Explorez tous les épisodes du podcast The Derivative
| Titre | Date | Durée | |
|---|---|---|---|
| WTF is this market? - with Vineer Bhansali of LongTail Alpha | 11 Apr 2025 | 00:54:32 | |
In this emergency pod edition, Jeff Malec is joined by Vineer Bhansali, Founder and CIO at LongTail Alpha, LLC, to break down the market's wild rollercoaster ride that demanded immediate attention. When markets hit new lows only to rocket back with a stunning 10% rally, we knew it was time for another "WTF episode" – our signature emergency broadcasts reserved for the financial world's most shocking moments. Together, Jeff and Vineer dissect the tariff chaos sending shockwaves through global markets, with Vineer providing insights on the critical liquidity crisis unfolding across stocks, bonds (especially long-term), and their derivatives. This episode delivers the expert analysis and perspective you need when markets go haywire – just like when we talked crude oil's negative plunge and the GameStop rebellion that took down a hedge fund in years past. No scripted talking points, no scheduled interviews – just raw, unfiltered market commentary when you need it most. The world's financial markets just had a moment... and so did we. SEND IT! Chapters: 00:00-00:49 = Intro 00:50-11:08 = Market Volatility and Liquidity: The New Trading Ecosystem 11:09-18:02 = Hedging Strategies in Uncertain Markets: 0DTE Options, straddles and strangles, and Tail Risk 18:03-30:56 = Global Asset Shifts: Bond duration, Basis Trades, Gold, and the Erosion of American Financial Exceptionalism 30:57-43:41 = Tail Hedging Economics: Getting out of the money 43:42-54:32 = Market Resilience and picking up steam: Is there hope for Trend Following? From the episode:Relationship Between Trend-Following and Options (whitepaper) Previous episode with Vineer:Taming the Tails with LongTail Alpha's Vineer Bhansali Follow along with Vineer on LinkedIn and @longtailalpha on X.com and be sure to check out LongTail Alpha's website for more information! Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts and our host Jeff at@AttainCap2, orLinkedIn , andFacebook, andsign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer | |||
| Trends, Tall Heads, and Transformations with Transtrend’s Harold de Boer | 03 Apr 2025 | 01:10:59 | |
Dive into the fascinating world of trend following with Jeff Malec and one of the GOATs: Harold de Boer, a pioneering systematic trader who transformed his life path from a Dutch dairy farm into the sophisticated global investment firm Transtrend. In this episode, Harold shares insights into the evolution of trend following, discussing how understanding market trends is similar to understanding herd behavior, navigating complex market correlations, and maintaining resilience during challenging periods. Learn about the nuanced approach to trading across hundreds of markets, the importance of diversification, and why trend following remains a dynamic and adaptive investment strategy. With humor, historical perspective, and deep expertise, Harold reveals the art and science behind successful systematic trading. - Don’t miss a particular riveting segment at the end of this discussion on US cinema at its best - SEND IT!Chapters: 00:00-00:50 = Intro 00:51-03:23= Lessons from the Pasture 03:24-15:09= Rotterdam and the Netherlands: A Brief Introduction 15:10-37:13= Market Diversification and the Evolution of Trend Following 37:14-49:00=Navigating Market Complexity: Filters, Risks, and Trend Following Innovation 49:01-01:03:59= Resilience and Adaptation: Surviving Trend Following Drawdowns 01:04:00-01:10:59= Cinematic Insights: A Coen brother’s tribute
Fat tails and tall heads blog post: https://www.rcmalternatives.com/2013/02/fat-tails-and-tall-heads/ Follow along with Harold and Transtrend on LinkedIn and be sure to check out their website for more information at transtrend.com/en Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts and our host Jeff at@AttainCap2, orLinkedIn , andFacebook, andsign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer | |||
| Retail to Institutional: How David Sun Scaled His ODTE Options Strategies | 07 Nov 2024 | 01:07:18 | |
In this episode, Jeff Malec sits down with David Sun, an entrepreneur, trader, and fund manager with a unique journey into the world of options trading and alternative investments. David shares his unconventional path, starting as a retail trader experimenting with options strategies, particularly selling puts, before transitioning to professional fund management. He discusses the challenges and lessons learned as he navigated various market regimes, including the 2018 and 2020 downturns. The conversation delves into David's systematic approach to options trading, focusing on risk management techniques like stop losses and hedging strategies. He explains his evolution from primarily selling options to incorporating more option buying, as well as his exploration of zero days to expiration (zero DTE) options and the unique risks and considerations involved. David also shares insights into the role of behavioral biases in the markets and how he leverages data-driven research to develop robust trading strategies. He reflects on the increasing accessibility of trading tools and resources, and the valuable contributions of the retail trading community. Chapters: 00:00-02:08=Intro 02:09-09:21= Engineer to Retail trader to Fund manager – an unconventional path 09:22-18:21= Don’t quit your day job & Option-based fund management 18:22-26:09= Mitigating gamma risk in short-dated options & Focusing on the win rate 26:10-35:47= Exploring behavioral biases and combining systematic & discretionary styles 35:48-45:39= Democratizing trading: Hedging, Volatility, Trend, and Broken butterflies 45:40-57:11= Sharing knowledge and resources: The Trade Busters podcast & bridging the gap 57:12-01:07:18= Naïve to Trends, momentum, edge? & the human behavioral bias From the episode: The Derivative episode: WTF?! Will 0DTE Cause Gammageddon? With Mike Green and Craig Peterson
Follow Along: Follow along with David on Twitter @TheTradeBuster and also be sure to check out The Trade Busters podcast Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| The Bitcoin ETF parade and Grayscale Trust, with Jason Urban of Galaxy Digital | 20 Nov 2021 | 01:09:03 | |
Join us in this, our last episode of the year, where we’re talking Crypto and Bitcoin ETFs with Jason Urban, Global Co-Head of Trading at Galaxy Digital – which is perhaps better known as the folks behind the world’s largest Bitcoin Fund, the Grayscale Bitcoin Trust and its ownership of 650k+ bitcoin! Today we step into a bit of Jason’s past when he founded and ran the equity index derivative business at a Chicago prop firm DRW and his time at Goldman Sachs where he ran its equity vol business. We talk about all the moving parts of pure flow trading, skew/cheap, skew/rich, the right side of the trade, when to get out; and his first exposure to Crypto Currencies. Jason talks Grayscale, billionaire founder Michael Novogratz & all things Galaxy Digital, from touching all aspects of the crypto universe, from mining to trading to venture funding; being on the Institutional only side of the market, whether or not DeFi is a Disrupter or tool, the FOMO aspect, staking, and maintaining the ledger, the mining ecosystem and the decentralized way of doing things while trying to solve problems in this Crypto space. If all that doesn’t get you going about Crypto currencies, we still find room to discuss just what the Options space looks like in crypto (the implied vol is how much??), Bilateral trading, and of course - the Grayscale Trust going from premium to discount – and the potential for all the new Bitcoin ETFs coming out. Enjoy! Chapters: 00:00-02:19 =Intro 02:20-19:04 = Goldman, DRW, and Trading House Money 19:05-31:21 = Galaxy Digital, Are you a Disrupter?, and What’s Novo Like? 31:22-44:18 =The Day-to-Day in the Global Crypto Space, the FOMO Aspect, Staking, & Solving the Problem 44:19-51:20 = Options & Bilateral Trading 51:21-01:04:47 =Create or Redeem: The Grayscale Trust and New Bitcoin ETFs 01:04:48-01:09:03 =Favorites Follow along with Galaxy Digital on Twitter @GalaxyDigitalHQ and visit their website for more information at https://www.galaxydigital.io/ Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| A Multi PM (Global) Macro Masterclass with Markian Zyga | 13 Nov 2021 | 01:24:55 | |
In this episode, we shed some light on one of the largest groups you’ve maybe never heard of, whose new “mission” is to seek out incredible trading talent and blend them together in a multi-PM Global Macro approach. We get into just how this all works, and more, in our chat with Markian Zyga, Portfolio Manager of Mission Crest, which is a subsidiary of Lighthouse Investment Partners who oversee about 14 billion in assets across their own hedge funds, solutions and services groups. We begin by discussing Markian’s background and start in the investment world, his college soccer days, what allocators miss, and how to avoid falling for the narrative of a strategy. Digging in deeper we talk how, why, and when to allocate to Emerging managers, the fund of funds versus Multi PM models, the Mission Crest strategy, macro investors, this history of Global Macro, the current Global Macro environment, blending discretionary and systematic together, trading tactically on the shorter side of trade duration, capturing big macro trends, seeking out capacity constrained strategies and searching for Alpha in the markets they’re trading. But we don’t stop there... Markian explains Mission Crests’ Multi-PM model, how the process of finding top trading talent includes both trust and identifying an edge. Buckle up for an interesting discussion on their global macro approach to investing for absolute returns. Chapters: 00:00-03:38= Intro 03:39-16:16= Striker to Strategist, and avoiding the Narratives 16:17-25:40= Emerging Managers & the Fund of Funds vs Multi PM Model 25:41-46:44= The Global Macro, all Assets, all Regions, Sustainable Edge Mission 46:45-01:00:46= Finding Attractive Talent, Gaining Trust, & Maintaining the Right Mental Space 01:00:47-01:12:59= Fixing the Great Trader/Terrible Business Person Conundrum 01:13:00-01:20:21= Accessing A.I., Model Degradation & Machine Learning 01:20:22-01:24:55= Favorites For more information please visit lighthousepartners.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Attaining an Allocator's Edge with Phil Huber | 04 Nov 2021 | 01:26:05 | |
