Welcome to The Derivative by RCM Alternatives, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.
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WTF is this market? - with Vineer Bhansali of LongTail Alpha
vendredi 11 avril 2025 • Durée 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)
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
jeudi 3 avril 2025 • Durée 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
Retail to Institutional: How David Sun Scaled His ODTE Options Strategies
jeudi 7 novembre 2024 • Durée 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
The Bitcoin ETF parade and Grayscale Trust, with Jason Urban of Galaxy Digital
samedi 20 novembre 2021 • Durée 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/
A Multi PM (Global) Macro Masterclass with Markian Zyga
samedi 13 novembre 2021 • Durée 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
Attaining an Allocator's Edge with Phil Huber
jeudi 4 novembre 2021 • Durée 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
Convex (CONVX) to the Core with Certeza’s Brett Nelson
jeudi 28 octobre 2021 • Durée 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
Weigh More than You Wanted to Know About Meat, with AgriTrend’s Simon Quilty
jeudi 14 octobre 2021 • Durée 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
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
Reimagining Risk and Reinsurance (& Cat Bonds) with Chris McKeown of Vantage Risk
jeudi 7 octobre 2021 • Durée 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
Why Whales Tails Whip Up Market Tremors with Hari Krishnan
jeudi 30 septembre 2021 • Durée 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.
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
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
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
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
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
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
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
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
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
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