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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, Feeling good that guy.

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Speaker 2: Said around the neighborhood.

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Speaker 3: Everyone on Wall Street is looking for an edge. We

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Speaker 3: deploy quant models, higher analysts, one various simulations, all to

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Speaker 3: gain the slightest advantage that might be worth a few

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Speaker 3: basis points.

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Speaker 1: Over a year.

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Speaker 4: But what if you were overlooking a giant source of alpha.

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Speaker 4: I'm Barry rid Holtson on today's edition of At the Money.

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Speaker 4: We're going to discuss how Wall Street has been using

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Speaker 4: personal health to gain a competitive advantage. To help us

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Speaker 4: understand all of this and its implications for your portfolio,

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Speaker 4: spring in Phil Perlman. Previously he served as executive editor

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Speaker 4: at stock Twitz and was chief behavioral Officer at the

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Speaker 4: Bank of Jozarks. Today he runs the Pearl Institute, focusing

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Speaker 4: on personal health and the process of making effective change. So, Phil,

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Speaker 4: let's just start with a basic question. What is fitness? Alpha?

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Speaker 1: Phinis alfa is a model of performance.

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Speaker 5: And we can derive alpha in markets from so many

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Speaker 5: different areas. And you know, just as a very brief

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Speaker 5: primer for those who might not know, alpha is this

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Speaker 5: idea of how much we outperform. So if our benchmark

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Speaker 5: is the S and P five hundred. We're a money manager,

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Speaker 5: and we make twenty five percent in a year when

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Speaker 5: the market's up twenty percent, that's five percent of alpha,

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Speaker 5: and so forth if we're if we're up fifteen percent,

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Speaker 5: that's five percent of negative alpha if the market's up

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Speaker 5: twenty percent. And so where do you get the alpha from?

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Speaker 5: And you know, do you get it from information? Do

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Speaker 5: you get it from having a certain model. There's different sources,

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Speaker 5: and there's one source that is just a very simple

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Speaker 5: source of alpha that nobody is talking about. Nobody has

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Speaker 5: ever talked about it, and it's basically the outperformance we

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Speaker 5: derive from our health. The healthier we get, the better

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Speaker 5: we perform across multiple areas of function.

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Speaker 4: So give us a few examples of some of those

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Speaker 4: multiple functions that create an advantage in the financial marketplace.

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Speaker 5: Well, markets are a competitive endeavor, and we know from

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Speaker 5: years of research that health the better, the more healthy

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Speaker 5: we get, the better we perform across multiple areas of function,

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Speaker 5: included stress tolerance. Right, so the markets are stressful twenty

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Speaker 5: twenty two. Anybody who's involved with markets for years, think

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Speaker 5: of twenty twenty two for one moment, and you know

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Speaker 5: it was a stressful time, and bear markets occur periodically,

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Speaker 5: I don't know, every five or six years, And so

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Speaker 5: when we have bear markets and we're able to tolerate

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Speaker 5: stress more adaptively, our performance will improve, not only stress tolerance,

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Speaker 5: but emotional regulation and emotional control. How we're able to

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Speaker 5: control our emotions, how we're able to cope with our emotions.

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Speaker 5: Do they affect us behaviorally? Do we go on tilt

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Speaker 5: or do we remain rational during volatile periods?

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Speaker 4: This sounds like you're referring to fitness. Alpha helps you

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Speaker 4: make better decisions, especially in times of volatility.

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Speaker 5: Absolutely, And there are so many different areas. For example,

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Speaker 5: stamina and resilience, right, I mean, money managers have pressure

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Speaker 5: even during bull markets because everybody's sort of chasing returns

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Speaker 5: and that is a stressor. So it's not just during

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Speaker 5: periods of volatility in bear markets. You get it in

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Speaker 5: bull markets alike. And our ability to bounce back. So,

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Speaker 5: just to go back to your other question, there's so

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Speaker 5: many different areas, and that's why I'm harping on it.

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Speaker 1: Resilience. We bounce back better.

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Speaker 5: The healthier that we get, we recuperate faster, we're able

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Speaker 5: to stay focused longer long days. We could put in

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Speaker 5: long days after long days. Our charisma, our self confidence,

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Speaker 5: and the way we are perceived by others.

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Speaker 4: You and I have spoken about this previously, and you

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Speaker 4: have mentioned that this has quietly become a thing on

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Speaker 4: Wall Street. More trading desks, more funds are internally discussing fitness. Alpha.

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Speaker 4: Explain a little bit about what's happening on the street.

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Speaker 5: Well, you know, there was a moment, you know, and

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Speaker 5: this goes back thirty some odd years, but there was

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Speaker 5: a moment when Tiger Woods won the Masters.

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Speaker 1: He changed the game of.

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Speaker 5: Golf forever, because before Tiger Woods, none of the golfers

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Speaker 5: really thought about their physical health. And all of a sudden,

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Speaker 5: here comes a young golfer who's in better shape than

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Speaker 5: anybody else out there, and he's crushing the ball and

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Speaker 5: he is able to manage his emotional world, his stress,

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Speaker 5: and stay ice cold even with the greatest pressure on him.

