as a long-term contra-currency to indebted developed economies plus China and a strategic hedge against devaluation.
Tactically, bonds may outperform if easing coincides with slowing growth because yields are cyclically high.

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Bob Elliott, co-founder, CEO, and CIO of Unlimited, joins the show to discuss his extensive investment experience, including his time as the head of investment research at Bridgewater Associates. The conversation covers Elliott's background, his work on significant economic events like the 2008 financial crisis, and the founding of Unlimited, which offers ETFs using machine learning for investment strategies. They discuss current macroeconomic issues such as the Federal Reserve's policies, global central bank actions, and economic conditions in regions like Japan, the UK, and China. They also delve into asset classes like gold, oil, and Bitcoin, and Elliott provides insights into the value of diversification and systematic investing over individual manager performance. Finally, they explore Unlimited's strategy of using technological advancements for hedge fund replication through ETFs.

Timecodes

0:00 - Intro

3:30 - GFC Lessons

7:05 - The Macro

12:30 - Global Central Banks

18:20 - Oil

20:40 - Gold & Bonds

26:05 - BTC & ETH Treasuries

33:45 - Private Credit

36:35 - Unlimited

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