This week we interview Andrew Miller, CIO of Miller Financial Management. Andrew’s passion is at the intersection of investment management and financial planning, and he has extremely novel perspectives on both domains.

We trace Andrew’s background in structured credit and alternatives and map this experience to his current framework for thinking about diversification and sources of risk and return. We also discuss how Andrew’s views on diversification have evolved over time and how he thinks about factor strategies and alternative premia, including how he applied trend-following principles to factor exposures.

Andrew spends a lot of time on engineering optimal asset location strategies and shared some compelling facts about how some fairly simple steps can improve expected returns by almost 1% per year.

 It’s rare to find someone with deep theoretical and fundamental understanding of nuanced investment topics who has found very practical ways to deliver the potential value of these strategies to clients on the ground. There’s something here for everyone!