My guest this episode is Ralph Smith, Head of Research at BlueCove. BlueCove offers long-only and market-neutral mandates in corporate credit and interest rate markets, with an emphasis on utilizing a scientific approach to portfolio construction. We spend the episode discussing how the unique nature of fixed income markets present both opportunities and risks.  For example, how the differing breadth and liquidity in corporate credit versus rates markets impacts the types of strategies that can be implemented.  Or, how the assumption about a bond’s availability or liquidity can materially impact a portfolio backtest. As Head of Research, Ralph also has some strong thoughts on the research process itself.  He shares his views on structuring a research organization, performing research in changing market environments, and even the appropriate use of backtests. Please enjoy my discussion with Ralph Smith.