This week is a cage match of a pod, going point/counterpoint on every Alt from private equity to fine art to digital assets with Phil Huber and the knowledge he’s about to drop in his upcoming new book ‘The Allocators Edge: A modern guide to alternative investments and the future of diversification’. Phil is the Chief Investment Officer at Savant Wealth Management. As a Chicago native, we talk with Phil about his start in investments with his interests in the family business from an RIA wealth management background and decided to sink his teeth in. We dive into his book talking about everything from how the actual writing of it went – to what’s being said in it – from the current issues with the 60/40 portfolio, his blog bps and pieces, why sometimes the juice isn’t worth the squeeze, the thin line between traditional and alternative portfolios, his periodic table of investments, reviewing a huge list of Alternative Investments, including private equity, real estate, fine art, digital assets, style premia, real assets, trend following, and more, the state of Indiana sports, 80’s-90’s pro wrestling, and Chicago pizza. Join us on this interesting Alt-tastic ride as we dig into what really is an Alternative investment by cracking open that “Other” bucket on the client statements. Chapters: 00:00-02:37 = Intro 02:38-13:30 = Family Ties & the Modern RIA playbook 13:31-24:40 = Blogs, Muses, and the Allocator’s Edge 24:41-32:51 = The Problems with the 60/40 portfolio in today’s world 32:52-46:15 = The Periodic Table of Investments 46:16-01:08:14 = Walking through a dozen Alternative Investments ALT by ALT 01:08:15-01:20:42 = Digital Assets, and How a Portfolio of Alts might Look 01:20:43-01:26:05 = Favorites From the Episode: Get his book on Amazon, Barnes & Noble Read Phil's blog bps and pieces: https://bpsandpieces.com/ & Follow Phil on Twitter @bpsandpieces Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAltsand our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Convex (CONVX) to the Core with Certeza’s Brett Nelson | 28 Oct 2021 | 01:11:55 | |
In this episode, we sit down again with one of the OGs of VIX futures trading & options, Brett Nelson, CEO of Certeza Asset Management, and discuss their new mutual fund — Convex Core and how it relates to their Macro Vega hedge fund strategy. Join us to hear how the mutual fund aims to participate when the market is up, exploit opportunities when things get bumpy, and then protect heavily when the market is down. Brett explains why Convex Core isn't just an overlay strategy and how utilizing changes in Vega & Gamma can help protect you in a rough market. We talk about the Geometric Loss Problem, Certeza's three regimes of Volatility, their equity component, dialing through options, looking for the mathematical structure in the market, the rebalancing premium, and the importance of educating Advisors/Investors on volatility as an asset class. Finally, we ask Brett's opinions on some well-known relative value or Volatility arbitrage trades, asking when they work and when they don’t. And rounding things out is a discussion on the two new VIX ETF products coming out, and Brett’s thoughts on Delta Hedging Market Makers, just how critical "flow" is, and what the next disruption event could look like. Chapters: 00:00-02:46= Intro 02:47-06:04= Covid = A Missed VIXportunity 06:05-025:02= A Flawed Mentality & The 3 Regimes of Volatility 25:03-38:09= Masquerading As an Equity Strat & the Rebalancing Premium 38:10-48:21 = What Works? What Doesn’t in Vol Arb trading 48:21-54:39= VIX ETFs: Good, Bad, or Ugly? 54:40-01:11:55= Delta Hedging Market Makers: A Game within Games Check out our previous episode with Brett here: Seeking (VIX) Certainty with Certeza's Brett Nelson Follow along with Brett on Twitter @CertezaAM Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Weigh More than You Wanted to Know About Meat, with AgriTrend’s Simon Quilty | 14 Oct 2021 | 01:18:34 | |
In this week's pod, we're doing something new and digging into the derivative market's Ag roots in our first "Way more than you need to Know" series, starting with the Global Meat Markets. Joining us today discussing all things Meat in the world is Simon Quilty, from Melbourne, Australia, and also RCM's very own Jeff Eizenberg, who handles all things Ag, including hosting the Hedged Edge podcast where they talk grown in the ground commodities once a month. Today we get an overview of the Global meat market: Beef, Poultry, and Pork, the main players and the main concerns, including labor and shipping shortages being a critical problem in securing food security around the globe. Simon talks about how he goes about hedging the various contracts providing risk management for the current disruption for in-demand meat products. We're talking Cutouts, CME vs. Wholesale prices and how to manage that risk, using swaps and removing basis risk to help manage price risk, and how the big players in the meat industry navigate it all. Bacon? Who said bacon. We briefly discuss that cut of pork belly that most of the US and Canada love so much & the future of alternative food, Beyond Meat, and their questionable mark on the industry since COVID. Also, We Want the Beef! Why beef will continue to dominate the meat market and why inflation is fueling it right along. Chapters: 00:00-02:44 = Intro 02:45-07:18 = From Dancing Lessons in Melbourne To Escaping Tiananmen Square 07:19-23:04 = How Big is the Global Meat Market? Who has it? Who needs it? 23:05-36:59 = Big Player’s Concerns & the Tightening of the Global Beef Supply 37:00-57:57 = The Hedgers Toolbox: Futures, Cutouts, Swaps & Offsetting Risk 57:58-01:15:12 = Bacon Lovers, Beyond Meat as a Bust, and a Little Lamb 01:15:13-01:18:34 = Favorites Follow along with Simon on Twitter @SimonQuilty and for more information visit the website at globalagritrends.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Reimagining Risk and Reinsurance (& Cat Bonds) with Chris McKeown of Vantage Risk | 07 Oct 2021 | 00:58:05 | |
We’re looking into the far reaches of the search for yield in this episode, diving into investors’ interest in so-called Cat Bonds, or catastrophe bonds, and the world of reinsurance and ILS (insurance-linked securities). Yes, even the biggest risk-takers need backing – and we’re talking Reinsurance with Chris McKeown, Chief Executive of Reinsurance, ILS, and Innovation at Vantage Group Holdings. Take a trip with us and daydream about Bermuda as we define reinsurance: the secondary market & their clientele, capital protection, the risk transfer process and what efforts go into sorting through claims, what disaster gaps are, and how reinsurance is helping aid areas in vital need of protection. We’re discussing Cat(Catastrophe) bonds, ILS, Pop & Drop Hurricanes, Climatology, tight ecosystems, secret handshakes, and why Bermuda is the central hub for reinsurance. Chris explains the importance of adjusting models to deploying capital, why cat bond investors rely on these models, and what structural issues the business of reinsurance is facing in an upside market, trying to bring investors in. Chapters: 00:00-02:39 = Intro 02:40-10:43 = Taking on Risk in the Hurricane Belt 10:44-32:41 = Off-loading Riskvia Reinsurance, Capital Deployment & Investor portfolio protection 32:42-38:21 = Cat Bonds & Structural Issues in an Upside Down Market 38:22-52:35 = Climate Change, Adjusting Models & Defining Capital in a Tight Ecosystem 52:36-58:05 = Favorites For more information about Vantage Group Holdings please visit vantagerisk.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Why Whales Tails Whip Up Market Tremors with Hari Krishnan | 30 Sep 2021 | 01:17:37 | |
How do large delta hedging flows of market makers tie in with Central Bank quantitative easing? How do ETF rebalancing’s and structured note issuer movements shift markets? We sit down with options guru Hari Krishnan talk through his new book: Market Tremors - Quantifying Structural Risks in Modern Financial Markets. Hari's first book, The Second Leg Down, talked about what investors can do when they're in trouble and how to structure actual options trades to keep bleed under control and maximize protection. This time, he's zooming out and asking how to know when there might be trouble lurking. How we can quantify and identify events like Volmageddon (Feb 2018), the Swiss Franc depeg (Jan 2015), Game Stop run up (2021), and more. In a world where we often get bogged down considering how specific items like this gamma, or that Fed decision, or how large ETFs flows will impact markets, Hari masterfully weaves all those 'agents' together to consider how we apply a real world risk to these agents shifting the distributions we rely on to size investment positions. Enjoy the episode. Chapters: 00:00-03:13=Intro 03:14-06:34 = Volatility - The Last Chance Saloon 06:35-15:20 = There’s London Whales Everywhere 15:21-31:55 = Merging Normally Distributed & Networked Chaos 31:56-42:01 = Volmageddon: A Case Study 42:02-54:19 = Big Gamma: Market Making Options / Do Less 54:20-01:09:43 = The Danger of 1 / Volatility Position Sizing 01:09:44-01:17:37 = Takeaways & The Twin Heralds of Risk Follow Hari on Twitter @HariPKrishnan2 and check out his book here. From the episode:
Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. RCM Alternatives is DBA Reliance Capital Markets II, LLC. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Blissfully Buying BB Bonds with Greg Obenshain of Verdad Capital | 23 Sep 2021 | 01:14:02 | |
In this episode, we're stepping away from our ordinary world of futures and options to find out why boring old corporate bonds aren't all that boring after all. Join our conversation with Greg Obenshain, Partner and Director of Credit at Verdad Advisers, as he and Jeff discuss just what running a high yield bond investments portfolio is like. Greg shares the complexities of accessing and organizing the needed data to run a quantitative model on bonds (think no central exchange nor shared order book, etc.), how he racks 'em and stacks 'em, and why there should always be a fundamental lens on quant outputs at the end of the day. He gives some real-world examples talking about the bonds of Netflix, Crocs, and Oil& Gas companies; and why there's a sweet spot between BBB and B-rated bonds. Speaking of ratings, we ask Greg how his custom quant model assigns his own ratings, how and why those differ from the ratings agencies, and why multi-billion firms don't model this area of the high yield market similarly (he says it's not sexy enough). We finish the chat touching base on some topical bond/rates areas, such as Evergrande's potential default, the debt ceiling, yield farming, private credit, private equity's big debt appetite, and more. You'll also find some nuggets on duration, stripping out Treasury yields, and what both retail and institutional investors typically get wrong when considering holding bonds in a portfolio. Enjoy the chat! Chapters: 00:00-02:47 = Intro 02:48-07:27 = London Tea, a Midwest Twang, and Dartmouth Green 07:28-20:50 = Becoming a Quant, Finding Verdad, and Racking and Stacking 20:51-41:24 = Finding Growth vs Getting Paid for Default Risk 41:25-56:15 = Cash in and Cash Out, and Record Tight High Yield Spreads 56:16-01:09:10 = High Yield Risk, Private Credit, and what everyone gets wrong about Bonds 01:09:11-01:14:02 =Favorites Follow along with Greg on Twitter @GregObenshain and learn more about Verdad Advisers at verdadcap.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Researching the Risks of Return Stacking with Corey Hoffstein & Rodrigo Gordillo | 16 Sep 2021 | 01:30:24 | |
