Rafael Ortega: Using Return Stacking To Build an All-Terrain Portfolio

Resolve Riffs Investment Podcast

In this episode, Rodrigo Gordillo sits down with Rafael Ortega, a distinguished Spanish investor and Senior Investment Fund Manager at Andbank Wealth Management. Known for pioneering innovative portfolio solutions in Spain—from the classic permanent portfolio to advanced return stacking and off-road strategies—Rafael discusses a wide range of topics including diversification, structural risk balancing, leveraging, regulatory hurdles, and the future of portable alpha in today’s dynamic markets.

Topics Discussed

• Rafael Ortega’s journey from engineering to a transformative investment philosophy
• The evolution of the permanent portfolio strategy into a modern diversified approach
• Structural diversification and risk balancing using all-weather return stacking
• Customizing portfolio volatility through post-diversification leverage
• Overcoming operational and regulatory hurdles in Europe’s investment landscape
• The integration of trend following, carry, and other non-traditional diversifiers
• Communicating advanced diversification concepts to retail investors
• The future outlook for portable alpha and return stacking in an evolving regulatory framework

Mentioned in this episode:

The Return Stacking Symposium

October 8, 2025 | Chicago A full day of curated portable alpha / return stacking education. Register Here: https://www.returnstacked.com/return-stacking-symposium-2025/