Episodes
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In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today's complex intersection of physical, financial, and systematic trading.
The conversation explores the world of commodity houses and physical trading of commodities, before diving into CAM's unique approach to building a commodity-focused multi-strategy fund that bridges physical and financial markets. Stephane details their innovative risk management framework that gives commodity traders more flexibility than traditional pod shops while maintaining portfolio stability. You'll hear why VAR doesn't work for commodity risk management and how they've developed an anti-fragile approach to drawdown management.
Throughout the discussion, Stephane weaves in fascinating historical perspective - from his early days in the Madrid sovereign debt crisis to parallels between the end of Bretton Woods and today's shifting monetary landscape. Whether you're interested in commodity markets, multi-strategy fund construction, or the intersection of physical and financial trading, this episode offers unique insights into an increasingly important corner of the investment world – SEND IT!
00:00-01:06 = Intro
01:07-13:42 = Commodity Trading Houses: Bridging Time and Risk in Global Commodity Markets at Louis Dreyfuss and ETG
13:43-29:50 = Commodity Trading Dynamics: Navigating Physical Footprints, Basis Risk, and Market Complexity
29:51-40:51 = Constructing a Multi-Strategy Commodity Trading Platform: Exploring ETG's Strategic Vision
40:52-53:29= Commodity Market Dynamics: Weather, Volatility, and Global Supply Chains
53:30-01:13:51 = Risk Management and Trader Psychology: Mastering the Art of Commodity Trading
01:13:52-01:18:50 = Trading Psychology and Market Excitement: Navigating High-Stress Moments
01:18:51-01:29:34 = Lessons from the 1971 Gold Standard: Adapting to Historical Market Shifts
From the episode: The Secret Club That Runs the World
Follow along with Stephane on X @TCS_Trader and LinkedIn, and be sure to check out ETG and CAM on LinkedIn as well 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
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In this wide-ranging conversation, Jeff Malec sits down with Dave Morehead, CIO of Baylor University's $2.2 billion endowment, to explore the unique challenges and strategies of institutional portfolio management.
The discussion covers Baylor's innovative approach to portfolio construction, including their successful deployment of volatility strategies during the 2020 market crash, their current cautious stance on equity exposure, and their philosophy on private investments. Morehead explains why they're shifting away from cyclical assets in private markets and focusing on secular growth trends in healthcare, technology, and consumer sectors.
Particularly timely is their analysis of recent market volatility, bond market dynamics, and the broader implications of trade policies on institutional investment strategies. The conversation provides a rare glimpse into how a major university endowment navigates market uncertainty while maintaining its core mission of supporting education and student scholarships.
Whether you're an institutional investor, family office manager, or investment professional, this episode offers valuable perspectives on long-term portfolio management and the evolving landscape of institutional investing. Learn how one of the industry's thoughtful practitioners approaches risk and return in today's complex markets.
You want to learn how institutional portfolios really work? You want to understand how endowments think about risk? You want to hear from someone who's traded it all and now manages billions? SEND IT!
Chapters:00:00-00:55 = Intro
00:56-09:33 = Hedge Fund Executive Transitions to Higher Education: Exploring Dave Morehead's Career Pivot09:34-26:18 = Baylor University's Strategic Endowment Investment Philosophy Revealed26:19-36:20 = Beyond the S&P 500: Discovering Unique Investment Opportunities in Helium and Niche Markets36:21-46:30 = Hedging Strategies and Volatility Management: Navigating Market Uncertainty with Strategic Risk Mitigation46:29-53:51 = Trust Issues and Geopolitical Challenges: Overcoming Uncertainty in Modern Investing53:52-01:00:32 = The Long-Term Perspective: Endowment Investing Beyond Quarterly Returns
01:00:33-01:09:39 = An 80s Rock Music Nostalgia Trip: Revisiting the Iconic Sounds of the Decade
Follow along with Dave on LinkedIn and X and also be sure to check out Baylor's endowment 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
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Missing episodes?
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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
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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
From the episode:The Coffee Trader (Book)
Fat tails and tall heads blog post: https://www.rcmalternatives.com/2013/02/fat-tails-and-tall-heads/
Advanced Hedge Fund Replication with the Top Down – riding diverse ETF modeling flows with DBi’s Andrew Beer
Trading Movies blog post
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
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This episode of the podcast piles on the knowledge about "return stacking" - the investment approach that lets you layer alternative assets and strategies on top of your traditional portfolio, like a perfect investment sandwich.
