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And context changes everything.

Go to Bloomberg.com to get context.

This is Masters in Business with Barry Ritholtz on

Bloomberg Radio.

This week on the podcast I have an extra special guest. Mike Rockefeller

of Woodline Partners launched what was one of the hottest new hedge funds in a long time.

2019 he came out of the gate having previously worked at Citadel

raising about $2 billion in the new funds.

Since then, it's grown to about $7 billion.

And they are not the typical hedge fund.

They run a very specific sector-focused type of fund. There are about 13 different portfolio managers, each focused on a different sub-sector. It's beta-neutral, market-neutral. They run long-short

across each of these and they've put up some pretty impressive numbers over the

past couple of years.

It's always interesting to speak to a fund manager

in the midst of one of the craziest macro periods

of the markets that we've seen in God knows how long who doesn't factor in

macro events or the overall market because their market neutral and hedged and when they look at

a sector they want to be long the very best stocks at the best valuations they can and

short the worst stocks at the worst valuations.

It's a fascinating strategy and it's one that's been very successful.

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