What's the Alternative? | Season 3 | Episode 8 | The Art of Long Short Investing: Exploring Hedge Funds with Michael Marone
- Shana Sissel
- 4 days ago
- 1 min read
In this episode of What’s the Alternative? host Shana Orczyk Sissel sits down with Michael Marone, Co-Founder & Co-Chief Investment Officer at Crescent Rock Capital, a global equity long-short hedge fund manager.
They dive deep into the realities of running a long-short strategy in today’s market—how to think about shorting in a world structurally tilted against short sellers, why “boring” ideas often make the best shorts, and how shifts in market structure, AI, small caps, and deglobalization are reshaping the opportunity set for active managers and allocators.
Whether you’re an advisor, allocator, or sophisticated individual investor, this conversation offers a practical framework for evaluating hedge funds, understanding risk, and positioning portfolios in a changing world.
Key Takeaways:
Why effective shorting often comes from “boring,” fundamentally sound companies facing marginal deterioration—not flashy frauds or meme names.
How changes in market structure, including the rise of passive investing, have created both headwinds and unique opportunities for active long-short managers.
Why small caps may be one of the ripest areas for active management, and how to think about quality, liquidity, and selectivity in that space.
How to assess whether “AI is a bubble” by comparing today’s leaders to the dot-com era, and what deglobalization really means for global equity opportunities.
If you’re an advisor or investor looking to better understand hedge funds, long-short equity, and how alternatives fit into modern portfolios, this episode is for you.
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