Jeff is “stacking” two guests in this episode, welcoming 1. Corey Hoffstein, CIO and co-founder of Newfound Research, host of Flirting with Models Podcast, and co-conspirator on the Pirates of Finance YouTube channel; and 2. Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management and host of the Resolve Riffs Friday live stream. They’re talking about their new research paper: “Return Stacking: Strategies for Overcoming a Low Return Environment,” which takes a novel approach to solving a few problems. Such as: How do you endure the ‘line item risk’ of an alternatives allocation? How do you participate in the upside of an increasingly overvalued stock market? What value do bonds bring as a diversifier at the zero bound? The answer boils down to some new capital-efficient ETFs and mutual funds, which stack asset classes and returns on top of one another at greater than 100% exposure. How does that work exactly? What are the pros and cons? What types of products can investors look at? Listen in to find out more. Chapters: 00:00-02:36=Intro 02:37-10:30=It’s the Cayman Islands…not Caymans 10:31-29:55=Return Stacking: The Paper, the Problem & the Solution 29:56-38:33= Leverage and Capital Efficiency 38:34-01:04:14= Managed Futures, Macro, and Convexity as Diversifiers 01:04:15-01:12:09= Are you just Stacking Fees? 01:12:10-01:26:16= I’m Scared to Buy at All-Time Highs (and to Own Bonds) 01:26:17-01:30:24=Favorites From the episode: Download the whitepaper here: https://info.rcmalternatives.com/return-stacking Podcast: Noodling on Ensembles, Trend, & Convexity with Newfound’s Corey Hoffstein: https://podcasts.apple.com/us/podcast/noodling-on-ensembles-trend-convexity-newfounds-corey/id1497570451?i=1000478501833 Podcast: Asset Allocation, AI, and the Alpha Process with Resolve Asset Management: https://podcasts.apple.com/us/podcast/asset-allocation-ai-alpha-process-resolve-asset-management/id1497570451?i=1000467460922 Flirting with models podcast: https://blog.thinknewfound.com/podcast/ ReSolve's Riffs: https://investresolve.com/single/resolve-riffs/ The picture from space that shows why commodities are non-correlated: https://www.rcmalternatives.com/2013/10/the-picture-from-space-that-shows-why-commodities-are-non-correlated-to-the-stock-market/ Follow along with Corey & Rodrigo on Twitter @choffstein https://twitter.com/choffstein and @RodGordilloP https://twitter.com/RodGordilloP?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Don't forget to subscribe to The Derivative (https://www.rcmalternatives.com/the-derivative-podcast/), and follow us on Twitter at @rcmAlts (https://twitter.com/rcmAlts), and our host Jeff at @AttainCap2 (https://twitter.com/AttainCap2), or LinkedIn (https://www.linkedin.com/company/rcm-asset-management/), and Facebook (https://www.facebook.com/RCMAlternatives/), and sign-up for our blog digest (https://info.rcmalternatives.com/get-our-blog-alternatives). And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Digging Deep into ETFs with Davie Nadig of ETF Trends | 09 Sep 2021 | 01:26:50 | |
How is the ETF sausage made? Who creates the filling? The casing? Who buys it at the store? What other meat is it replacing? We dig into all these tasty morsels and more with this episode’s guest – the ETF expert Dave Nadig, who has spent his career analyzing ETFs, their asset managers, and how investors fit them into portfolios. We’re talking with Dave about why nobody in Springfield, MA likes Tom Brady, how ETFs went from nothing to a Trillion to $7 Trillion (with a ‘T’), and why exactly they get that super beneficial tax treatment. He covers whether they spell the end for mutual funds, whether they brought on the boom in RIAs, if they’re actually tied to indices anymore?, and how to square passive investment with active allocations to ETFs. Then onto how the SEC punted to Gensler at the CFTC re: Crytpo ETFs (and now he’s at the SEC…wtf), why the future could be ETFs by voting style, and the obligatory Cathie Wood/ARK questions on a pod talking ETFs. Finally, we’re talking what it takes to launch an ETF, who you need on your side in terms of market makers and distributors, and how the ticker has become all important. Don’t miss this informative chat with an insider in the huge world of ETFs. Enjoy. Chapters: 00:00-04:42=Intro 4:43-15:47=Wells Fargo, RIAs vs FAs, and Voltron 15:48-24:45=A Brief History of the ETF: the First Trillion is the Hardest 24:46-40:57=The obligatory ARK/ Cathie Wood questions 40:58-51:11=When do we get Crypto ETFs? Did the Sec Punt? 51:12-01:05:11=How do you do Futures, Leverage, and Taxes in an ETF? 01:05:12-01:16:01=Are there limits on ETF innovation? All Hail the creative Ticker! 01:16:02-01:21:53=The Game Stop Moment 01:21:54-01:26:50=Favorites From the episode: Luke's Entrance but with the Force Theme Follow along with Dave on Twitter @DaveNadig and visit www.etftrends.com for more information Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Blending Insurance and Credit Expertise: How Obra Capital Finds Opportunities in Unique Situations | 31 Oct 2024 | 01:21:14 | |
In this episode, Jeff Malec sits down with Peter Polanskyj, Head of Structured Credit at Obra Capital, to delve into the firm's unique approach to investing across the insurance and credit markets. Obra Capital is a $4 billion asset manager with a specialized focus on opportunities at the intersection of insurance and credit. Peter shares insights into the diverse opportunities in this space, which spans longevity investing, reinsurance, structured credit, asset based financing, and more. Peter & Jeff discuss how origination capabilities, structuring expertise, and risk management focus are key to creating value for investors getting into these differentiated markets. During the chat, we also cover the evolving dynamics in the insurance industry, particularly in hurricane ravaged regions like Florida, and the role these kinds of strategies can play in investor portfolios as sources of uncorrelated income and diversification. Time to reinsure your market knowledge – SEND IT! Chapters: 00:00-02:17= Intro 02:18-16:21= A diverse credit platform: from structured products to specialized lending 16:22-33:28= Leveraging expertise across insurance – taking the stress off 33:29-49:43= Obra’s One-stop-shop and layers upon layers 49:44-01:03:50= Talking terms, specialized credit and insurance investing 01:03:51-01:11:40= The Florida insurance market & adopting to evolving market conditions 01:11:41-01:21:14= Longevity insurance & flexible capital Follow along with on LinkedIn with Peter and Obra Capital, also make sure to check out Obra's website for more information! Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Options to Trend Following, and Back Again with Scot Billington of Covenant Cap. | 02 Sep 2021 | 01:30:03 | |
We jump back into some VIX and Volatility discussion with this week’s episode but also get to talk about trend following’s rise and fall (and rise again?) over the past decade. We’ve got Scot Billington, the co-founder and managing partner of Covenant Capital Mgmt., talking through his unique journey from futures broker to floor trader of OEX options, to trend following hedge fund manager, to VIX trader and volatility focused funds. We talk with Scot about his indoor, Kentucky basketball themed half court basketball gym above his garage in the Chicago suburbs, what it was like being a floor trader back in the hay day of the CBOE options pits, having a side gig when trying to start a hedge fund, when customers cry uncle in a drawdown, turning the switch from trend to vol, why the VIX is different than options, how one can be both long vol and short vol at the same time, why Goldman Sachs doesn’t care about your VIX trading, why the short vol blowups annoy him, and why it isn’t all that crazy to look at adding short vol to the mix. Enjoy! Chapters: 00:00-02:35=Intro 02:36-26:12 =JC Bradford, Options Sheets & the Trading Floor 26:13-44:16 = Trend Following Was GREAT, then it became Commoditized 44:17-01:08:47 = Turning the switch from Trend Following to VIX 01:08:48-01:24:35 =Selling Premium Retail, Buying Reinsurance Wholesale 01:24:36-01:30:03 =Favorites From the episode: Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Valuations….Are you F*&^ing Insane, with Howard Lindzon | 26 Aug 2021 | 01:10:49 | |
Our guest this episode is surely not a stranger to our listeners, with his voice reaching far and wide via StockTwits, the Panic with Friends podcast, his ever-changing Twitter handle (currently Metaverse Lindzon) and his eponymous blog where he dishes on everything from stock picks to software to NFTs. Oh, and in his spare time, he’s invested in some big names like Robinhood, eToro, Koyfin, and Rally Road. We sit down with Howard for a quick chat on exactly what he means by ‘trend following’, why that’s not the same thing the managed futures industry sees it, why sometimes it really is that easy, golfing with your son, whether it’s early or late in crypto, carb-loading your legs, ‘drafting’ behind pros for big trends, living in a rare asset world, investing in a bubble, how not to get scared off putting money to work amidst the Fed/inflation/etc, finding a career that suits your lifestyle, NFTs, Tesla, HOOD, whether RIAs are the next travel agents, or if they’re the travel agents that survived, and whether it’s a good idea to have 50%+ of your liquid net worth in crypto. Take a listen: Chapters: 00:00-02:09=Intro 02:10-11:35 = Playing Golf, Peloton & Pushing Tesla’s Range 11:36-33:59 = Go West Young Man (into Crypto) & Not Being the Last Guy Out 34:00-56:02 = The Golden Age of Investing, Gamification & Community 56:03-01:06:04 = RIAs as the Last Travel Agents & Investing in a Bubble 01:06:05-01:10:49 = Favorites Follow along with Howard on Twitter @howardlindzon and visit his website at howardlindzon.com. Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Charting a Chinese Commodities Course with Fred Schutzman of Abingdon Global | 19 Aug 2021 | 01:31:31 | |