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Speaker 1: And after Tiger Woods, now you go and you look

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Speaker 1: at the tour.

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Speaker 5: Almost everybody is in incredible conditioning, and so you're starting

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Speaker 5: to really see something similar to that happen on Wall Street,

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Speaker 5: especially at the highest tiers and in the hedge fund industry.

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Speaker 5: I've had numerous clients who've come to me with metabolic

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Speaker 5: health problems with alcohol and other substance problems, and they

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Speaker 5: begin to get those under control, and then all of

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Speaker 5: a sudden, they have more energy, They bounce back quicker,

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Speaker 5: their resilience improves, and they're performing better and feeling like

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Speaker 5: it's a more sustainable thing than being day to day

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Speaker 5: and hour to hour.

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Speaker 4: So let's talk about some of the areas of health

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Speaker 4: that you focus on. You touched on drinking, you touched

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Speaker 4: on metabolism, which I assume involves nutrition. What are the

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Speaker 4: areas that you can derive fitness alpha from.

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Speaker 5: Well, here's the thing about that, I'd like to keep

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Speaker 5: things really, really simple. Okay, And if you go out there,

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Speaker 5: there's a thousand books and there's ten thousand hours of

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Speaker 5: podcasts focusing on health and well being these days, and

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Speaker 5: they get very very granular, and there's a lot of

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Speaker 5: debates and arguments, and you know, mitochondria and VO two max,

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Speaker 5: and there's a thousand buzzwords.

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Speaker 1: I like to keep it very, very simple.

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Speaker 5: And from my point of view, there are four elements

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Speaker 5: of health that we can focus on, and if we

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Speaker 5: can just get a little bit better.

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Speaker 1: We don't have to get one percent better every day.

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Speaker 5: We could just get five percent better a year, and

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Speaker 5: if we do that year after year. And those four areas,

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Speaker 5: those four elements of good health are nutrition, what we

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Speaker 5: put into the only body that we are ever issued.

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Speaker 1: On this earth.

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Speaker 5: Body, movement, which is exercise, which includes cardiovascular you know,

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Speaker 5: aerobic exercise and also anaerobic exercise or resistance training.

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Speaker 1: It also includes sleep.

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Speaker 5: And rest and how we allow our bodies to heal

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Speaker 5: over time, whether that's sleeping or whether that's taking a

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Speaker 5: day off or two if we're injured. And social and

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Speaker 5: family and love.

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Speaker 1: And that's the fourth one.

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Speaker 5: It's a very surprising one when I mentioned that, but

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Speaker 5: huge alpha in a relationship and love.

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Speaker 4: Focus, sleep, nutrition, exercise, social, all right, so those are

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Speaker 4: the four big areas. So within those four areas, someone

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Speaker 4: listening to this, whether they're a trade or a fund manager,

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Speaker 4: or driving a truck or working in a retail store,

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Speaker 4: what do they need to do to generate that performance boost,

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Speaker 4: to generate that fitstness alpha in those four areas?

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Speaker 5: Well, all you have to do is get a little

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Speaker 5: bit better at a time. All you have to do

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Speaker 5: is get incrementally better over time. You don't have to

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Speaker 5: try to blow the lights out.

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Speaker 1: Hey, I'm going to.

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Speaker 5: Start exercises six times a day, I'm going to completely

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Speaker 5: change my diet. I'm gonna do all these things. You

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Speaker 5: don't have to get super duper god. And I would

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Speaker 5: say that for each person there is a gateway drug

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Speaker 5: in a good way, you know, not a gateway bad drug,

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Speaker 5: but a gateway good drug. There's a place to start,

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Speaker 5: and it really there's individual differences and it's dependent on

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Speaker 5: the person.

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Speaker 1: I'll give you a few examples.

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Speaker 5: If you have somebody who really does not move their

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Speaker 5: body and they're gaining weight over the years, begin to

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Speaker 5: move your body, and that can be as simple as

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Speaker 5: just walking. Walking is an incredible thing. You get outside,

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Speaker 5: you get into the fresh air, maybe you turn notifications

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Speaker 5: off on your phone, and you just begin to get

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Speaker 5: the blood flowing and the body movement. For other people, hey,

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Speaker 5: you might.

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Speaker 1: Have people who love food, who are good cooks.

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Speaker 5: Maybe their gateway drug is to say, hey, I'm going

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Speaker 5: to really begin this by focusing on my nutrition. And

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Speaker 5: you don't have to do anything fancy there. You could

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Speaker 5: keep it stupid simple there too, and just start eating

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Speaker 5: real foods with very few ingredients, and staying away from

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Speaker 5: ultraprocessed foods, and staying away from foods that have a

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Speaker 5: lot of added sugar. The one other thing that I

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Speaker 5: thought of when you asked me that question was this

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Speaker 5: that I find that substance abuse and alcohol abuse is

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Speaker 5: very prominent in our culture, and extremely prominent among professional

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Speaker 5: market participants. And we know, especially as we age, that

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Speaker 5: alcohol and other substances affect our performance and affect our

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Speaker 5: brains very very significantly. And so if you could get

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Speaker 5: a handle on that, that would be another fantastic gateway.

