Mike Philbrick, from Resolve Asset Management, shares his expertise on navigating today's unpredictable markets. He discusses why the classic 60/40 portfolio may be outdated and why assets like gold and Bitcoin are crucial for resilient investing. The conversation delves into psychological factors influencing investor behavior, the case for return stacking, and the shift in attitudes towards cryptocurrencies across generations. Mike also highlights the evolving regulatory landscape and how both gold and Bitcoin can complement traditional investments.
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insights INSIGHT
Gold's Financialization Mirrors Bitcoin's Path
Gold's path from niche store to investable ETF mirrors Bitcoin's compressed adoption arc.
ETFization and regulatory clarity moved both assets from fringe experiments toward structural portfolio roles.
question_answer ANECDOTE
Templeton Buried Gold On A Farm
Before ETFs, owning gold meant buying bars and solving storage and liquidity hassles, sometimes absurdly.
John A. Templeton even bought a Canadian farm and buried gold as private storage.
insights INSIGHT
Bitcoin's Dual Role Evolves Over Time
Bitcoin shows a dual personality: risk-on growth correlations at times and a scarce, non-sovereign store-of-value at others.
Over time, adoption may push Bitcoin to converge toward gold-like behavior while retaining asymmetric upside.
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In this episode of Excess Returns, we sit down with Mike Philbrick of Resolve Asset Management to discuss why the traditional 60/40 portfolio may no longer be enough, the role of “psychological commodities” like gold and Bitcoin, and how return stacking can change the way investors think about diversification. Mike shares insights on macro regimes, investor psychology, and why these once-fringe assets may now be foundational in building resilient portfolios.
Topics Covered:
Why the 1982–2020 period was a “golden era” for stocks and bonds
How today’s macro regime challenges traditional diversification
The case for gold and Bitcoin as portfolio diversifiers
Debt, inflation, and the shifting role of scarce assets
Why lack of cash flows is a feature, not a bug, for gold & Bitcoin
Generational differences in crypto adoption and advisor psychology
How return stacking works and why it matters for investors
The evolving regulatory and institutional landscape for Bitcoin
Tokenization, blockchain innovation, and the future of finance
Mike’s one lesson for the average investor
Timestamps: 00:00 – Why the 1982–2020 period was a golden era 03:00 – Stocks, bonds, and changing correlations 07:00 – Debt, inflation, and the macro backdrop 10:00 – Gold, Bitcoin, and the cash flow debate 14:20 – Why investors resist gold & Bitcoin 19:00 – Generational divides and adoption rates 23:00 – The evolution of gold and parallels to Bitcoin 26:30 – What is Bitcoin? Digital gold vs growth asset 28:30 – Career risk flipping: from owning to not owning 32:00 – Behavioral biases and implementation frictions 35:00 – Sizing matters: avoiding “all or nothing” mistakes 36:00 – Market-cap weights and neutral allocations 38:00 – Long-term real returns of gold & Bitcoin 40:00 – Will Bitcoin and gold compete or complement? 43:00 – Portfolio construction: risk-weighting gold & Bitcoin 44:00 – Return stacking explained 49:00 – Trend following and dead money periods 51:00 – Risks: quantum computing, regulation, behavior 56:00 – Tokenization, blockchain rails, and innovation 1:01:13 – Mike’s one lesson for the average investor
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