What do you do when trends stop appearing for the quarter of a billion dollars you manage? Where do you go to find markets like the ‘good old days’ for trend following? Our guest for this episode, Abingdon Global’s Fred Schutzman is in a unique position to answer those questions – and much more! Listen to Fred share his background being a Chartist, working at CRB, why technical analysts have holes in their shoes, how easy it seemed to find successful trend models 20 years ago, the rise and fall of Briarwood, sleepless nights with a quarter of a billion on the line, why 10,000 trades are better than 1000, why 3 models are better than 1, and thoughts on Queens, Acid, Coke, Iron Ore, gaining exposure to China, to inflation, to dollar weakness, the perfect NY slice, and eating his own (Chinese) cooking. Chapters: 00:00-02:29=Intro 02:30-29:37= Technical Analysis = Holes in Your Shoes 29:38-39:29= Trend Following Tigers Changing their Stripes 39:30-59:06= Deep Chinese Markets, Acid, & 10,000 Trades 59:07-01:31:31= The Model, Magic Darts, and Eating your own Cooking From this Episode: Listen to the previous podcast with Fred Schutzman here: Trading Chinese Futures Markets with Abingdon Global Listen or Watch Modeling Markets and Accessing AI with Robert Rotella and Jag Prakasam Listen or Watch Asian Markets, American Investments, & Accessing (Chinese) Futures with Alvin Fan of OPIM For more information on accessing China markets, contact Matt Bradbard at RCM (312.870.1653) Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| BITFD & Wake the F Up with Ben Hunt of Epsilon Theory | 12 Aug 2021 | 01:04:40 | |
Over 100,000 investors in 180 countries listen to Ben Hunt, founder of Second Foundation Partners and the Epsilon Theory blog, debunk the latest narrative machines in each of his opus-like post. So with Covid cases climbing and inflation expectations rising, it seemed like as good a time as ever to bring Ben back on the pod to talk through all that is going on, and all that they are trying to tell us is going on. Listen in to Ben get animated about our current auto-tuning society, the Grand Canyon-sized chasm between market world and the real world, llamas, the Delta variant and why Covid has become so politicized, building fences (literal fences), Bill Gross’ staple obsession, finding a pack to carry on meaningful conversation, getting your Robinhood calls on today!, why even a war with China won’t derail risk assets, inflation, inflation, inflation, narrative missionaries, wage growth, Robinhood, the housing market, wage growth, burning it the F down, Jamie Dimon is just a bank manager, the video game of life, taking the red pill, waiting for narratives to shift before piling into Trend Following, and how jazz hands work in Bitcoin world. Have fun! Chapters: 00:00-3:00=Intro 03:01-08:26=Finding your Pack 08:27-24:09=Politicized Covid in an “Auto-tuned” Society 24:10-42:29=There is NO Deflationary Shock that can Derail Risk Assets, but Inflation…. 42:30-56:26=In the poker game of [stock buybacks], Corp. MGMT. is the Rake 56:27-01:04:40=Trend Following, Bitcoin, and Jazz Hands Listen or Watch our previous episode with Ben Hunt, follow Ben on Twitter @EpsilonTheory, and visit the Epsilon Theory website. Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Behind the Buffered Notes Bonanza With Joe Halpern of Exceed Investments | 05 Aug 2021 | 01:16:27 | |
Who hasn’t been pitched a buffered note at this point? Participate in the upside and get credited back the first 10% in losses. What could go wrong? There are billions of dollars of these things out there, and they’re even creeping into the ETF and mutual fund space. How exactly do they work? Which options are being bought and sold? Is there hidden risk? What about exotics and knock ins and all the rest…. Do they cause extra liquidity issues for the market as a whole? We sat down with Exceed Investments Joe Halpern in the lively chat to find out just how these buffered notes work, and what investors need to be careful of. Listen to Joe talk about finding the right call to sell to cover the spend, why tail risk is much more important than a 10% buffer, field hospitals in Central Park, what it was like unwinding Lehman Brothers structured products, crafting exotic derivatives at ING, Stevie Cohen as the Mets owner, why duration matters, and how the risk/reward profile of a buffered note changes as the market moves. Enjoy! Chapters: 00:00-02:25=Intro 02:26-09:32=Mets, Cohen, Bobby Bonilla Day & Madoff 09:33-27:47=Custom Structured Notes & In the Trenches at Lehman 27:48-49:28=Behind the Scenes on a Buffered Note 49:29-01:08:00=Exceed = A Floor instead of a Buffer 01:08:01-01:16:27=Favorites From the episode: Webinar: Buffered Strategies: What They Are, How They Work, & When to Use Them - 1 CE Credit Follow along with Joe on twitter @halpjoe, and visit Exceedinvestments.com for more information. Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| "Maybe I’m the Retail Idiot" with Bill Brewster | 29 Jul 2021 | 01:16:35 | |
Dive into this fun chat with the equally irreverent and intelligent Bill Brewster, the self-made value investor in the style of Warren Buffet who dishes on twitter @BillBrewsterSCG hosts the Business Brew podcast in his spare time. We go into Chicago vs Florida real estate and taxes, commercial banking, TastyTrade and options, just how big of a Buffet fan you have to be to name your son Warren, Marvel vs Star Wars, the ultimate recurring revenue game that is cable companies, the brilliance of Disney+, how exactly can some random guy compete with huge investment firms, the dangerously gamified Robinhood, lessons learned from the pros, Cam Newton, not caring about drawdowns, owning poor franchises, the value trap, long term options, the Twitter machine, second order vs no order thinking, and of course, maybe just being some lucky retail idiot. Enjoy Chapters: 00:00-01:52=Intro 01:53-13:38=Options, TastyTrade, Law School and Value Investing 13:39-26-40=Wait til companies get cheap, then buy them 26:41-38:04=Some Lucky Retail Idiot & Disney+ 38:05-47:56=“The Buff Dog” would still Wax All of Us 47:57-01:06:28=The Business Brew Podcast & Platform concerns 01:06:29-01:16:35=Favorites From the episode: The Business Brew podcast, Arnold Vanderburgh Episode, Adam Robinson Episode Follow along with Bill on twitter @BillBrewsterSCG and visit his podcast page The Business Brew Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Teams of Options to Tackle the Tails with Jerry Haworth of 36 South | 22 Jul 2021 | 01:08:46 | |
We’re excited to have one of the pioneers of options trading on this episode, Jerry Haworth - Founder and CIO of renowned option and tail risk firm 36 South. In this wide-ranging talk, we dive into Jerry’s roots in Zimbabwe, trading South African bonds, structuring derivatives, the point in his jazz career where talent and drive diverge, how 36 south got started, canoe marathons, why long term options rule, non-recourse leverage, Victoria Falls, swaptions, asymmetry, Chicago Blues bars, liquidity cascades, slow-moving south sea bubbles, leptokurtic curves, changing correlations and, of course - Teams of Options. Enjoy! Chapters: 00:00-02:19=Intro 02:20-18:31=Zimbabwe to Auckland to London 18:32-44:10=Positive, Neutral Carry & Teams of Options 44:11-56:16=Long-Term Options & Non Recourse Leverage 56:17-01:04:29=What’s changed in 30yrs of Option Trading 01:04:30-01:08:46=Favorites Learn more about 36 South at 36south.com And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, and our host Jeff at @AttainCap2 or LinkedIn, and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| The Kaoboy of Convertible Arb with Michael Kao | 15 Jul 2021 | 01:08:02 | |
Saddle up everybody, because we’ve got the UrbanKaoboy on this episode, who’s ridden everything from ponies to draft horses to mustangs over his 30+ years in the investment game, doing commodities and derivatives at Goldman in the 90s, risk arb at Canyon Partners, and then opportunistic/value at his own fund Akanthos Cap Mgmt, before hanging up his spurs and focusing on running his own family office. We’re talking with Michael Kao about the credit culture in LA investment firms, trading the Goldman roll in commodities, how corporate debt = short puts and equity = long calls, the trading pits, finding long gamma in a short gamma arb strategy, convertible bonds, arb trade structures, Star Wars, pricing synthetic options, credit spreads blowing out, needing good marginability, Michael Saylor's diamond hands, the potential train wreck that is MSTR's balance sheet, and more. This was a fascinating look into the mind of an opportunistic investor. Chapters: 00:00-02:24=Intro 02:25-13:41=Drexel, LA, and the Goldman Commodity Roll 13:42-36:50=Canyon, Akanthos, and Convertible Arb 36:51-55:45=MSTR, Saylor, and the Capital Structure 55:46-01:01:19=Tokenized Residential Real Estate 01:01:20-01:08:02=Star Wars Fanboy Follow along with Michael Kao on twitter @UrbanKaoboy And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, and our host Jeff at @AttainCap2 or LinkedIn, and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Engineering, Exponentials, Enigmas, and Equations with Breaking the Market’s Matt Hollerbach | 08 Jul 2021 | 01:24:35 | |
