In this conversation with Corey Hoffstein, CEO and CIO of Newfound Research, portfolio manager for Return Stacked® ETFs, and host of one of my favourite podcasts, “Flirting with Models”, we explore why the structure you choose can determine whether a good idea actually works.We dive into the origins of return stacking, the power of capital efficiency, and how behavioural frictions like “line-item risk” shape investor outcomes. From ETF design to liquidity pitfalls, this is both a technical and practical look at building better portfolios.