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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Resilient Asset Management 2024 Q3 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q3 2024 Letter Analysis

Resilient Asset Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Resilient Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Strong Q3 performance across all asset classes with S&P 500 up 5.84%. Manager warns against election-driven portfolio changes, using fighter pilot analogy that releasing controls during chaos often works best."

Executive Summary

Resilient Asset Management delivered strong Q3 2024 performance across all asset classes, with the S&P 500 gaining 5.84%, international markets up 7.83%, bonds advancing 5.22%, and real estate surging 16.68%. Manager Christopher Flis emphasizes avoiding election-driven portfolio repositioning, drawing on his fighter pilot experience to illustrate that when markets enter chaotic periods, the best response is often to release controls and let natural forces restore stability. Historical data shows divided government with Democratic presidents has yielded the best market performance at 16.63% annually, contradicting common assumptions about Republican control benefiting markets. The firm completed its transition to Schwab custody during the quarter. Flis maintains unwavering confidence in long-term US economic strength, arguing the country was built for success and will continue advancing regardless of temporary political leadership. The core message emphasizes disciplined investing over political speculation, with time in market being more important than timing the market around elections.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

65%

CautiousHigh

Moderate (65%)

Manager shows high conviction in his anti-election-timing philosophy, using personal military experience as analogy and citing specific historical data. However, no individual positions are named or sized, and the letter focuses more on broad asset allocation principles than specific investment decisions.

Growth Outlook

75%

BearishBullish

Bullish (75%)

Manager expresses strong optimism about long-term US market prospects, stating absolute confidence the economy will continue marching forward through 2276 and beyond. Celebrates strong Q3 performance across all asset classes and describes it as a very good year.

Risk Appetite

25%

DefensiveAggressive

Defensive (25%)

While maintaining existing positions, the manager explicitly advises against any portfolio repositioning around elections. The letter focuses on stability and maintaining current allocations rather than taking new risk or deploying capital aggressively.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No evidence of capital deployment or cash level changes. The manager explicitly advises maintaining current positioning and avoiding portfolio repositioning, indicating neutral deployment activity during the quarter.

Forward Guidance

0%

CautiousExpansionary

Cautious (0%)

Manager provides no specific forward deployment guidance beyond maintaining current positioning. The advice is explicitly to avoid making changes and let time in market work, representing a neutral stance on future actions.

Language Signal

50%

BearishBullish

Balanced (50%)

Language is balanced between celebrating recent strong performance and warning about election-driven risks. Positive language around market gains is offset by cautionary language about political speculation and portfolio changes.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Manager acknowledges election-related market uncertainty and warns about the dangers of mixing politics with portfolio decisions. However, risk discussion is focused on behavioral mistakes rather than systemic market threats, and long-term confidence remains high.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

While celebrating strong performance across asset classes, the manager doesn't discuss specific new opportunities or idea generation. The focus is on maintaining discipline rather than identifying new investments, suggesting moderate opportunity perception.

Time Horizon

90%

Short-TermLong-Term

Decade+ (90%)

Manager explicitly states confidence in US market performance through 2276 and beyond, representing a multi-century time horizon. Emphasizes that time in market beats timing the market, and references the long-term nature of US economic success since 1776.