What is it about engineers and seeing the world through a quant lens? We’ve talked to plenty of quants who have an engineering mindset; but this episode’s guest is an actual engineer – doing his mechanical engineering work by day and dishing on portfolio construction at night via his excellent Breaking the Market blog and @breakingthemark twitter handle. Whether it is diving deep, real deep on arithmetic versus geometric returns, comparing performance measurements to Tiger Woods major’s performances, or calling Trend hot air, Matt Hollerbach puts his thought processes for all to see on the web. He does it to not only document his journey to quantlightenment, but also to get called out by pros who are increasingly finding a familiar voice in his writings, and teach those coming into the space. Jeff and Matt talk golf, the DC area, being anonymous versus having a name, LMGTFY, mechanical engineering, rebalancing, Gold, rebalancing, expecting a miss in your portfolio construction, Bryson DeChambeau, why its never as easy as it seems to write a great blog post, a library of quant research, Renaissance, Claude Shannon, rebalancing, and more. Enjoy! Chapters: 00:00-02:05=Intro 02:06-11:26=Tweeting while Engineering 11:27-22:48=Meeting End Goals & Golf Specs 22:49-34:45=Breaking the Market 34:46-50:23=Arithmetic vs Geometric / Trend is Hot Air 50:24-58:43=Rebalancing, it’s All About Rebalancing 58:44-01:15:52=The Strategy 01:15:53-01:24:35=Favorites Follow along with Matt on Twitter @breakingthemark and visit the blog at breakingthemarket.com. Check out his Pronghorn strategy at https://pronghornanalytics.com/ Don't forget to subscribe to The Derivative, and follow us on Twitter @rcmAlts, and our host Jeff at @attainCap2, or LinkedIn, and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business or tax advice. All opinions expressed by the podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| The Kid who Kaptures Kurtosis with Kris Sidial of Ambrus Group | 01 Jul 2021 | 01:17:54 | |
Our guest this episode has quickly become one of the must follows on FinTwit with his mixture of motivational messaging and market savvy. Kris Sidial is the Co-CIO of The Ambrus Group, a volatility arbitrage fund that focuses on statistical outliers in the U.S equity derivatives space. But he’s no kid, despite his bio touting his 28yr oldness, having worked on exotic options desk, prop firms, and now his own hedge fund. Kris and Jeff dive into growing up on the other side of the tracks, market microstructure, whether you can outwork others in the quant space, the belly of the vol trade, gamma hedging, GME, NYC, LIU, Penn, flow, father’s day without a dad, liquidity cascades, options books (the positions), and options books (the actual reading type books). Don’t miss this great chat with one of the good guys in this space. Chapters: 00:00-02:49=Intro 02:50-16:24=Rough Route to Wall Street 16:25-23:03=Break-through 23:04-33:12=The Exotics Desk 33:13-45:38=Starting Ambrus 45:39-52:40=Covering the Bleed & Capped vs Uncapped 52:41-01:03:04=Finding Value in Volatility/Buying the Wings 01:03:05-01:11:39=A Shift in Dealer Hedging & Loving the Game 01:11:40-01:17:54=Favorites Follow Kris (@Ksidiii) on Twitter and get more information on the funds at Ambrus Group here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Carmika Partners Unpack the August Volatility Spike and Complexities of Options Trading | 17 Oct 2024 | 01:33:31 | |
In this episode, we explore the world of options trading with Martin Vestergaard and Michael Cameron from Carmika Partners. The conversation begins with an in-depth analysis of the volatility spike that occurred in early August, as Vestergaard and Cameron share their insights on the market dynamics and the impact on their trading strategies. The discussion then delves into the growing influence of daily options and the challenges of navigating a highly electronic and technical market. Vestergaard and Cameron provide valuable perspectives on the importance of understanding current market conditions and adapting trading approaches accordingly. Listeners will get an inside look into Carmika’s quantitative approach to options trading, with a focus on modeling implied volatility and skew across the options curve. We also discuss their industry backgrounds, where volatility trading may be heading next, and more. Whether you're an experienced options trader or looking to expand your knowledge, this episode offers a wealth of practical information and thought-provoking perspectives on the complexities in today's options landscape. SEND IT! Chapters: 00:00-01:38 = Intro 01:39-24:15 = August 24’ Vol spike recap 24:16-38:40 = a Quantitative Approach to Options trading 38:41-50:10= Complexities in Options landscape in 2022 50:11-01:05:43= Experience & Expertise – Backgrounds & Approach 01:05:44-01:13:38= Evolving Options 01:13:39-01:28:37= Navigating Volatility & Skew 01:28:38-01:33:31= Lessons Learned Follow along with Carmika Partners on LinkedIn with Martin Vestergaard & Michael Cameron and check out their website at carmikapartners.com for more information! Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Tis This Inflation Transitory with CME Group Economist Erik Norland | 24 Jun 2021 | 01:16:54 | |
There’s a new word in the financial lexicon. Transitory. And it all has to do with whether recent moves higher in prices of everything from lumber to copper to labor are the first signs of 1970s type inflation, or….as the Fed believes, is just “transitory” and will work itself out once the pandemic is over. We’re sitting down with Executive Director and Senior Economist of CME Group, Erik Norland, to discuss just what he sees in the commodity space, including a first for our pod – charts during the video portion! Erik dishes on his background, how he ended up in London, Bayesian models, if you can be an economist without slides, Trillions, the devastation in India, the massive amount of debt in China, inflationary vs deflationary pressures, the craziness that is the hedonic CPI adjustments, infrastructure plans, R&D spending <> materials spending, if Gold is in trouble, why Europe’s lagging, whether there’s enough money to buy meme stocks/crypto AND physical goods to cause inflation, what options prices are saying about agriculture markets, and much more. Join our interesting conversation. Chapters: 00:00-02:40=Intro 02:41-12:00=The CME’s Euro Step 12:01-27:09=Fiscal Stimulus & Inflation during the Pandemic 27:10-48:27=Measuring Inflation & What about Deflation 48:28-55:28=The MMT Theory & China’s Debt 55:29-58:53=How Injured is India? 58:54-01:05:02=Agriculture, Energy & The Importance of Water 01:05:03-01:13:21=Fat Tails in Agriculture 01:13:22-01:16:54=Favorites Read more of Erik’s research on CME Group’s website here: https://www.cmegroup.com/education/featured-reports/bios/erik-norland.html And last but not least, don't forget to subscribe to The Derivative and sign-up for our blog digest. You can follow our host Jeff Malec on Twitter and RCM Alts on Twitter, LinkedIn, Facebook. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Sowing the Seeds of AI Strategies with Howard Siow of Taaffeite Capital Management | 17 Jun 2021 | 01:22:47 | |
Artificial Intelligence is a hot topic in every walk of life, and perhaps no more so than in the world of hedge funds and alternative investments. Howard Siow, Founding Principal and CEO at Taaffeite Capital, joins The Derivative to discuss how AI is used in the hedge fund world, and how everyone wants AI to predict every move in the market, but that’s not actually what AI does well. Howard talks how AI can be used as an incremental change agent, chicken farming, being a venture capitalist, the effect of human biases, the dirty little secret holding AI back, trying to solve complex problems, being an engineer, launching Taaffeite, opportunities in China, and growing up down under in Australia. Chapters: 00:00-02:47=Intro 02:48-10:51=AI = Getting the small things right 10:52-22:25=The most complex system we have? 22:26-26:49=Launching Taaffeite 26:50-47:15=The Strategy 47:16-01:10:04=Is AI getting closer to solving the market problem? 01:10:05-01:16:08=Humble Adjustments 01:16:09-01:22:47=Favorites Learn more about Taaffeite Capital and their strategies here: http://taaffeitecm.com/ And last but not least, don't forget to subscribe to The Derivative. Follow our host Jeff Malec on Twitter and RCM on Twitter, LinkedIn, Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Carefully Constructing a Cockroach (portfolio) with Mutiny Funds Jason Buck and Taylor Pearson | 10 Jun 2021 | 01:15:12 | |
Who in their right mind would name an investment strategy after cockroaches? Well, probably the guys who view themselves as staging a mutiny against traditional portfolio construction and the investment business = Jason Buck and Taylor Pearson of Mutiny Funds. We're digging in deep with the two wunderkids in this episode on what exactly the Cockroach strategy is, what the first year for Mutiny looked like, Jimmy Buffet lyrics, AustinTexasville, applying e-commerce process and principles to asset management, living through the largest vol crush in history (as a long vol fund), the four quadrant model, gold and crypto as fiat protection, the modern hedge fund manager as a social media personality, Pretty Woman, growth stocks, inflation, deflation, diaspora, going full Kelly, and more... Chapters: 00:00-02:29=Intro 02:30-17:04=Jimmy Buffet & Going from 0 to 1 17:05-27:00= Playing the Orchestra Not the Instruments 27:01-36:44=The merging of Social Media and Investing 36:45-52-12=The Cockroach Fund: Nuclear Winterizing Your Portfolio 52:13-01:05:19=Solving Multi-Generational Wealth 01:05:20-01:09:04=Who in their right mind would name an investment strategy after a Cockroach 01:09:04-01:15:12=Favorites Follow along with Jason and Taylor on Twitter and learn More about the New Cockroach Strategy here = https://mutinyfund.com/cockroach And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Blame it on the Bossa Nova with New Market Wizard Tom Basso | 27 May 2021 | 01:17:15 | |
How do you get included in a Market Wizards book? How do you get a whole Michael Covel book written about you? You move from charting markets on graph paper to point and figure charts to running systematic models on an IBM computer in 1980, to running $600mm plus via Trendstat. We’re talking Havalinas and Bassanovas with none other than Tom Basso in today’s episode. Tom is a New Market Wizard as identified by Jack Schwaeger, and now semi-retired, trading his own money in between dancing and wine making. We’re covering trend following, Arizona, raising money, enjoying the ride, making money, risk management, the mistakes big investors make chasing returns and bailing on drawdowns, facebook, trading red bean futures, chemical engineering, slippage, golf, and more. Chapters: 00:00-02:18=Intro 02:19-11:09=Arizona Pastimes 11:10-20:36=Back into Trading 20:37-36:00=How the Legend Started 36:01-01:02:12=150 Meetings 01:02:13-01:08:56=Mike Covel 01:08:57-01:17:15=Favorites Follow along with Tom on twitter and on his website, https://enjoytherideworld.odoo.com/ From the episode: And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| WTF ^%$# is Happening With Crypto?? | 20 May 2021 | 00:53:30 | |