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Speaker 4: So let's say we all start moving a little more,

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Speaker 4: we start eating better, we cut the cigarettes and that

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Speaker 4: glass of wine with dinner. How does that show up

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Speaker 4: in our portfolios? What sort of advance occrue to us?

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Speaker 5: Well, it begins with executive functioning, and it begins with

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Speaker 5: decision making. And this is a direct relationship to the

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Speaker 5: ideas coming from behavioral economics, and this idea that we

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Speaker 5: are not always rational decision makers. And the better you know,

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Speaker 5: I always use I always. Whenever I hear the word rational,

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Speaker 5: I substitute the word wise. Right, So we are not

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Speaker 5: always wise decision makers and We know that the average

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Speaker 5: human suffers from loss aversion, and we know that there's

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Speaker 5: anxiety related to losses especially, and so when we are

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Speaker 5: even incrementally improving our ability to make decisions, to make

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Speaker 5: wise decisions, that's really where we experience alpha. Where we

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Speaker 5: make better decisions that affect our portfolio, that prove our performance.

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Speaker 4: And are there any fringe benefits to this besides just

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Speaker 4: improving our portfolios?

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Speaker 5: Well, that's actually a beautiful question because I'm actually flipping

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Speaker 5: the primary use case. You know, when people talk about

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Speaker 5: getting healthier, they're not talking about improving your portfolio, they're

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Speaker 5: talking about extending your life and staying healthy for longer,

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Speaker 5: and improving your mood and improving your relationships and improving

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Speaker 5: your quality of life. And so really the fringe benefits

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Speaker 5: are just incredibly central, and some would argue primary. I mean,

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Speaker 5: let's say if you were not an investor or a

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Speaker 5: market participant, and I was talking to you about this,

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Speaker 5: I would be making the same exact case related to, hey, well,

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Speaker 5: wouldn't you, like, you know, we're only here once, wouldn't

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Speaker 5: you like to stay healthier longer and so that you

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Speaker 5: can enjoy life for a longer period of time.

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Speaker 4: So this sounds like this is not just for Wall

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Speaker 4: Street cres and fund managers. Fitness Alpha sounds like it

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Speaker 4: could apply to just about everybody.

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Speaker 5: I built this model from my own experience, Barry. I

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Speaker 5: was not a healthy person, and I was kind of

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Speaker 5: faking it. Like I was performing well enough professionally that

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Speaker 5: I was getting by and I was making some money,

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Speaker 5: but I was not thriving. And I started to get

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Speaker 5: myself healthy and I started to experience this, Wow, I

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Speaker 5: have more energy.

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Speaker 4: I want to interrupt you because I want people to

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Speaker 4: realize back in the day, you were considerably heavier, You

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Speaker 4: were a big drinker. You were not in any sort

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Speaker 4: of shape other than round round as a shape, but

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Speaker 4: you were, you know, you were struggling. Tell us a

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Speaker 4: little bit about that aha moment, and tell us what

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Speaker 4: you accomplished.

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Speaker 5: You know, I'm like hair Club for men, remember that commercial,

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Speaker 5: the Hairclub for Men guy. I used the product myself,

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Speaker 5: so I bought the company. You know, I mean, I

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Speaker 5: got myself healthy, and I was kind of you know,

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Speaker 5: I was kind of faking it. I was an executive

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Speaker 5: within the financial services space, and I was miserable, traveling

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Speaker 5: too much, drinking too much not moving my body. When

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Speaker 5: I was twelve years old, fifteen years old, I was

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Speaker 5: an athlete, but I had gotten so far away from

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Speaker 5: who I was. You know, there's this idea in Buddhism

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Speaker 5: of enlightenment. This one great author once said that enlightenment

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Speaker 5: is nothing mysterious, It's really just rediscovering who you always were.

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Speaker 5: And so I felt like as I started really getting healthy,

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Speaker 5: getting my mind and body in shape, and that I

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Speaker 5: started really rediscovering who I was, getting back to me,

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Speaker 5: and lo and behold, I started performing better across all

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Speaker 5: aspects of my life.

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Speaker 4: So, to wrap up, fitness, alpha is how Wall Street

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Speaker 4: finds yet another edge to enhance their performance. But it's

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Speaker 4: not just for Wall Street professionals. We sleep better, we

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Speaker 4: eat better, we move, we have better social relationships. Not

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Speaker 4: only does that show up in our portfolios, but it

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Speaker 4: also shows up in extended lifespans and healthier for longer

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Speaker 4: as part of your alpha. I'm Barry Retolts and you're

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Speaker 4: listening to Bloomberg's at the Money.

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Speaker 1: Hey feeling good?

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Speaker 2: Like I said, Ben in the Blue are around the

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Speaker 2: neighborhood feeling blessed? Nevers on Sunday be