Jeff Malec has stacked the deck with FOUR financial heavyweights - Mike Philbrick, Rodrigo Gordillo, Adam Butler, and Corey Hoffstein - each showcasing a "return stacking" ETF. We’ve brought together this team of experts to give you the blueprint for this innovative investment method.
So, what’s the deal with return stacking? Think of it as the ultimate portfolio hack—layering alternative asset classes and strategies on top of your traditional stock and bond holdings. No need to shuffle things around or ditch your core positions—just stack those extra return streams like the ultimate investing sandwich.
We’ll dig into the risk/return profiles and how these stacked strategies can take your portfolio to new heights. But wait, there’s more! To keep things light, we’re making our guests put their friendships on the line in a spirited round of "Choose Your Fighter"—because who doesn’t love a little friendly fire?
Stack up, tune in, and SEND IT!
Chapters:00:00–01:11 = Intro
01:12- 20:00 = Return Stacking: Upgrading Portfolios Without Disrupting Core Holdings
20:01- 41:47 = Stacking Stocks and Managed Futures for Diversification
41:48- 01:03:10 = Capturing Futures Yield Through Return Stacking
01:03:11- 01:31:00 = Stacking Bonds and Merger Arbitrage for Enhanced ReturnsAll things Return Stacking: Stacks on StacksReturn Stacking: From Theory to Practice - A 2024 Perspective - Blog post
Researching the Risks of return stacking with Corey Hoffstein & Rodrigo Gordillo – The Derivative episode - Podcast
What is Return Stacking? - Blog postDon'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
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In this episode, Jeff Malec sits down with Rick Silva, the co-founder of Metaurus Advisors, a boutique asset manager. Rick walks us through Metaurus Advisors' innovative approach to understanding and trading the equity risk premium using dividend futures markets.
Rick Silva provides insights into the firm's background in derivative markets and their goal of bringing fixed income securitization techniques to the equity space. He explains the concept of parallel tranche securitization applied to the S&P 500 using dividend futures, which offers visibility into how the market prices equity cash flows and the equity risk premium.
Rick and Jeff discuss the strategies Metaurus has developed to harvest risk premiums in the front-end of the dividend curve across different markets, as well as the introduction of new futures contracts based on sequential tranche securitization of a 100-stock index. The episode also addresses the challenges and opportunities in the dividend futures market, including differences across regions, and for a little fun, we fall down a political rabbit hole - SEND IT!
Chapters:
00:00-01:02=Intro
01:03-09:57= Bringing Fixed Income Securitization Techniques to the Equity Markets
09:58-21:53= Harvesting Equity Risk Premiums through Dividend Futures Strategies
21:54-35:36=Introducing Sequential Tranche Securitization in Equity Futures Contracts
35:37-44:06=Dividend Futures Markets Across Regions and Regulatory Challenges
44:07-54:07=Implied growth rate & data analysis
54:08-59:22=Rabbit Holes: Political Impacts
Metaurus AdvisorsDon'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
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In this episode, Jeff Malec sits down with Scott Phillips, the CIO of Lavaca Capital, to discuss the firm's journey in the world of options trading. Scott shares his personal background, from his start as an auditor of energy derivatives at KPMG to founding Lavaca Capital and navigating the complexities of options strategies.
The conversation covers Lavaca Capital's evolution, from their initial focus on simple option structures to the expansion into more complex portfolios and the eventual return to simpler expressions. Scott provides insights into the challenges of managing option books, the importance of discretionary overrides, and the impact of the growing options ETF space.
Scott and Jeff explore the misconceptions and pitfalls in the options market, the need for better education and simplification of concepts, and the potential for future market disruptions. They also discuss the firm's customized solutions for clients, the current market environment, and the lessons learned from historical market events.
00:00-01:01=Intro
01:02-08:40= Auditor to Trader, A Rare Bird, & Misconceptions of Options
08:41-20:31= Complexity, Hedging, and Customized Option Strategies
20:32-30:36=Current Strategies, Market Environment, and Systematic vs. Discretionary
30:37-35:42=Lessons from Historical Market Events and Looking Ahead
35:43-43:13=Managing Options in Volatile Markets
43:14-49:07=Back in Time, Texas, and the Options Capital of the World
From the Episode:
The VIX Index and Muted Volatility in 2022RCM: The Dummies Guide to Option GreeksFollow along with Scott and Lavaca Capital on LinkedIn and check out their website for more information at lavacacapital.comDon'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
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Join us for an insightful exploration of the fascinating world of commodity futures with Kurt Nelson, co founder and Managing Partner of SummerHaven Index Management. Kurt shares his unique perspective, honed over decades of experience, on the rich history and evolution of commodity markets - from the Dojima Rice Exchange in 16th century Japan to the modern-day cocoa futures trading. Discover how SummerHaven's research-driven approach, including the firm's dynamic commodity index, aims to uncover the elusive commodity risk premium and provide investors with diversified exposure to this complex asset class. Kurt offers insights on the challenges and opportunities presented by factors like inflation, supply chain disruptions, and geopolitical tensions, and explains why commodities deserve a place in a well-balanced investment portfolio. Whether you're a seasoned commodity trader or just curious about this unique asset class, this episode is packed with engaging anecdotes, market analysis, a glimpse into the future of the commodity landscape, and trading history you might have missed out on! Don't miss this captivating conversation with one of the industry's leading experts in Commodities – SEND IT!
Chapters:
00:00-01:22=Intro
01:23-07:15= Tracing the Roots of Commodity Futures
07:16-20:51 = Adopting business models & creating indexes
20:52-35:29 = The Evolution in commodity risk premium’s and SummerHavens’ research-driven approach
35:30-46:17 = Lessons in resilience & optimization with an impacting factor: Inflation
46:18-01:00:01 = Diversifying is essential: Vacationing in Cocoa
01:00:02-01:06:38= Positioning for the next decade’s opportunities
01:06:39-01:13:45 = Culinary Corner: The Best Indian dish in Stamford
From the episode:The Commodity Futures Risk Premium – 1871-2018 whitepaperFollow along with Kurt onLinkedIn and check out SummerHaven's website:summerhavenindex.com
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
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In this episode, we dive deep into the current state of AI… getting to its transformative impact on the alternative investments landscape. Our guest, Mohammad Rasouli, is a renowned researcher at Stanford University and the founder and CEO of AIx2, a leading AI solutions provider for private equity, venture capital, and hedge funds.
Mohammad shares his extensive expertise on how AI is revolutionizing the way alternative investment firms operate, from streamlining due diligence and deal sourcing to enhancing portfolio monitoring and reporting. We delve into the key challenges and best practices in AI adoption, as well as the potential implications for the future of finance jobs and the broader economy.
Whether you're a seasoned alternative investment professional or simply curious about the intersection of AI and finance, this episode packs an artificial punch. So get use to “sit back and relax” because the rapidly evolving landscape of intelligent investing will be doing more than ever - SEND IT!
Chapters:
00:00-01:14=Intro
01:15-11:31 = AI: Helping to reduce market friction & the shelf life of a constant changing landscape
11:32-23:46 = Predictive vs. Generative AI / Transforming finance
23:47-31:58 = Fear for the ultimate AI, AGI, & overcoming challenges
31:59-46:00 = Job conqueror or tool: Understanding the fundamentals of AI and adopting them
46:01-50:10 = Regulations & Competition - what could go wrong?
50:11-59:28 = Computes and data are the drivers of AI
Follow along with Mohammad on LinkedIn and visit AIx2.ai 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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In this first episode of 2025, we’re plunging right into the fascinating world of sovereign wealth funds with Peter Madsen, the CIO of Utah's School and Institutional Trust Funds Office (SITFO). Peter shares his unique perspective on managing a multi-billion dollar portfolio designed to support public education in the state for generations to come. From his personal background in skiing and outdoor adventures in the Wasatch mountains to the challenges of navigating Utah's rapid growth and development, Peter provides a captivating glimpse into the day-to-day realities of overseeing this complex institutional investor. Listeners will learn about the intricate governance structure of SITFO, the innovative approach to asset allocation and risk management, and the delicate balance of delivering competitive returns while preserving the fund's long-term corpus. Peter also tackles common investment myths, sharing insights on the potential for diversified portfolios to outperform high-equity allocations over the long run. This episode offers a rare behind-the-scenes look at the inner workings of a state-level sovereign wealth fund, highlighting the importance of prudent stewardship and a steadfastcommitment to serving the public good. Whether you're an institutional investor, a student of finance, or simply someone fascinated by the intersection of public policy and investment management, this episode is sure to captivate and inform. SEND IT!
Chapters:
00:00-01:40=Intro
01:41-11:23= Backcountry Skiing with Utahans and the winding path to Institutional investing
11:24-20:07= Russian Historian to CIO of governing thestates sovereign wealth fund
20:08-33:23= Landman – Constructing a diversified portfolio for perpetuity
33:24-37:37= The Trustees
37:38-47:29= Rethinking the 60/40 approach, avoidingduration and SITFO’s GRID system
47:30-58:19= Weathering market storms and balancing upside participation and downside protection
58:20-01:06:13= Carving the evolving landscape of sovereign wealth funds, strong enough returns & outperforming benchmarks
01:06:14-01:12:13= Myth busting: Bonds can outperformequities
Follow along with Peter on LinkedIn and visit SITFO'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
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For our first episode of 2025 we wanted to take a different approach... Enjoy our full-blown parody of Nate Bargatze's 'Washington's Dream' – complete with satire of several key issues in private equity and private market valuations. Warning: May contain traces of reality and excessive financial humor.
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To close out the 2024 season of the Derivative podcast, host Jeff Malec sits down with two friends of the pod, and friends of his - Jason Buck and Zed Francis - for a wide-ranging discussion on the state of the markets, the unpredictability of macro events, and the importance of understanding underlying structures and dynamics. The conversation begins with an exploration of the unexpected market reactions following the first Trump election (in ‘16), highlighting the challenges of the past, and ends with making sort of, semi- predictions for the year ahead in 2025. The guests delve into the concept of "volatility echoes" and how past events can influence future market reactions. The discussion then shifts to the impact of interest rates, with the guests analyzing the significant moves in the long end of the Treasury curve during the recent election week. They debate the potential implications for asset classes and the role of political influence on market dynamics. Beyond the macro landscape, the podcast also touches on the evolution of option strategies, the rise and fall of "pod shops," and the importance of liquidity and market maker strategies in stabilizing markets. The guests share their insights on navigating the complexities of the financial world. While the core of the conversation focuses on the markets, the episode also features a fun and engaging segment where the hosts and guests engage in a "Mount Rushmore" challenge, sharing their top picks for burgers, dive bars, and fine dining experiences around the world. You found it - the pod that gives you financial insights and culinary recommendations - so bring your appetite for mind and body…this ones’ juicy! SEND IT!
Chapters:00:00-01:38= Intro
01:39-13:39= Recency Bias and the Volatility of ElectionReactions
13:40-25:40= GOLD & the Delicate Balance of MarketResilience / Activist investors & Risk Adjusted returns
25:41-37:29= 2024’s most interesting trades & StabilityBreeds Instability
37:30-48:51= Rates, Risks, & Realized Volatility
48:52-01:01:11= Outflows, Podshops & Random bones forthe future
01:01:12-01:20:20= Menus & Markets: Mount Rushmores ofeateries from “Culinary Experts” & 2025 insight
Follow along on X (Twitter) and LinkedIn with our guests Jason @jasoncbuck | LinkedIn and Zed @convexitas | 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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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=Intro02:09-09:21= 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:
Fooled by Randomness (Book)
The Derivative episode: WTF?! Will 0DTE Cause Gammageddon? With Mike Green and Craig Peterson
Smartless podcast
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
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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 structuredproducts 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 andinsurance 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
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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 aninside 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
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In this episode of the Derivative podcast, our host JeffMalec 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 activemanagement 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 fixedincome 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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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 athis 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 ofhuman 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” – AutomatedRisk control systems for systematic trading10Dynamics.com
HI HO Silver! Blog postFollow 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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Today’s episode on The Derivative, Jeff Malec sitsdown with James Maund, a veteran of the financial industry with experience spanning Goldman Sachs, the NYSE floor, and his current role at KraneShares. Maund provides a unique insider's perspective on the rapid growth and innovation within the ETF space while outlining KraneShares main investment pillars – China Tech, Carbon emissions/cap-and-trade, and options-based overlay strategies designed to generate income and downside protection. Maund shares his views on the challenges and opportunities facing both established ETF providers and new entrants, as well as the importance of education and alignment with investor expectations. The conversation delves into the role of market makers, the impact of regulatory changes, and the potential risks and benefits of increased options and derivatives usage in the ETF industry. Maund also offers a glimpse into KraneShares' plans for the future, highlighting areas of focus such as alternative investments and the continued growth of the carbon markets. Whether you're an ETF enthusiast or simply interested in the evolving landscape of investment products, this episode provides a comprehensive and insightful look at the dynamic world of exchange-traded funds.
Chapters:
00:00-02:02=Intro2:03-9:15= Loyalties to the East coast, Goldman Sachs and the NY Stock exchange
9:16-20:38= KWEB – The China Tech ETF, Carbon Emissions and downside protection
20:39-34:53= The Pillars of Krane Shares: Liquid futures,writing calls and important tickers
34:54-48:34= The Evolution of the ETF, ETF options, starting an ETF and the challenges that come with it
48:35-58:02= Further developments, Unique ETFs and new ETF restrictions
From the episode:
The Derivative podcast episode with Nancy DavisFollow along with James on LinkedIn and visit KraneShares.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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Today's episode features an in-depth discussion with discretionary global macro trader Asim Ghaffar, founder and CIO of AG Capital. Ghaffar shares his insights on the recent market volatility, including his views on the potential triggers behind the sell-off and the chances we have for a recession. Was it just a blip on the radar, algos deleveraging? He explains his discretionary macro trading approach, highlighting the importance of risk management, position sizing, and the psychological challenges of the business. Ghaffar also discusses the differences between his strategy and systematic trend following, as well as the unique opportunities smaller managers can pursue compared to large global macro funds. In this chat we also explore Ghaffar's personal journey into the industry, the challenges of starting a hedge fund, and his long-term outlook on markets, including his perspective on the role of gold in a portfolio.
Chapters:
00:00-02:01=Intro
02:02-11:14= What triggered the Sell-off? The Yen Carrytrade? Or just algos gone wild…
11:15-22:35= The secret sauce to a long-term approach, algo moves and the mental games of trading
22:36-31:55= Discretionary vs Global Macro & theunsolvable puzzle or crack under the pressure
31:56-43:00= Psychology & Philosophy? The real headgames of trading & sparks to start a hedge fund
43:01-49:50= The potential of a recession, who wants it? Fed rate cuts, the wealth effect, & investment vs trend
49:51-01:06:19= What’s beyond the horizon, staying out of the noise and focus on the fed
01:06:20-01:14:22= Commodity prices for discretionarytrading & what’s with gold? Getting perspective…
From the episode:
Derivative episode: Wisdom from the wizard maker withJack Schwager
Follow along with Asim on LinkedIn and AG Capital's LinkedIn. For more information on AG Capital visit agcapital.fund
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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In this episode of The Derivative, host Jeff Malec sits down with DeWayne Louis and Nishant Gurnanifrom Versor Investments, a quantitative investment firm celebrating its 10th anniversary. The discussion delves into the personal backgrounds and journeys that led to Versor’s founding, from their work providing efficient exposure to traditional hedge fund strategies through risk premia type approaches to new methods such as their unique GETT program which goes long/short more thanadozen global stock index futures markets.
The conversation explores the evolving skill sets required in the hedge fund industry, including the importance of math, quantitative finance, and AI/machine learning expertise.
Versor's investment strategies are examined, focusing on their use of alternative data sets and innovative approaches to alpha generation, such as theircross-sectional relative value strategy which looks to capture dispersion in global equity markets through more than 30 alpha forecast models across short, medium, and long term time frames.
Join us for this comprehensive look into the quantitative investment strategies and innovative thinking that have helped Versor navigate the competitive hedge fund landscape over the past decade.
Chapters:
00:00-01:38=Intro
01:39-12:22= Summer in the City and starting a Quant firm12:23-25:10= 3 broad strategies, cross-sectional portfolios & positive convexity 25:11-42:57= GETTing into the strategy, dispersion across markets & capturing market dislocations42:58-54:26= Alternative data sets & natural languageprocessing54:27-01:01:38= Using A.I., generative models & compliance constraints
01:01:39-01:10:51= Long short equity, use of data & the next 10 years
From the episode: Has Trend Gone Flat? Return Convexity in Trend Following (whitepaper)
Versor10: A Decade of quantitative research in 10 whitepapers
Bastian Bolesta on The Derivative episode
Salemn Abraham on The Derivative episode
Follow along with Versor on Twitter @VersorInvest, look them up on LinkedIn - DeWayne | Nishant and check out their website versorinvest.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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