We’re talking with two ‘in the crypto weeds’ traders/asset managers, Ben Upward of Synchronicity and Gary Basin, about crypto’s -30% one day drop, coinbase, the most surprising (& scariest) things about the recent crypto crash, size and action in futures, options, and non-futures, “what if” bitcoin had blown up, the right to a free market, bitcoin as beta?, new Bitcoin offers (like bitcoin micros), the negatives and positives of volatility in the space, leverage upon leverage upon leverage, bitcoin as a portfolio diversifier, a VC model, Portnoy picking, risk metrics, and the future costs of production for cryptocurrencies. Chapters: 00:00-02:28=Intro 02:29-15:12=Bitcoin falls -30%, what broke? 15:13-26:30=Bitcoin Futures & Unstable Bets 26:31-39-50=Farming, Staking, Embracing Volatility 39:51-53:30=The crypto hype machine, and new tech devaluing old coins? Follow along with Ben Upward on LinkedIn and Gary Basin on Twitter at @garybasin. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Allocating Assets and Attracting Allocators with Ted Seides | 13 May 2021 | 01:28:39 | |
From actual capital allocator to branding his book and podcast “Capital Allocator,” Ted Seides has one of the biggest banks of knowledge in the capital allocation game. He’s a well-known author of two books, host of the podcast Capital Allocators, and in his “free time” invests his own money in some of the best and brightest hedge funds around. In today’s episode, we’re talking with Ted about Capital Allocators (the podcast & the book), the transition of talking to managers for an allocation -> to talking to allocators about managers on the pod, the Yale endowment and incredible opportunity to learn from Dave Swenson, bias in capital allocation, rebalancing without emotion, illiquidity premiums, base rates, allocator’s reaction to competition, blackbox of quants, portfolio construction, “Netflix” allocator selection, and Ted’s favorite guests & favorite quotes. Chapters: 00:00-01:42=Intro 01:43-28:16=Learning from David Swensen 28:17-48:55=Is Private Equity Too Big? 48:56-57:47=Base Rates, AI advancements & Fees 57:48-01:09:20=The Show or Allocators Podcast 01:09:21-01:22:23=Part of the Equation 01:22:23-01:28:39=Favorites (The Buffet Bet) Follow Ted on Twitter at @tseides, listen to Ted’s podcast on your preferred platform here, and purchase his books here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| The NON-Wisdom of Crowds with Nigol Koulajian of Quest Partners | 06 May 2021 | 01:31:47 | |
In through the nose – out through the mouth. In through the nose – out through the mouth. You’ve now joined a headspace where we think you’re prepped to focus in and become one with today’s guest. He’s a well known CTA, expert researcher, meditation and yoga practitioner, and Founder & CIO of $1.8 Billion in AUM = Quest Partners. Today’s guest is none other than Nigol Koulajian, he’s been in the business since the early 1990’s and has grown to become one of the leading voices in alternative investments. Today, we’re talking with Nigol about Covid New York, Nigol’s quest to becoming a CTA, what it’s like managing more than a Billion dollars of people’s hard earned money, assessing price & risk in a portfolio, gaming Sharpe ratios, applying meditation to Quest’s quests, how easy it is to replicate hedge fund and CTA performance, Nigol’s favorite whitepapers, gaining convexity relative to skew, 30,000 ft view of Quest’s programs, “playing the players, not the game,” prioritizing meditation and mindset, and The Quest Indicator Book. Chapters: 00:00-02:03=Intro 02:04-16:51=The Quest to Becoming a CTA 16:52-28:22=Meditation Mindset: Priming the Mind 28:23-51:42=The Power of Positive Skew Models 51:43-01:07:07=Gaming the Sharpe & Playing the Players 01:07:08-01:28:20=The Quest Book 01:28:21-01:31:47=Favorites Follow along with Quest on LinkedIn and on their website, and keep up to date with Nigol here. From the episode:
Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts, and our host Jeff at @AttainCap2, or LinkedIn, and Facebook, and sign-up for our blog digest. And visit our sponsor, the CME Group at www.cmegroup.com to learn more about futures and options. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Turning the Tables: Trading Pits and Dip Spits with RCM’s Jeff Malec | 29 Apr 2021 | 01:13:39 | |
Today’s guest is one you’ve heard many times before if you’ve listened to The Derivative, but may not necessarily know all that well. He’s and alts/managed futures veteran, having started his career in Chicago’s famed trading pits, founded a futures investment firm, and continued on to become a partner at RCM Alternatives. ,And, of course, when not doing his day job, steps in as the dynamic host of our podcast. We’re talking Jeff Malec. We thought today’s podcast would be a great opportunity to get him from behind the host side of the mic to the guest side to get a little more familiar with his background, have a chance for him to share some of his own knowledge, and for all our listeners to see a different side. It is his birthday afterall – so what better episode? Jeff is interviewed by the team at Mutiny Fund in today’s episode where they’re talking about the differences between the New York traditional equity-based markets and Chicago’s futures markets and the pros and cons for investors, why Chicago’s approach did much better in 2008 and what investors can learn from that to apply to their own portfolios as well as the cash efficiency of futures, how investors should think about correlations, the common traits of the most successful investors, and why low volatility often means hidden risk and how to spot it in your portfolio. *Please note - this was previously recorded and reposted for this episode* Chapters: 00:00-01:50=Intro 01:51-16:16=Harley Davidson & Philosophy 16:17-39:07=Chicago Futures vs New York Stocks 39:08-47:54=RCM Alternatives 47:55-01:03:17=Portfolio Construction 01:03:18-01:13:39=Gold What is it Good For Follow Jeff on Twitter at @AttainCap2. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| A Crude Oil Cornucopia: Covid, Crack, CSOs & Contango with Brent Belote of Cayler Capital | 22 Apr 2021 | 01:16:27 | |
COVID affected a lot of ways that we interacted with the world – it changed how we worked, how we socialized, how we entertained ourselves….and if you’ve been tuned into the markets over the past year, it also changed our expectations on how in the world Oil prices could have ever gone NEGATIVE. Last year this time we put out our “Crude Oil Goes Negative…WTF ^%$#?! Pod” and were talking with veteran trader Brent Belote about the sticky situation. In today’s episode, we brought Brent back on to take a walk down memory lane about how last year really happened, what’s changed over the year since, how oil traders are taking different approaches since then, and how is the industry ensuring that we don’t head back into the treacherous red zone. In addition to all of that, we’re also digging in further with Brent about his shift from NY to WY, demand bounce back (or lack there of) for oil, flashback to negative prices 1 year ago, the physicality of oil commodities, background on the oil markets, fly fishing, starting out at the JP Morgan desk, effects of COVID on the oil industry, alternative energy and electric cars, oil storage & capacities, and Cayler Capital’s continuing success. Chapters: 00:00-01:52=Intro 01:53-08:38=No Space & Plenty of Space 08:39-25:55=The Physical Oil Trader 25:56-40:15=Oil Goes Negative: One Year Later 40:16-01:00:30=The Cayler Models 01:00:31-01:11:05=Oil Inflation, Alternative forms of Energy & Drill/Collect 01:11:06-01:16:27=Favorites Follow Brent Belote on LinkedIn and Twitter and check out Cayler Capital’s website. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Yep, She's Opening Up Option Eyes with NOPE It's Lily | 15 Apr 2021 | 01:02:21 | |
*We apologize for potential audio issues with this episode – please see the transcript HERE or go to the episode blog on rcmalts.com to download.* NOPE - we’re not just going to be talking to our typical vol guest. NOPE – we’re not going over the usual trend following or strategy. NOPE we definitely (did) find today’s guest off of VolTwit. @nope_it’s_lily is Head Researcher at Salience Capital and the creator of NOPE (Net Options Pricing Effect), a proprietary metric used to measure the notional impact of options hedging on underlying liquidity. In addition to NOPE, we’re also talking with Lily about The Bay, PHDs, birth of NOPE from the market crash, Robinhood, GEX and squeezemetrics, bioinformatics and COVID-19, gamma, Salience Capital, and the future use cases for NOPE. Chapters: 00:00-02:04=Intro 02:05-11:45=Grad School & the Vaccine Pirate 11:46-27:28=Launching NOPE & The NOPE measurement 27:29-41:09=NOPE Products / Salience Capital 41:10-49:02=Liquidity in the Markets 49:03-53:25=What's next? 53:26-01:02:21=Favorites Follow along with Lily on Twitter and on her blog. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Is there Alpha in boring old Muni-Bonds, with Riverbend Capital | 03 Oct 2024 | 01:01:00 | |
In this episode of the Derivative podcast, our host Jeff Malec sits down with Tim McGregor and Tom Hession from Riverbend Capital Advisors to dive deep into the world of municipal bonds. The discussion covers the unique inefficiencies and complexities of the $4 trillion muni bond market, which features over 75,000 different issuers across the country. Tim and Tom explain how this fragmented landscape creates opportunities for active management and value capture, even in a low-risk asset class. Throughout, we explore the importance of customized portfolio construction, credit analysis, and structure optimization to generate tax-advantaged income for individual investors. We also touch on the impact of federal policy, interest rates, and political dynamics on the muni market. With over 50 years of combined experience in municipal bonds, the Riverbend team provides valuable insights for anyone looking to understand this often-overlooked corner of the fixed income universe. Listen in, as we venture into uncharted waters with Muni bonds! SEND IT! Chapters: 01:33-14:25= Navigating the Fragmented and Inefficient Muni Bond Market 14:26-29:15= Complexities in structure, credit & policy 29:16-36:28= Muni Bonds in a changing market: Opportunities & Challenges 36:29-52:37= Election/Fed cuts? The importance of tailoring your clients portfolio 52:38-01:01:00= Experiences with Muni Bonds, covid-sell offs and tax advantages Follow along with Riverbend Capital on Twitter @Riverbend_Cap, Tom & Tim on LinkedIn, and check out their website Riverbendcapitaladvisors.com for more information!
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
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| Asian Markets, American Investments, & Accessing (Chinese) Futures with Alvin Fan of OPIM | 08 Apr 2021 | 01:29:10 | |
We’ve said it before and we’ll say it again – the opportunities in the Asian investment landscape are nuanced, emerging, and incredibly attractive. But on top of the excitement around the opportunities, there’s also gated access and a general list of unknowns that can make investors think twice; so, in this episode we’re joined by Alvin Fan, CEO of OPIM to check off the list of questions and give you more clarity on investing in the Asian markets. Today, Alvin is giving you the inside scoop on OPIM, alternative investment demand, health hacks, manager standpoints from Asia, cap intro events, E/W <-> W/E investment opportunities, OPIM structure for investment opportunities, QFII updates, more hedge funds than Taco Bells, Chinese A-shares, futures markets in Asia, Clone Wars, growth of investor class, and the Asian investment landscape. Sign up for OPIM’s Cap Intro event here. From the episode: And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| eSports, ETFs, and Enormous Deals with the Sports Pomp, Joe Pompliano | 01 Apr 2021 | 01:26:23 | |
The world of sports and finance have continually meshed together – and the Covid-19 pandemic has fast tracked that even further. Between the growth of analytics, to financiers making their way into the pro sports arena, I think we’re past a future where these two worlds will ever depart. Today’s guest is the culmination of these two worlds in one with the background (and family name) to prove it. Joe Pompliano, founder of Huddle Up – a daily newsletter breaking down the business and money behind sports – has joined us on The Derivative to talk about just that. We’re talking with Joe about his new venture – MVP ETF, team income sharing agreements, valuations ballooning, the billion-dollar athletes, analytics importance in sports & valuation, expansion teams, the entire Pompliano family, paying college athletes, hedge funds making their way into sports, growth of the eSports brand, and the beginning and expansion of the Huddle Up newsletter. Chapters: 00:00-02:21=Intro 02:22-12:36=A Fast Start with a Big Idea 12:37-21:19=The MVP ETF & Sports as Investment 21:20-41:54=Engaging the Fans, Expansion Losses, & Sports Revenue Impact from COVID 41:55-59:44= Athletes to Break a Billion & are they Worth the Payout? 59:45-01:18:47=Top Threads & Investing in Athletes 01:18:48-01:26:23=Favorites Follow along with Joe on Twitter and subscribe to his newsletter, Huddle Up, here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Making Market Music with Roy Niederhoffer with Roy Niederhoffer | 25 Mar 2021 | 01:17:21 | |
How many families have two brothers who’ve been in the hedge fund game for 30+ years, much less on polar opposites of the long vol/short vol spectrum. We’re talking with the volatility loving, positive skew seeking brother in our episode today, Roy Niederhoffer. Roy is the founder and President of the eponymous R. G. Niederhoffer Capital Management, which has been coding, trading, analyzing, and investing in futures markets since before most of us had a future. We’re talking with Roy about 100-screen backdrops, delivering what’s best for the whole portfolio, not just the fund manager, crisis performance, predicting risk, short-term is the best “-term”, the start of RGN, jazz music, human bias (all the way to 100s of millions of years ago), superstars vs teamwork, the potentially huge difference between getting interest rate trend right and actually making money doing that, playing the lottery in reverse, bitcoin/crypto performance in crisis, and building business around identifying similarities across asset classes. Chapters: 00:00-02:27= Intro 02:28-17:39=A Musical Dilettante’s path to Hedge Funds 17:40-29:19= Having a Short Vol Brother 29:20-49:20= The Flagship Strategy / My Job’s to Help the Whole Portfolio 49:21-58:11= Yield Curves, Bond Carry and Trend Following 58:12-01:11:28= Talking Sharpe Ratio’s, a Possible Rate Driven Crisis & Markets Moving Forward 01:11:29-01:17:21= Favorites Follow along with Roy and RGN on their website. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Modeling Markets and Accessing AI with Robert Rotella and Jag Prakasam | 18 Mar 2021 | 01:39:48 | |
When you hear news about artificial intelligence (AI), it might be easy to assume it has nothing to do with you. But if you use face recognition on your phone? Check. Google auto-fills your search bar? Check. And increasingly – the asset manager you may have managing your money is using some combination of machine learning and AI. Today’s guests were early adopters of that tech and applying it to trading algorithms. Jagdeesh Prakasam, Chief Executive Officer and Robert Rotella, Founder & Chairman of Rotella Capital Management have been in the game for a combined 50+ years. Today we’ll be getting into all the mechanics behind AI and Machine Learning as well as Robert’s beginning at Commodities Corp, mass customizing machine learning, how a lot can go right and a lot can go wrong in AI evolution, weak learners, early machine learning models, human bias in machine models, machine learning natural limits, systematic trend following, the balance of math and art in AI, Rotella’s models, and trying to stay on the leading edge of technology. Chapters: 00:00-02:39 = Intro 02:39-32:28 = Two Chemical Engineers Walk into the Trading World 32:29-48:16 = Rotella as a Whole 48:17-01:08:20 = Digging into the Models & Flight to Safety 01:08:21-01:18:10 = Q-Deck 01:18:11-01:35:15 = Machine Learning & A.I. 01:35:16-01:39:48 = Favorites Check out the COVID 19 charts mentioned in the podcast and follow along with Rotella Capital Management here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Taming the Tails with LongTail Alpha’s Vineer Bhansali | 11 Mar 2021 | 01:18:23 | |
Forget fat tails, left tails, even tall tales. We’re going into extracting value from long tails of the distribution on the pod in this episode. Vineer Bhansali is a 29-year industry veteran, previously at PIMCO, a Forbes columnist, author of four books on finance, and is currently the founder and CEO of longtail alpha. In today’s episode, we’re talking with Vineer about abstract physics = finance, what constitutes a tail event, negative yielding debt, identifying outlier risks, option-based trend following framework, bond temper tantrums, the start (& current work) of LongTail Alpha, is it the monetization is getting quicker = shorter lived or is it shorter lived = quicker monetization?, figuring out the known unknowns of market nature, and including asset prices in inflation. Chapters: 00:00-02:23=Intro 02:24-17:33=Physics to Finance & Risky Recreation 17:34-35:06=Action in the Tails 35:07-42:09=Monetization 42:10-58:38=Negative Yield & Debt – How it Could End 58:39-01:12:06=Inflation Protection & Identifying Future Tail Events 01:12:07-01:01:18:23=Favorites Follow along with Vineer on Twitter and check out LongTail Alpha’s strategies here. Buy Vineer’s books here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Crazy Commodity Cycles (and cross-continent motorcycles) with Jim Rogers | 04 Mar 2021 | 01:16:25 | |
The king of Commodities has entered The Derivative ring. You know his name, you’ve read his books, you’ve probably utilized his index, and now you’re listening to him in this most recent podcast episode. Jim Rogers is an American investor and financial commentator and was there at the start of the Quantum Fund and Soros Fund Management. In today’s episode, we’re talking with Jim about peanut sales, commodity supercycles, global debt reset, creation of the RICI, reweighting for renewables, commodities vs commodity companies, Jim’s ability to identify the next world trend, Guinness Book of World Records, Chinese commodities, preferring shares of Google over Gold, potential of innovation outpacing demand, Hot Commodities 1998 vs 2021, cross country trips, probability of a Chinese supercycle, and Jim’s thoughts about the next bear market and market dislocation being the worst we’ve ever seen. Chapters: 00:00-02:02 = Intro 02:03-15:35 = An Extraordinary Background 15:36-39:57 = COMMODITIES: Indexes, Energies & China 39:58-59:27 = Money Printing, Simple Observations & Global Debt Reset 59:28-01:06:49 = Now & Then: Comparing & Contrasting Commodities 01:06:50-01:16:25 = Favorites Check out this list of Jim’s books (translated into many languages) and read up on all of his interesting stories here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| The VOLvengers: Wayne Himelsein (Iron Man) & Mike Green (Captain America) | 25 Feb 2021 | 01:21:04 | |
We’re bringing out the cake & ice cream for this pod because it’s The Derivative’s 1 year anniversary! If you’ve been with us since the beginning – you may fondly remember our inaugural episode The Human Behind The Hedge Fund with Wayne Himelsein. So, in today’s episode, we brought back Wayne, President and Chief Investment Officer at Logica Capital Advisers, and as a special anniversary bonus – his business partner Michael Green, Chief Strategist at Logica. We’re talking with Mike and Wayne about running a hedge fund and helping clients through the trials and tribulations of 2020, the “two star” problem, Twitter fitting into the business model, straddling volatile calls, inception of the Iron Man (Wayne) and Captain America (Mike)partnership, dynamic of the macro overlay logic, value vs momentum, staying power of the Wall Street Bets model, COVID due diligence, and failure not being part of the Logica vocabulary. Chapters: 00:00-02:25 = Intro 02:26-22:44 = One Year Anniversary! 22:45-39:35 = Value vs Momentum – when the system needs to breathe / Noise Traders 39:36-50:45 = The Tony Stark/ Captain America Dynamic 50:46-58:58 = The Two-Star Problem 58:59-01:09:05 = Hard-Hitting Tweets 01:09:06-01:21:04 = Favorites Follow along with Mike (@profplum99)and Wayne (@WayneHimelsein) on Twitter and check out the Logica Capital Advisers website. Check out our past episode with Wayne here; and our past episode with Mike here. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Playing like a Poker Pro in Life/Investments/Career with Chris Sparks | 18 Feb 2021 | 01:32:44 | |
Talking this week with Poker Pro Chris Sparks on everything from game strategy to deciphering A.I. capabilities and catching bots. With Founder, CEO, and Performance Coach of The Forcing Function we’re taking it back to the beginning where we dive in with Chris about an interesting online alias “GoMuckYourself”, grabbing seats at poker tables in Vegas, exploring his latest paper “Play to Win: Meta – Skills in High Stakes Poker” and using behavioral science and system thinking to lead a new generation in the game and the investing world with Peak Performance Architecture. Chapters: 02:36-19:10 = Gambling for a Living 19:11-28:27 = Data is Power 28:28-50:37 = Playing to Win 50:38-59:00 = Sizing Bets & Catching Bots 59:01-01:13:34 = Peak Performance Architecture 01:13:35-01:20:20 = Playing the Investment World 01:20:21-01:32:34 = Favorites Read Chris’ Play to Win: Meta-Skills in High-Stakes Poker and his honorable mention to check out Fortune’s Formula: The Untold Story of the Scientific Betting System that Beat the Casinos and Wall Street Follow along with Chris (@SparksRemarks) on Twitter, and check out the forcingfunction.com website. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Vol - Benn There, Done That with Benn Eifert of QVR Advisors | 11 Feb 2021 | 01:31:26 | |
Why can't vol managers tell good jokes? Bad timing? Buh dum tsss.
All jokes aside, we’re excited to be back talking Volatility on The Derivative with the Professor, the DJ, the Han Solo of Vol trading, the one and only Benn (with two N’s) Eifert. Benn is Founder and CIO of QVR Advisors and joined us to talk about VIX and options and the overall volatility space. We’re digging deep in this episode about matching hoodies, delta hedging driving gamma flows, hedge funds ability to be aggressive, quantimental approaches, big players & flow dislocation, what the VIX highs really mean, structural patterns in flows, tail risk vs absolute return, the force being out of balance, DJ D-Vol, retail call buying, QVR Advisors, institutional pension volatility sellers, FinTwit, and what professional vol traders are overlooking.
Chapters:
02:40 = Friday Interview Questions, Good Seats, & Prop Desks
27:51 = QVR – Market Neutrality & Managing Tail Risks
49:29 = Players & Flow
01:11:31 = Are We Seeing a VIX Echo?
01:24:36 = Favorites
Follow along with Benn (@bennpeifert) on Twitter, and check out the QVR Advisors website.
And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
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| The Bull and Bear Cases for Bitcoin with Meltem Demirors & Nic Carter | 05 Feb 2021 | 01:26:47 | |
Bitcoin started the year with a bang, rising up above $41k before falling back into the 20ks, and settling in the mid 30ks lately. It was at $5k in March 2020! Yet it feels way different, and dare we say – less volatile – this time. How are we supposed to interact with bitcoin, how do you capitalize on the volatility, and where does it fit into investor portfolios overall? We have two big-time bitcoiners on with us today to go over it all – Meltem Demirors, Chief Strategy Officer at CoinShares, and Nic Carter, Partner at Castle Island Ventures and Cofounder at Coinmetrics. In this episode we’re talking about: finally not being the most volatile asset, bitcoin futures contract, crypto buyers jumping to options & vice versa, ethos of decentralization, your digital footprint, capturing volatility, risks in owning bitcoin, bitcoin as a trading game, adding bitcoin to your portfolio, is bitcoin too expensive right now?, the future of crypto regulation, the bitcoin price ceiling, bear case of bitcoin, and whether the opportunities are in the coin or the peripheral services. Chapters: 02:14 = The Strange Digital World 16:32 = Backgrounds, Booms, and Busts 32:08 = The Next Iteration of Crypto & Bitcoin Nation 46:56 = Bitcoin as an Investment 01:06:10 = Defi, Crypto & The State of Bitcoin Success 01:23:04 = Favorites Follow along with Meltem at @Melt_Dem and CoinShares and with Nic at @nic__carter, Castle Island Ventures, and CoinMetrics. Here’s the Star Wars infographic mentioned. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Trend, Prop, and Being Allergic to Optimization with Bill Gebhardt of 10Dynamics | 29 Aug 2024 | 01:05:09 | |
In todays episode, Jeff Malec sits down with Bill Gebhardt, the founder of 10 Dynamics, to discuss his interesting career journey and the development of his unique systematic trading approach. Bill shares his background, from working on the floor of the CBOE in the early 90s to earning a PhD in finance and transitioning into the energy trading space. He provides insights into the evolution of the commodity markets, including the rise and fall of Enron, and the challenges of maintaining an edge in fundamental trading. The conversation then delves into Bill's transition to systematic trading, sparked by his exposure to a successful systematic team at his previous firm, Trailstone. This led him to develop the 10 Dynamics model, which is built on 10 core signals that closely mirror Bill's own decision-making process as a trader. Bill explains his "allergic to optimization" philosophy and the benefits of using multiple time frames to generate positions. He also discusses the importance of risk management, operational efficiency, and adapting to changing market conditions. Throughout the episode, Bill shares his unique perspective on the markets, the role of human behavior, and the future of systematic trading. This insightful discussion offers valuable lessons for both aspiring and experienced traders looking to navigate the complex world of alternative investments. Buckle up, because this conversation is about to "send it" into the world of alternative investments. Chapters: 00:00-01:40= Intro 01:41-4:18= Puddle jumping to across the pond / ski adventures 4:19-14:46= Quants, Derivatives, Energies & Enron: Starting 10Dynamics 14:47-31:55= Prop trader behaviors, philosophy 101, random walk paths & systematic approaches 31:56-43:39=Time frames – why they matter, deploying risk & flat investments 43:40-53:47= Models vs traders, Quant trading, fundamental filtering & never cherry picking 53:48-01:05:09=Mispricing, Alpha decay & Delta hedging From the episode: Whitepaper 10Dynamics: “The Freezer” – Automated Risk control systems for systematic trading 10Dynamics.com HI HO Silver! Blog post Follow along with Bill on X (Twitter) @BillGebhardt1 and on LinkedIn. Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
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| Wallstreet Bets Busts Wallstreet? WTF ^%$# | 28 Jan 2021 | 01:21:28 | |
If you’ve been on the internet, watched TV, or talked to anyone outside of yourself in the past week and a half you can’t have missed it. GameStop stock ($GME) went from trading at a low of $3/share to +$400/share thanks to a masterful subreddit trolling from retail traders. And it’s not stopping at just GameStop, shares from Blackberry ($BB), AMC ($AMC), Express ($EXP) and Nokia ($NOK) are quickly following suit – and its leaking over into S&P futures and options. So how does this happen, why is it busting the billionaires, and how does it end? We’re joined by The Derivative veterans Cem Karsan and Kris Sidial to get the low down on all this and more in our newest WTF ^%$# installment, coving all things r/wsb, GME, gamma hedging, short squeezing, rates, AI, and even inequality. *BONUS SECTION: After the “official wrap up” we continued to riff a little, so make sure to stick around at the end for some additional Cem, Kris, and Jeff convo.* Get more information on the funds at Ambrus Group here and at Aegea Capital here. Chapters: 00:00-01:46 = Intro 01:47-15:54 = GAMMA, Risk, Flows & Squeezes 15:55-29:03 =Leverage cuts both ways 29:04-36:15 = How Does This End? More Sex? 36:16-53:24 = BIGGER, FASTER, BETTER 53:25-01:05:19 = Passive, Inequality, and Rates 01:05:20-01:21:28 = Final Thoughts Follow Kris (@Ksidiii) and Cem (@jam_croissant) on Twitter to keep up with all of this and much, much more. Check out our other WTF^%$# episodes here: No President Yet, So Market Rallies Huge What ^%$#?, Market Up/Vol Up, Market Down/Vol Down…WTF Episode, $TVIX gets Terminated – What^%$#, Crude Oil goes Negative… What^%$#. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Wisdom from the Wizard Maker with Jack Schwager | 21 Jan 2021 | 01:14:57 | |
Welcome to the Wizarding World of Market Wizards – and today’s special guest is head wizard who wrote the actual books on market wizards, Jack Schwager. Jack has written 6 books on the markets including his original: Market Wizards and the newly released: Unknown Market Wizards. In addition to his authoring (is that even a word?) Jack has served as a Director for futures research - meaning he knows soybean contract from a Spac. In today’s episode, we’re covering all things Market Wizard books, along with some fun conversation including Colorado, FundSeeder, favorite interviews, and more. Chapters: 00:00-02:00= Intro 02:01-15:45= Fundamental Analyst to Author 15:46-32:14= The Market Wizards Interviews 32:15-47:45= Unknow Wizards 47:46-01:00:26= You Can't Train Talent 01:00:27-01:14:57= Favorites & Words of Wisdom Purchase Jack’s books here including his new book: Unknown Market Wizards, and follow along with him on Twitter. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||
| Gold, Gas, and Global Inflation with Diego Parrilla of Quadriga Asset Managers | 14 Jan 2021 | 01:39:15 | |
2020 was ruled by global macro events – are we looking at the same fate in 2021? Our guest today can talk not only global macro, but also volatility, bond yields, correlation, oil, metals and more. To ring in the new year we’re joined by Diego Parrilla, Managing Partner at Quadriga Asset Managers and Author of "The Energy World is Flat" and "The Anti-Bubbles.” Diego isn’t just a global macro manager, and in today’s episode we’ll be talking about Spain, quoting complex options, the switch from gas to renewable energy, Beckenbauer bonds, the double digital, inflation on inflation, what’s happening at Quadriga, soccer, becoming an author, sometimes it’s better to be vanilla, privatized inflation, and what’re we going to do with gold? Chapters: 00:00-02:24=Intro 02:25-17:48=Spain & Soccer 17:49-32:33=The Energy World is Flat 32:34-01:04:17=Inflation-on-Inflation vs Privatized Inflation 01:04:18-01:36:56=What’s Happening at Quadriga 01:36:57-01:39:15=Favorites Follow along with Diego on Twitter & LinkedIn and check out Quadriga on their website. And last but not least, don't forget to subscribe to The Derivative, and follow us on Twitter, or LinkedIn, and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer | |||