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The Derivative

The Derivative

By RCM Alternatives

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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BLNDX[ing] Trend Following and Global Equity with Standpoint’s Eric Crittenden

The DerivativeJul 16, 2020

00:00
01:29:12
Finding Alpha in Unexpected Places: Doug Greenig on Trend Following Beyond Developed Markets

Finding Alpha in Unexpected Places: Doug Greenig on Trend Following Beyond Developed Markets

In this in-depth conversation, Jeff Malec picks the brain of veteran quant Doug Greenig about pursuing trends on a truly global scale. Greenig takes listeners on his fascinating career journey, from cutting-edge fixed income modeling at Goldman Sachs to managing risk at MAN AHL's pioneering CTA firm. He explains how this experience led him to establish Florin Court Capital and develop novel ways of accessing over 500 international markets. Greenig and Malec engage in a lively debate about capturing narrative shifts, the effects of high-speed trading, and how allocators can balance exposure to alternative trends. Listen in on unique insights into operational challenges like structuring swaps to trade illiquid assets. Greenig also discusses how Florin Court scales risk across a massive portfolio while still delivering the crisis protection allocators seek. This revealing episode pulls back the curtain on one firm's quest to follow profits wherever macro winds may blow. SEND IT!


Chapters:

00:00-01:48=Intro

01:49-04:21= Diverse economies

04:22-22:25= Economist turned PH.D, fixed income derivatives & trend potential in emerging markets

22:26-37:00= Alternative markets/Alternative trend: Exposure to CTAs, global orientation & unique opportunities

37:01-51:20= Refining models, when narratives change, signal strength & volatility targeting

51:21-01:01:34= What drives trend, removing the narrative & moving into a complex world

01:01:35-01:06:59= Florin Court...the apartment building?


From the episode: History of Managed Futures whitepaper

Guide to Trend Following


Follow along with Doug on LinkedIn and for more information on Florin Court and their team visit florincourt.com


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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


Mar 28, 202401:06:60
Optimizing the Supply Chain: Private Equity, Automation, and Economic Indicators in Logistics with Chris Jamroz

Optimizing the Supply Chain: Private Equity, Automation, and Economic Indicators in Logistics with Chris Jamroz

This episode is a fascinating deep dive into the complex world of logistics. Our guest is Chris Jamroz, CEO of Roadrunner, a serial logistics entrepreneur who has indeed seen and done it all over his career.

Chris provides colorful anecdotes about his past 100+ acquisitions and turnarounds, including the challenges and lessons learned along the way. He then gives listeners an up-close look at his current ventures - Roadrunner, an LTL shipping company known for its blazing-fast delivery speeds, and Global X, a rapidly growing charter airline.

The wide-ranging discussion touches on how the pandemic disrupted global supply chains and the "nearshoring" trend of moving manufacturing closer to home. Chris also shares insightful perspectives on economic conditions, the potential and limitations of automated trucking, and the value private equity brings to facilitating turnarounds.

For those interested in alternative investments, Chris even discusses how his family office allocates to areas like equipment leasing, real estate, and hedge funds. Overall, it's a very entertaining and educational podcast that provides a true insider's view of the logistics industry. SEND IT! Chapters:

00:00-01:19= Intro 01:20-06:49= Extracting value across the continent

06:50-13:45= Quality freight transportation, LTL Players, allure of trucking life, 100+ acquisitions

13:46=26:00= Logistics & the global economy, freight recession post COVID spikes & the global supply

26:01-33:58= Rate pain points, the trigger effect, inflation & automated trucking – is it even possible?

33:59-45:20= Private equity = Devil or angel? Removing barriers & Deserving the right to grow

45:21-51:10= LyonIX & other ventures

Learn more about Chris: https://chrisjamroz.com/ & Roadrunner and follow along with Chris on LinkedIn @ Chris Jamroz ⁠& Roadrunner


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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

Mar 14, 202451:11
Constructing A Systematic Oil Trader: Fueling growth at Cayler Capital

Constructing A Systematic Oil Trader: Fueling growth at Cayler Capital

Brent Belote, founder and CIO of Cayler Capital, joins the podcast to discuss the growth of his now 5 year systematic oil trading strategy. He provides insights into analyzing supply and demand fundamentals and using quantitative models to capitalize on events in the physical oil market. Brent also shares lessons from starting his own fund and managing risk at a smaller scale. Hear about trends in the energy sector, including the impact of geopolitics, refining capacity, and green-flation (just how close are we?). Brent offers his outlook on oil prices and explores other areas of knowledge and experience in the energy sector. This one is an engaging conversation you won’t want to miss, so kick back and explore with us as we navigate through commodity markets and the experience of building a successful investment firm. SEND IT!

Chapters: 

01:31-02:59= Skiing and family growth

03:00-10:32= Advances in the strategy, event driven success & Oils gone flat

10:33-27:47= Building a business, podshop thoughts & multi-strat models

27:48-36:02= Oil in ’23 – warmer temps means spiking refining numbers

36:03-43:42= Greenflation – are we ready, are we even close?

43:33-47:33= Biden administration issues and the Red Sea


From the episode: 

Commodities Miami panel featuring Brent

Previous episodes of The Derivative with Brent:

Crude Oil goes Negative… WHAT^%$#

A Crude Oil Cornucopia: Covid, Crack, CSOS & Contango with Brent Belote

Follow along with Brent on Twitter @brentbelote, on LinkedIn and check out Caylercapital.com for more information!

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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



Mar 07, 202447:34
Miami Hedge Fund week Panel 2024 Part II: Increasing Accessibility of Alternative Investments

Miami Hedge Fund week Panel 2024 Part II: Increasing Accessibility of Alternative Investments

Join us for the second half of our panel discussions during this year's Hedge Fund week in Miami as we explore increasing accessibility of alternative investments through new ETF products and strategies. We’ve got Rodrigo Gordillo taking reigns from the quantitative perspective, Jerry Parker talking trend following, Bob Elliot on replication and Jay Pestrichelli,  options guru, guiding us through hedge fund strategies, discussing their day-to-day responsibilities and tasks, highlighting differences in their approaches despite operating under the broad financial services umbrella.

We dive into challenges around educating investors on sophisticated strategies as well as recent regulatory changes that allow new product structures that are making alternative approaches more accessible to a wider range of investors. Topics discussed include quant fund management processes, trend following across 400 markets including single stocks, and harnessing options decay in a new ETF. Challenges of communicating performance during periods of potential underperformance are being addressed such as election year impacts and whether strategies position based on outcomes, capacity constraints of highest Sharpe strategies and limitations of full replication, along with democratizing diversification strategies through return stacking ETFs.

Sit back and gain knowledge on the expanding opportunities and accessibility in the alternatives space, with room for continued advances as innovation progresses, SEND IT!

Chapters:

00:00-01:48=Intro 

01:49-14:42= Intros & the Day-to-Day work ethic

14:43-28:45= Hedge fund replication, ETFs for retail investors & financial accessibility

28:46-45:22= Democratizing diversification through ETFs, market trends & election year impact

45:23-55:53= Hedge funds generating alpha, investments strategies & ETF operations

55:54-01:08:01= Managing expectations, Innovations & the future of investing


From the episode:

Miami Hedge Fund week 2024 Part 1: Commodities

Follow along with this panel on Twitter & LinkedIn: @rjparkerjr09 , @RodGordilloP, @BobEUnlimited, & @ZEGAFinancial

And remember to check out their company profiles on LinkedIn:

Jerry Parker

Rodrigo Gordillo

Bob Elliott

Jay Pestrichelli

Feb 29, 202401:08:01
Set Phasers to Stocks+Discretionary Global Macro – with Dynamic Alpha

Set Phasers to Stocks+Discretionary Global Macro – with Dynamic Alpha

From NASA to Star Trek, Brad Barrie and David Johnson of Dynamic Wealth Group discuss how their shared interests inspired the development of their diversified mutual fund, which blends equity exposure with discretionary global macro allocations. They explain how this approach seeks to provide smoother returns through non-correlated exposures. Brad and David also delve into their backgrounds in aerospace, finance, and alternative investments. Tune in to learn how discretionary macro strategies can offer unique diversification benefits compared to systematic trend following. This episode discusses portfolio construction techniques including dynamic rebalancing models for mutual funds. Throughout, analogies from Star Trek, NASA, and other aeronautical aspects provide entertaining parallels for investment concepts, even attending and speaking at a Star Trek “con” (not in costume)to connect with individual investors! Jump on the starship enterprise with us, as we move from orbit to warp speed. Engage!


Chapters:

00:00-01:32= Intro 01:33-05:02= Las Vegas: a place for peace & tranquility

05:03-21:44= Diversified portfolios for Mutual funds, NASA, minimizing the downside and correlation to everything

21:45-36:28= 60/40 Bonds – Bring on Managed Futures and direct exposure

36:29-49:03= Global macro commodities, offense, the alternative to alternatives & driving the return

49:04-57:21= Star Trek, a blossoming career incentive – meeting Shatner, Sci-fi language and investing for Trekys

57:22-01:02:50= Treky favorites


From the episode:

Blog post – It may be a slow news day, but…

Blog post – The picture from space that shows why commodities are non-correlated to the stock market

Blog post – Set Phasers to ‘Systematic’

Dynamic Blog post: What Star Trek can teach you about investing & financial planning

Follow along with Dynamic Wealth on Twitter @DynamicAlphaSol and also Brad & David's LinkedIn Brad Barrie, David Johnson


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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

Feb 22, 202401:02:51
Miami Hedge Fund week panel 2024 - Commodities: Outlook on Prices, Volatility, and Portfolio Diversification

Miami Hedge Fund week panel 2024 - Commodities: Outlook on Prices, Volatility, and Portfolio Diversification

This packed panel discussion featuring Tim Pickering (Auspice), Brent Belote (Cayler Capital), Gerardo Tarricone (Arion) and Derek Stroke (Equanimity Advisors) focused on commodities as diversifiers and opportunities in commodity trading and investing. Our panelists discussed topics like the reliability of commodities in portfolios, ESG factors, the potential for a commodity supercycle, and educating the next generation of commodity investors. They debated drivers of long-term commodity prices and the impact of trends like energy transition. Panelists also highlighted volatility in energy markets, shifts toward separate managed accounts, inflation expectations, and strategies for including commodities in diversified portfolios. This session illuminated both risks and rewards for navigating evolving commodity markets, leaving attendees energized to pursue these opportunities through dedicated managers and stay tuned for what's in store in the world of trading and beyond. – you need to check this one out! SEND IT!

Chapters:

00:00-01:32= Intro 01:33-13:25= Commodities as diversifiers with industry experts, EV’s/ greenflation & energy trading opportunities

13:26-20:53= Trading commodities for alpha & diversification

20:54-30:37= Commodity supercycles & its potential impact on prices & Volatility and China demand

30:38-44:02= Inflation, central bank policies, and educating the next generation

44:03-54:30= Questions from the audience: “Drill baby Drill”, weaponizing commodities & India’s middle class

54:31-01:00:22= Final thoughts on the future outlook for commodities

Panelist Performance Stats: Click here

You can follow along with all our panelists on LinkedIn @ Brent Belote, Tim Pickering, Gerardo Tarricone & Derek Stroke


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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




Feb 15, 202401:00:22
Advanced Hedge Fund Replication with the Top Down – riding diverse ETF modeling flows with DBi’s Andrew Beer

Advanced Hedge Fund Replication with the Top Down – riding diverse ETF modeling flows with DBi’s Andrew Beer

Welcome to the start of a new year and another exciting season of The Derivative Podcast. We're beginning with a bang, featuring DBi’s hedge fund guru, Andrew Beer. Picture the ideal blend of Wall Street expertise and accessible insights - that's what we're delivering in this episode! We’re talking with Andrew about replicating strategies in this episode and if it works.

Andrew is sharing his journey, from establishing a commodity firm to making groundbreaking strides in the hedge fund world, where he adds flavor with personal anecdotes from his financial adventures, diving into private equity and managed futures investing - providing beta for those managed futures, replicating hedge fund performance with the help of ETFs, using managed futures as a diversification strategy, unveiling his creative methods to revolutionize investing. We come at all angles in this one, questioning the risks and limitations of replication, utilizing different markets to expanding portfolios, and even getting into the “whipsaw” effect many trend followers saw last year with its unpredictable events. This episode is a feast for finance enthusiasts and newcomers - filled with knowledge, humor, and a whole lot of excitement. Don't just listen; Turn up the volume and brace yourself for an episode that's as fun as it is informative — SEND IT!

Chapters: 

00:00-03:17= Intro

03:18-9:55= Commodities to Private Equity

9:56-24:54= You’re not a Quant, replicating models and finding your vision

24:55-49:05= Where’s the line? MF against everyone else, asset allocation limitations and modeling flows

49:06-01:08:51= Top down, bottom up: The structure, the drivers and year of the whipsaw

01:08:52-01:19:14= 10 markets expanding your portfolio

01:19:15-01:27:27= Limits of replication & the dangers of private equity

 

From the episode:

Replicating Babies, Trend following, hedge funds, and Warren Buffet with Corey Hoffstein

https://dbi.co/news-research/

Follow along with Andrew on Twitter @andrewdbeer1, LinkedIn and visit DBi's website at dbi.co/ for more information.

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Feb 08, 202401:27:27
Marrying Fundamental Factors into Commodity Quant with Patrik Safvenblad of VOLT CM

Marrying Fundamental Factors into Commodity Quant with Patrik Safvenblad of VOLT CM

Thanksgiving is just a week away in the US, marking the end of an excellent year for The Derivative and we're inviting you to join us at the podcast table for a bountiful episode delving into the unique flavors of managed futures and fundamental expertise. As we carve into the Thanksgiving spirit, The Derivative is serving up a feast of insights with Patrik Safvenblad, the mastermind behind VOLT Capital Management.

In this compelling conversation, Patrik unveils his approach as a fundamental specialist in managed futures programs, offering a unique perspective that distinguishes his strategies from the norm. We delve into the differences between pod shops and in-house multi-strats, explore the penchant for shorter-term models, and uncover the meticulous process of managing over 9000 signals.

Join us as we navigate the complexities of commodity quant and gain invaluable insights into quantitative strategies just in time for the Holiday season — SEND IT!


Chapters:  

00:00-02:09 = Intro

02:10-05:30= Dark days in Stockholm

05:31-18:09=Professor to Quant: early skipping stones to “across the pond”, building a team & getting diversified

18:10-26:44= Shaping Fundamentals, short-term models & configurations in machine learning

26:45-41:49= Selecting signals, gathering data & adjusting portfolios

41:50-53:14= Efforts of running 9000+signal, portfolio level constraints & Podshops vs in house

53:15-01:01:50= Positive Skew, risk management & opportunities

01:01:51-01:06:33= Off the beaten track


From the episode:

Allocating to Alts with RPMs Alexander Mende on the Derivative


Follow along with Patrik on LinkedIn and visit voltcm.com for more information!


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Nov 16, 202301:06:33
A brief history of Corn, food co valuations, GMO vs non GMO, and a guacable chip with Zack’s Mighty founder Zack Gazzaniga

A brief history of Corn, food co valuations, GMO vs non GMO, and a guacable chip with Zack’s Mighty founder Zack Gazzaniga

Get ready to savor an episode of The Derivative that's anything but run-of-the-(corn) mill, featuring a guest who's serving up some fresh and unconventional perspectives. That's right, we're delving into the heart of the snack world where the notion of sturdy, thick chips and delicate, thin chips is more than meets the eye. Prepare to have the simplicity of your favorite tortilla chip upended, revealing the captivating intricacies that fuel everyone’s favorite salsa, guac, and queso vehicle, the tortilla chip.

 

Zack Gazzaniga, is the visionary behind Zack's Mighty Tortillas, a company rewriting the rulebook on what it means to be a tortilla chip. His entrepreneurial journey takes us from the humble beginnings of a small natural food startup to helping build a 60-SKU condiment brand at Sir Kensington's. Throughout this episode, he generously shares his insights on expanding product lines, managing complex supply chains, and navigating deals with corporate giants. But that’s the boring business stuff… stay for the talk on seed hunting in Italy, making tortillas, then chips – how many growing cycles our US soil has left, the many nuances in GMO vs non-GMO labeling, and the informative history of Corn you didn’t know you needed. This episode is a must-listen for fellow entrepreneurs and tortilla chip lovers – SEND IT!

Chapters:

00:00-01:39= Intro

 01:40-11:50= Buongiorno! Let’s talk: Origins, Sir Kensington’s, flavor, & the guacable chip

11:51-25:19= Economic building blocks, Investing in food, CAP-X deals, & intense integration

25:20-36:29= A brief history of corn: Quest for the golden kernel

36:30-50:24= The tortilla chip: From field to bag & Going organic – why it makes sense

50:25-01:01:41= Ethanol? Water? Growing and production concerns / Short-corn & gene editing

01:01:42-01:06:03= Where do we get them? & the Takis people...

From the episode:

Beautiful Corn: America’s Original grain from seed to plate (Book)

Don't call it private equity, seeking value (and tax alpha) in small business with Adam Tkaczuk Follow along with Zack's Mighty on LinkedIn and Facebook! For more information on Zack's Mighty tortilla's chips and where to find them visit zacksmighty.com

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


Nov 09, 202301:06:04
Trend Following Asset Allocations with Jon Robinson of Blueprint

Trend Following Asset Allocations with Jon Robinson of Blueprint

In the constantly changing and often unpredictable industry that is wealth management, is it possible to systematize an asset allocation approach? Might you even apply trend following to the problem? On this episode of The Derivative, Jon Robinson, the CEO and co-founder of Blueprint Investment Partners, draws upon his unique experience on both sides of the trend-following fence: proprietor and customer. He reflects on his early days working on the New York Stock Exchange floor and delves into the intricate process of shifting from traditional research methods to systematic investment.

Join us as we explore the subtleties of trend following, its evolution over time (Jon’s evolution over time), and the strategies that Jon and his team at Blueprint Investment Partners employ. Our conversation sheds light on the fundamental principles of maintaining strong advisor-client relationships, the changing landscape of portfolio management, and what the future of the investment advisor space might look like. Tune in for an engaging discussion on the effectiveness of trend following not as an investment in its own right, but as a filter on other investments— SEND IT!

Chapters:

00:00-01:46=Intro

01:47-05:20= Greensboro HQ

05:21-17:21= The wild west of futures, entrepreneuring & trend following models

17:22-36:27= Piecing together the Blueprint with a trend following edge / simplifying the implications / Enter in.. Chesapeake

36:28-48:28= Managing the spectrum & private hedge funds

48:29-58:02= The future of the advisory space & behavior adoption

58:03-01:08:24= RIA Or Private Client? Helping an investor


From the episode:

Trending following plus nothing with Jerry Parker: The Derivative Trend following turtle tails (and tales) with Jerry Parker: The DerivativeTrend Following guide  

Follow along with Jon on LinkedIn and his team on Twitter @Blueprint_IP and for more information visit their website blueprintip.com.


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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


Oct 26, 202301:08:24
Systematic Commodity Trading (without Trend) with Jae-Min Hyun of NWOne

Systematic Commodity Trading (without Trend) with Jae-Min Hyun of NWOne

In commodity trading, where volatility reigns supreme, finding an edge can be daunting. In this episode of The Derivative, we switch up our normal Commodity Trading talk with our non-trend following guest, Jae-Min Hyun of NWOne. With extensive experience in commodities trading and a quant background that spans Wall Street firms, hedge funds, and a new talent incubator, Jae-Min brings a wealth of knowledge to the table. 

Join us as we explore the intricate intricacies of building a systematic commodity trading strategy using fundamental inputs instead of just price, why inefficiencies equal edge, the importance of risk management, the role of machine learning, and the rest of the challenges of navigating this dynamic market. Jae-Min Hyun's insights shed light on the complexities of this niche within the world of finance, offering valuable perspectives for both seasoned traders and those seeking to understand the nuances of commodity trading — SEND IT!

Chapters:

00:00-01:32= Intro

01:33-15:49= NYC is wet, but back! An early start at Morgan Stanley constructing commodities & building Quants

15:50-29:25= Exacting Alpha in inefficiencies, market fundamentals, directional futures & diversification

29:26-43:20= Calendar spreads (delivering exposure) and all models working in concert

43:21-54:04= Why only commodities? Research, systematic strategies & the competition

54:05-01:05:46= Commodity exposure, alpha generation & A.I. in quant trading


From the episode:

NWOne Diversified Strategy

The Predictors - Book

Semi-Annual Rankings Whitepaper


Follow along with Jae-Min on LinkedIn and for more information visit NWOne's website www.nwone-llc.com


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




Oct 05, 202301:05:46
A Philly Alts Steak: Talking Commodities, Stacking, and Systematic with Auspice, Newfound & Campbell

A Philly Alts Steak: Talking Commodities, Stacking, and Systematic with Auspice, Newfound & Campbell

Philadelphia is renowned for various iconic symbols, including the Liberty Bell, Rocky Balboa, the famous Philly cheesesteak, and, most recently, RCM's Live Panel Discussion "Is 60/40 Dead? Can Alternatives Fill the Void?" This engaging panel discussion features industry leaders Tim Pickering, Corey Hoffstein, and Brian Meloon, with the insightful Kevin Davitt giving an insightful intro. It was so compelling that we decided to turn it into an episode of the Derivative podcast.

We kick off our discussion by diving into the rapidly evolving landscape of the index options market and the financial industry as a whole. Explore the critical role of adaptability in the face of exponential technological advancements, with a spotlight on NASDAQ's MDX options leading the way.

But there's more! Tim Pickering, Corey Hoffstein, and Brian Meloon share pivotal moments from their careers, emphasizing the importance of innovation during challenging periods. We'll also delve into quantitative investing strategies, the intriguing concept of return stacking in ETFs, and why diversification is necessary in your investment portfolio — SEND IT!

Chapters:

00:00-01:31 = Intro

01:32-14:18 = Adapting to a changing landscape with Kevin Davitt

14:19-22:24 = Introductions: Ah Ha! moments – what got you in the industry

22:25-36:38 = Adapting to market shifts

36:39-43:39 = Why should you care?

43:40-59:43 = What are investors looking for – Why Commodities? Why Systematic? Why Leverage?

59:44-01:04:25 = Why now?

01:04:26-01:17:17 = Open for questions

From the episode:

Flirting with Models podcast

Liquidity Cascades – Newfound Research


Follow along with Tim Pickering on Twitter @AuspiceTim, Corey Hoffstein @choffstein and Brian Meloon 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

Sep 28, 202301:17:18
Opportunities in Option Mutual Funds with Russ Kellites

Opportunities in Option Mutual Funds with Russ Kellites

In the ever-evolving world of finance, change is the only constant. Like the shifting tides of the market, options trading has transformed from monthly expirations to weekly and even daily strikes. It's like going from a leisurely stroll to a thrilling daily marathon in the world of trading. Alongside these shifts, hedging strategies have also had to adapt, especially after the rollercoaster ride that was 2018.  

On this episode of The Derivative, we're taking you on a journey through the financial landscape with none other than Russ Kellites from Alpha Centric Funds. From the intriguing story of San Francisco's economic landscape to the evolution of computer science and AI, to the transition from Goldman Sachs to starting a fund - we're covering it all — SEND IT!

Chapters:

00:00-01:42= Intro

01:43-10:23= Hard hits in San Fran & Building blocks of A.I.

12:24-22:21= Hitching a ride w/ Warren Buffet & Designing a Fund

22:22-39:17= Diversifying Options & the 4/5 Quadrants of Volatility

39:18-53:07= Market Environments (Long & Short positions)

53:08-59:41= Market Participation

59:42-01:05:22= The value of time: It’s a long-term investment

From the episode:

Portfolios of Power Futures with Tim Kramer

LJM – The Autopsy


Follow along with Russ on LinkedIn and for more information visit alphacentricfunds.com

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


Sep 21, 202301:05:32
Long/Short Commodities with Emil van Essen & Bryan Kiernan of Katonah/EVE

Long/Short Commodities with Emil van Essen & Bryan Kiernan of Katonah/EVE

From front-running commodity index rolls to trading spreads, we're taking you on a bit of a historic journey with Emil Van Essen and Bryan Kiernan of Katonah Eve. Join us as we explore the evolution of their strategies and firm, while talking the world of commodities.

In this episode, we'll uncover the evolution of Katonah Eve, from pulling data ahead of the game to mastering roll yields and transitioning into the world of spread trading. We'll also discuss what it takes to survive so long in this business, going institutional for in-house operations, and how they have more than just skin in the game, they’re putting skin in the the pre-game as well to test new sources of Alpha.

We unpack what makes their Long/Short Commodity strategy different, and how long/short differs from trend, and explore topics like term structure, spread trading and data, the importance of diversification, and the importance of testing ideas with live ammunition. And we can’t talk with Emil without talking about the energy patch, the crypto space, and China – all of which we touch on. SEND IT!

Chapters:

00:00-01:57= Intro

01:58-4:38= Mountain Bike Racing?

3:56-15:35= Evolution of EVE: Pulling data ahead of the game & Roll yields to spread trading

15:36-22:38= Expanding in-house infrastructure, market making, and the constant search for Alpha

22:39-37:15= Long/short Commodities, Term structure, Spread vs Trend & Diversification in Commodity markets

37:16-50:34= The Energy guy, Alpha in Crypto & inside China


From the episode:

Crude Oil goes negative…What ^%$# - Derivative podcast


Follow along with Emil and Bryan on ⁠LinkedIn⁠ 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

Sep 14, 202350:34
Portfolios of Power Futures with AMPD ETF’s Tim Kramer

Portfolios of Power Futures with AMPD ETF’s Tim Kramer

Is electricity a commodity?  If not, why not? If so, how do you get exposure with the demand for electricity set to possibly outstrip the world's forthcoming technological advancements.  Join us on a high energy episode of The Derivative by RCM Alternatives for an in-depth exploration of "Electrifying America" with Timothy Kramer, a seasoned energy and power trader and CEO of CNIC Funds – the group behind the AMPD electricity ETF.  In this stimulating conversation, Kramer sheds light on the difficulties of accessing the power market, why electricity should be part of any inflation-protecting commodity investments, and what the overall landscape looks like for America's electrification journey, unveiling three key pillars: importance, inflation, and imbalance.

 

From the coming era of all-electric vehicles to the challenges facing renewable energy, Kramer navigates the complexities and opportunities. He also delves into the creation of innovative indices and the dynamic interplay between power and commodities — SEND IT!


Chapters:

00:00-01:53 = Intro

01:54-03:53 = Texas is How Big?

03:54-17:38= The Electrification of America, Power’s Supply/Demand

17:39-23:48= ESG push back & removing carbon = Carbon Neutral

23:49-36:47= Creating an Index- AMPD: Deregulation, power generation & retail providers

36:48-44:12= The power players in the power market

44:13-54:23= Carbon offset vetting and commodity exposure

54:24-01:00:42 = Is Bitcoin mining a legit use on power grids?


From the episode:

The Electrification of America

https://www.cnicfunds.com/

The Kaoboy of convertible Arb with Michael Kao Derivative episode

Super storms, mathematical modeling, and hurricane hunting with Dr. Jeff Masters Derivative episode


Follow along with Timothy on LinkedIn and check out all the links above 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


Aug 31, 202301:00:42
Why Systematic? Why CTA? Why Now? A panel event with Mercer, Campbell, EMC Capital, & Resolve

Why Systematic? Why CTA? Why Now? A panel event with Mercer, Campbell, EMC Capital, & Resolve

Why Systematic? Why CTA? Why Now? These are common questions on the minds of many professionals in the Managed Futures field. On this episode of the Derivative podcast, host Jeff Malec takes on a unique role as a featured guest on a panel recently hosted by RCM Alternatives in Chicago alongside Cohen & Company and Mercer.

While Jeff is usually the one leading the discussions, this time, he gets the opportunity to be a participant alongside other industry experts. Together, they delve deep into the inner workings of various trading models. The main focus of the discussion is to understand how these models function, distinguish between pod-shops and multi-strat data infrastructure, and explore the role of A.I. in the industry.

Additionally, they discuss the differences between systematic macro and trend-following approaches.

  Joining Jeff on the panel are Joe Kelly from Campbell, Brian Proctor from EMC, and Rodrigo Gordillo from Resolve. The conversation is both insightful and engaging, shedding light on the world of Managed Futures Hedge Funds — SEND IT! Chapters:

00:00-01:42=Intro

01:43-15:41=Approaching CTAs – Why now for systematic macro? Inflation, stacking (yes + this)

15:42-25:57=Current state of rising interest rates & trend following diversification

25:58-40:25=Machine learning: Parameter sets, Data, managing risk, A.I., & no emotions

40:26-48:49=Discretion: When, Why, or do we use it?

48:50-01:11:06=Questions? Let's open it up to the audience

Follow along on Twitter with Rodrigo Gordillo @RodGordilloP, Mercer @mercer, & Cohen & Company @CohenCPA 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



Jul 27, 202301:11:07
Trend Following Plus Nothing with Jerry Parker

Trend Following Plus Nothing with Jerry Parker

What do you do when you’ve already done everything there is to do in trend. Managed billion of dollars: check. One of first to run a trend following mutual fund: check. Trend following on individual equities: check. You push the envelope again, and convince the folks that create ETFs that you actually can pack your fully diversified equities plus futures portfolio into an ETF wrapper.  On this episode of The Derivative, we sit down with the legendary Jerry Parker, a former Turtle Trader who’s newest effort is an ETF product called ‘Trend Following Plus Nothing’.  

Jerry and Jeff explore a wide range of topics, including whether multi-billion CTAs sold their (trend) souls to get there, just why nobody really tries to trend follow on individual equity names. Seeing a green light when they tell you it can’t be done. Jerry also opens up about finding the perfect balance of personal risk and mental fortitude to achieve success in trend following while sharing some personal anecdotes, including his love for pet birds. 

Discover the power of trading components instead of an index of components, the impact of Fed limits on trend, and the intricacies of volatility targeting (hint: Jerry doesn’t believe in it). We'll also delve into the art of portfolio construction, the virtue of trend following impatience, the true essence of trend following as an inflationary hedge, and so much more — SEND IT.

Chapters:

00:00-02:00=Intro

02:01-04:50= No birds allowed on Long Island, NY

04:51-16:38= The journey creating the new ETF needed diversification

16:39-30:02= Replication – what’s your limit? Hard=Simple/Simple=Hard

30:03-41:45= Market Makers, Outlier Moves, and what’s deserving of your portfolio

41:46-48:50=Embracing the Trend Following philosophy

48:51-01:00:02= The narrow road taken

01:00:03-01:03:29= Trend following+nothing

From the episode: The Swiss(Franc) isn’t all that neutral – blog post

Trend Following Turtle Tails (and Tales) with Jerry Parker - podcast Check out our Trend Following whitepaper!

Follow along with Jerry on Twitter @rjparkerjr09 and visit ChesapeakeCapital.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


Jul 20, 202301:03:30
The World of Equity Hedging, Part II with Jason Buck

The World of Equity Hedging, Part II with Jason Buck

Jason Buck is back in this follow-up, Part II episode rehashing all the goings on at Global EQD '23, and he's continuing the conversation on equity market hedging, not to mention interest rate, currency, and more hedging – plus volatility markets and investment strategies with host Jeff Malec. 

Jason and Jeff discuss what was discussed, including the influence of Fed policy, abnormally low volatility in equities, cross-asset volatility, and the relationship between skew and put options. Tune in to discover the risks associated with high-frequency trading (HFT) firms in the zero-day-to-expiration market and gain insights into balance and risk management. 

Explore supply and demand dynamics, black swan events, and the perspective of market makers. Gain valuable knowledge on the interplay between institutional and retail traders, the importance of diversification in building portfolios, and the comparison between systematic and discretionary approaches to investing — SEND IT!

Chapters:

00:00-01:31=Intro

01:32-10:07= Leaders in Vol – Monetizing Vol, Skew vs puts & commodity Vol can’t be suppressed

10:08-26:00= The volume of ODTE options & when retail flow becomes toxic

26:01-32:55= Complexity, probability & path dependency: Building a resilient portfolio

32:56-48:43= Systematic vs discretionary, the importance of dispersion

48:44-58:54= Fixed income factors and a panel too short


In case you missed it: Check out Part I of this EQD Breakdown here!

Follow along on Twitter with Jason ⁠@jasoncbuck ⁠and ⁠@MutinyFunds⁠ for all updates and also check out the website ⁠mutinyfund.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


Jul 13, 202358:54
Volatility (LIVE IN VEGAS) panel discussion

Volatility (LIVE IN VEGAS) panel discussion

We're doubling down on the knowledge and taking you through the high-stakes world of Volatility with a special "Derivative Podcast" straight from the world's entertainment capital, Las Vegas. Join host Jeff Malec and our panel industry heavyweights Cem Karsan, Luke Rahbari, and Zed Francis as they delve into the intriguing market dynamics and risk management world.

From the role of Volatility as an asset class to the impact of retail platforms like Robinhood and TikTok, our panelists explore the ever-evolving trading landscape. Discover the power of probabilistic decisions in options trading, uncover the significance of liquidity, and gain insights into the art of positioning for success. These experts also shed light on the challenges of managing risk in an unbalanced options market, examine the role of market makers, and analyze the implications of the Federal Reserve's actions. 

This episode provides a jackpot of insight surrounding the fascinating interplay between Volatility and macroeconomics, providing valuable perspectives on inflation, fiscal policy, and market trends — SEND IT!

Chapters:

00:00-01:23=Intro

01:24-12:57= Approach to Volatility & its role in a portfolio

12:58-27:32= Playing the game & options liquidity

27:33-45:32= OTDE Options, hedging your risk, & who blows out in this market?

45:33-01:05:12= Art or Science? Systematizing a strategy / Effects of hedging Vol & short-term Vol in the markets

01:05:13-01:27:13 = Opening up for questions: Constraints on the Fed, Protection on the tails, Are the giants (large funds) in control?

Follow along on Twitter with Cem Karsan @jam_croissant, and Luke Rahbari @luke_rahbari for all their updates and for more information visit kaivolatility.com, equityarmorinvestments.com, & convexitas.com


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

Jun 29, 202301:27:14
Replicating Babies, Trend Following, Hedge Funds, and Warren Buffet with Corey Hoffstein

Replicating Babies, Trend Following, Hedge Funds, and Warren Buffet with Corey Hoffstein

If a replicant in the 1980s sci-fi classic Blade Runner was a genetically engineered, bio-enhanced person with para-physical capabilities, "composed entirely of organic substance," created for slave labor – what does that make Corey Hoffstein and his takes on replicating?  On this episode of The Derivative, we're joined by the model flirting, possible replicant, Corey Hoffstein, who takes us through the intricacies of replication strategies, comparing different approaches and digging deep into the pros and cons of indices vs strategies vs replication. Learn about the challenges faced by replicators in the hedge fund industry, the importance of benchmarks, and the complexities of dispersion in managed futures. 

Corey and Jeff provide insights into the factors that drive trend-following performance in different markets, explore the potential of alternative markets for managers, and delve into the replication of Warren Buffett's strategy, decoding its secrets. Plus, Corey discusses risk weighting, the role of market makers in the ETF ecosystem, and the integration of AI in various domains. This conversation goes beyond robots writing catchy descriptions. Get ready to become a replicant — SEND IT!

Chapters:

00:00-02:04= Intro

02:05-04:13= Babies are easy

04:14-22:20= Efforts in Replication & Leveraged equity

22:21-33:14= When did CTAs, MFs, and Trend Following, become synonymous? Explaining Dispersion

33:15-41:52= Two ways to replicate a strategy, first up: Top Down

41:53-56:07= Replicating a Strategy: Bottom Up

56:08-01:04:29= The immaculate rebalance & not everything needs to be in an ETF

01:04:30-01:10:09= Chat GPT – Good, bad, or ugly?

01:10:10-01:19:21= Word association


Follow along with Corey on Twitter @choffstein and for more information on Newfound Research visit thinknewfound.com. Also make sure to check out Corey's podcasts Flirting with Models & Pirates of Finance!


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

Jun 15, 202301:19:21
Global EQD ’23 Breakdown with Jason Buck (part 1)

Global EQD ’23 Breakdown with Jason Buck (part 1)

Didn’t get the chance to head to Vegas for the Global EQD conference. No worries. We’ve got you covered.

We're teaming up with the one and only Jason Buck of Mutiny Funds, he of many volatility-focused podcasts and manager of a long vol fund of funds. Together, Jeff and Jason walk through their notes from attending the annual equity derivatives-focused conference put on by the good folks at EQD. Make sure to head over to www.eqderivatives.com and signup for their official notes. Meanwhile, they go deep on many topics, from accessing commodity markets and traders in China, addressing liquidity concerns on execution desks, and exploring the nuances between variable annuities and index-linked annuity products. 

Jason and Jeff delve into alternative correlated hedges with cheaper volatility, examine volatility strategies in ETFs, and analyze the role of leverage in finance. Jason also shares his hot takes on various topics, including the allure of Las Vegas to the fascinating world of greenflation and energy, where wind farms and Dr. Copper play a significant role. No EQD stone is left unturned — SEND IT!

P.S. Mark your calendars for Part 2, dropping over on Jason’s Mutiny Investing podcast, where Jeff and Jason will take you even deeper into the fascinating world of finance, energy, and investments. 


Chapters:

00:00-02:04= Intro 

02:05-7:20= Vegas Hot takes: $200 mins = inflation, 6 to 5<> 3 to 2

07:21-21:21= Greenflation/Energy: Windfarms, Dr. Copper, Commodities, & trouble areas

21:22-40:57= Institutional Hedgers, Insurance hedging, the sticky nature of assets & finding alts with cheaper vol

40:57-59:29= Volatility in ETF Wrappers: Not all strategies are created equal with ETFs, Too small/too big, & branding matters


From the episode: Check out Jason on the Mutiny podcast and make sure to subscribe to catch Part II of this episode premiering soon!

Follow along on Twitter with Jason @jasoncbuck and @MutinyFunds for all updates and also check out the website mutinyfund.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

Jun 08, 202359:29
The Current state of Commercial Real Estate: Armageddon or Overblown? Setting things straight with Matt Lasky of Equity Velocity Funds

The Current state of Commercial Real Estate: Armageddon or Overblown? Setting things straight with Matt Lasky of Equity Velocity Funds

We’re back! Hitting first up with the question of where the current state of Commercial Real Estate is at since COVID. Is the market coming back? Were the hits too hard with everyone out of the office? We’re looking at all the aftermath with Matt Lasky of Equity Velocity Funds, where the pain points are, who kept afloat, and how the market has changed since the vacancy or ‘phantom occupancy’ of Commercial buildings. In this episode, we talk with Matt about the commercial real estate bubble bursting, inflation & debt cliff, leverage factors, new lending standards, the difference between debt and equity & the challenges of bringing on new supply in real estate.

Were there any success stories in all of this mess? Find out as we dive in with Matt as he gives us a closer look at just what is going on in the current state of Commercial real estate. SEND IT!


Chapters:

00:00-02:40=Intro

02:41-10:32= Commercial real estate services/wellness, growth markets & did Red States during COVID save businesses?

10:33-24:21= Big Trouble? Real estate Armageddon viewpoint: Where’s the pain? Cost of Cap, Loss of Value & Phantom occupancy

24:22-39:37= Equities getting hammered, Leverage factors, short-term living spaces & the move to SOFR

39:38-50:26= Dead funds “loan to own”, Private Credit, Yield alternatives & bringing new supply to real estate

50:27-01:06:18= Leaders in real estate, Conversions, Diversification with Managed futures & Healthcare locations

01:06:19-01:11:07= Real Estate Market Outlook


Follow along with Matt on Twitter ⁠@MattLasky & check out equity.net 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

Jun 01, 202301:11:07
Adding Spreads and Options to Trend Following, with Moritz Seibert

Adding Spreads and Options to Trend Following, with Moritz Seibert

We’re back in the trend space this week, diving into the pros and cons of classic trend following, as well as exploring new methods of trend, including building new “markets” with calendar spread data and trying to reduce the infamous trend open trade give backs with some option trades. Not to mention some talk on how investors have gone soft in their desire for low vol.  

Jeff sits down with Moritz Seibert, the CEO of Takahē Capital, to talk about the rise of conditional payouts and payments, the peak of exotic structures in 2007 and 2008, and how to build a robust, diversified portfolio that can weather any storm (hint: trend following). Jeff and Moritz debate the importance of a systematic manager having an opinion on markets, whether a small market like OJ can actually make a different in a large, diversified portfolio of markets, and why the best trade entries are often times the painful ones. SEND IT!

Chapters:

00:00-01:45=Intro

1:46-4:58= No snow for Europeans

4:59-20:31= Exotic risks, trading options & quantitative strategies

20:32-31:22= Adding liquidity & getting maximum exposure to outlier markets

31:23-50:55= Launching Takahe Capital: Resilience, diversifying your portfolio & finding spreads in trend markets

50:56-01:00:03= Factors causing spread moves, buying the high & the inconvenient trade

01:00:04-01:12:25= This is what trading is & the value of Trend following

01:12:26-01:17:01= Skiing Arosa

Follow along with Moritz on Twitter @moritzseibert & Takahe Capital @TakaheCapital and check out his website takahecapital, and his free newsletter twoquants 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

May 11, 202301:17:01
AI isn’t coming…it’s already here, with Adam Butler and Taylor Pearson

AI isn’t coming…it’s already here, with Adam Butler and Taylor Pearson

How fast is the fast moving world of AI moving after the launch of Chat GPT and crazy pace of new apps and tools. It turns out…. Really Fast!  There’s AI tools that can write blog posts, create images, act like a hedge fund lawyer, review a disclosure document, and more. All of it brings up many questions. Are we living in a world where these AI machines take over our jobs? Can we expect better market research, analytics, trading signals, and alpha?  Can humans and AI coexist in the finance industry? On this episode of The Derivative, Jeff Malec sits down with Adam Butler of Resolve Asset Mgmt and Taylor Pearson from Mutiny Funds to discuss all that’s happened and is happening in the AI space lately.  

From machine learning to natural language processing, the conversation covers various topics related to AI's role in finance, including its impact on job opportunities, ethical considerations, and the potential for innovation. Pearson and Butler also share their insights into how AI can help improve everything from day to day tasks to investment strategies. Take a listen to learn more about AI's influence on the finance industry and whether it's a friend or foe to finance professionals on this episode of The Derivative - SEND IT!

Chapters: 00:00-02:00= Intro

2:01-15:15= A low adoption to ChatGPT, RHLF Tuned sophisticated models & A.I. emerging from our input

15:16-27:50= Theory of Mind: Replicants? Content advancements that are changing the world

27:51-40:29= Exploring the tools of ChatGPT, is A.I. getting too much of our info? We’ve just scratched the surface

40:30-54:02= Is ChatGPT use stretching morality? A better understanding of how to correctly use ChatGPT in moderation

54:03-01:05:51= Has ChatGPT helped with machine learning? Creating conditions for A.I. to thrive / Opening Pandora’s box

01:05:52-01:18:04= The Multi-Polar trap, proof of personhood & who owns the training data?

01:18:05-01:25:33= How ChatGPT affects the hedge fund world? Is Big Tech holding back? & the human component

01:25:34-01:30:50= Last thoughts – Good, bad? Who will run this tech? Living in the Dystopia we deserve

Follow along with Adam Butler @GestaltU and Taylor Pearson @TaylorPearsonMe on Twitter and also make sure to check out their websites Resolve Asset Management & Mutiny Funds 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




May 04, 202301:30:50
Alt (Digital) Trend Following with Sarah Schroeder of Coinbase Asset Mgmt.

Alt (Digital) Trend Following with Sarah Schroeder of Coinbase Asset Mgmt.

How do you get a job at a top quant shop?  With a little love from grandma?! How do you navigate a systematic strategy in the fast-moving world of digital assets? On this episode of The Derivative, Sarah Schroeder of Coinbase Asset Management (formerly One River Digital) covers a range of topics related to crypt/digital assets, including the formation and vision of One River Digital, its purchase by Coinbase, the importance of counterparty risk management, trend-following and directional strategies, allocation to digital assets, central bank digital currencies, and the role of women in the hedge fund space. 

Schroeder shares insights into her experience working at AQR as a portfolio valuer and discusses the unique alpha models for different tokens, investment strategies, and fundamentals in the digital space. The conversation also touches on the potential for significant directional shifts in digital assets, the barrier to entry into the space, the personal and professional use of crypto, and the role of central banks launching their own coins. Shroeder closes the episode with advice for young women getting into the hedge fund space and the importance of having good mentors in one's career — SEND IT!

Chapters:

00:00-01:42=Intro

01:43-13:13= Go Grandma! Playing chicken with Goldman & AQR

13:14-24:08= Alt Market Trend Following @AQR to Crypto Curiosity

24:09-35:15= One River Digital bought by Coinbase / Asset Mgmt for Institutional investors

35:16-45:27= FTX Crisis, counterparty risk,  an urgency to trade & choosing your vessel for choppy seas

45:28-01:00:18= A unique model to Trend Following, shifting risks, monetizing trends & driven by retail

01:00:19-01:14:30= Directional Strategies, going short with digital & finding liquidity in the tokens

01:14:30-01:26:26= Trend allocators in long token exposure, mixed connotations about “Crypto” & having a slice of digital in your portfolio

01:26:27-01:34:38= A coin for everyone: Central banks & digital currencies – Does privacy go away or is it a social good?

01:34:39-01:44:58= Women in the hedge fund space: Curing periods, credibility & good counsel


Visit oneriveram.com, coinbase.com and the coinbase blog 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



Apr 27, 202301:44:58
Stories for Traders: A Trend followers’ journey through it all with Andrew Strasman of Totem Asset Group

Stories for Traders: A Trend followers’ journey through it all with Andrew Strasman of Totem Asset Group

Have you ever wondered how successful traders make their fortunes in the markets? In this episode of The Derivative Podcast, we explore the world of trend following with a master in the field, Andrew Strasman. Here first-hand about his journey as a trend follower, from his early days in the trading pit to his experience in the real estate market and the birth of high-frequency trading.

Throughout the discussion, Jeff and Andrew talk about the importance of risk management, position sizing, and having a stop order in place. We'll also dive into the problem of shorting cryptocurrencies and trying to predict market winners.

Uncover the significance of monitoring trades from inception to conclusion and implementing stop orders, and delve into the no-nonsense approach towards the financial crisis of 2008, the global impact of central bank digital currency, the utilization of CTA indices, the methods by which conventional trend followers generated alpha, and a plethora of other captivating topics — SEND IT!

Chapters:

00:00-01:29=Intro

01:30-12:52= The turtle Quiz & Skiing creekside

12.53-36:47= First taste of Trend Following, Board of Trade shenanigans, early days of high-frequency trading

36.48-54:00= A French Trading company, DRW days & You vs. Yourself

54:01-01:19:53= Earning your stripes, 40in20out: importance of stop-orders & your pure dollar at risk

01:19:54-01:30:58= Totem: the spark between boldness & humility / Central Bank high jinx

01:30:59-01:46:26= Vol targeting: Last year’s darling is this year’s heel & Side-stepping Trend Following


Check out Andrew's websites for more information at totemasset.com & 40in20out.com & follow along with Andrew on LinkedIn for all the latest news.

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




Apr 13, 202301:46:26
What are the Options for tech employee Options, With Bryce Emo of Sidecar Financial

What are the Options for tech employee Options, With Bryce Emo of Sidecar Financial

Today’s episode we are passengers on Bryce Emo’s rig, as we ride along and chat about how his company Sidecar Financial assists in providing private company shareholders the knowledge and network to find what can be life-changing liquidity. Bryce explains why stock option-based employees at big tech companies need the “lending hand”, and covers all the avenues available in helping navigate their journey to success with education on the options for their options.

Bryce & Jeff are climbing the wealth ladder chatting about “unicorn” tech companies, what recent layoff’s in this space did to the buy and sell side of secondary markets last year, thoughts on the advancement in A.I., and also don’t miss both of their Half-baked investing ideas that are surprisingly not too shabby. So, take a seat next to us, hear about Bryce being a leprechaun at Notre Dame, and get ready for an entertaining discussion! SEND IT!

Chapters:

00:00-02:23 = Intro

02:24-06:29 = Leprechauns to Unicorns?

06:30-18:24 = Public stock vs private stock & finding liquidity

18:25-34:00 = Why aren’t companies looking for the carrot themselves?

34:01-50:44 = Equity lending, Sellers, Institutional buyers & Secondary markets

50:45-57:12 = Companies biggest pitfalls & thoughts on A.I.

57:13-01:08:09 = Half-baked Ideas – what’s a drunk elevator?


For more information please visit sidecarfinance.com or follow Bryce & Sidecar Finance 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 not an offer to buy or a solicitation to sell a security the podcast is a discussion pertaining to one or more investment strategies and or asset classes and is not a discussion of any specific offering past or present of securities. As a reminder, there is no guarantee that any investment or strategy will perform as targeted. Past performance is no guarantee of future performance and any investment involves risk of the loss of some or all principal invested. The podcast contains statements intended for educational and hypothetical purposes only, and is not to be construed as a primary as a promise of performance. information presented herein reflects the opinions of the speakers and is from sources believed to be reliable that all information is subject to change. You should always speak to your finance and or tax professional prior to investing Securities offered through Emerson Equity LLC Member FINRA coppice. Only available in states where Emerson equity LLC is registered Emerson Equity LLC is not affiliated with any other entities identified in this communication.

Apr 06, 202301:08:09
Searching for Volatile Macro Environments with Alfonso Peccatiello, The Macro Compass

Searching for Volatile Macro Environments with Alfonso Peccatiello, The Macro Compass

What was the short-lived SVB baking crisis all about?  Has it forced the Fed’s hand?  Are we done tightening? Lots of Macro questions so who better to dig into it with than the appropriately nicknamed Macro Alf. In this episode of The Derivative, we sit down with Alfonso Peccatiello, founder of The Macro Compass and owner of the wonderful Twitter handle @MacroAlf to discuss the challenges of generating alpha in a low-volatility environment. 

Peccatiello shares his experience of working for ING Bank and managing the Treasury Department's investment portfolio, how regulatory forces have pushed the large players into what looks currently like the wrong investments. They explore the difficulty of generating more return by taking the same amount of risk, especially in a market where the last basis point of carry of risk premia available was the name of the game.

Alfonso and Jeff also delve into the bond market's predictive ability (or maybe more fair to say inability) and its role in predicting the economy's future, the importance of risk management, and the blending of systematic and discretionary processes in making investment decisions. They emphasize the need to consider various factors when analyzing the bond market and interpreting its nuances, plus so much more!

So sit back, relax, and get ready to learn valuable insights into investment and macro trading and the challenges faced in generating alpha in a low-volatility environment — SEND IT! 

Chapters:

00:00-02:18 = Intro

02:19-14:54= It’s Alf! Regulatory schemes, Bond exposure, Macro volatility, & Quitting the bank

14:55-25:34= Real Estate: The largest asset class under pressure

25:35-35:38= The Macro Compass – Blending Risk appetite, Research & tools

35:39-50:39= The fall of SVB: regulations, funding & risk management & The Swiss Credit Suisse

50:40-01:02:48= Off the Radar: China & its reopening


From the Episode: Fed Pricing chart

Follow Alfonso on Twitter @MacroAlf and check out his research, podcasts, and more at ⁠TheMacroCompass.com and subscribe!


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

Mar 30, 202301:02:48
The Conscientious Culture behind Risk Control with Kapil Rastogi of PlusPlus

The Conscientious Culture behind Risk Control with Kapil Rastogi of PlusPlus

As investors and traders, we all strive for success in the markets. But what sets the best apart from the rest? According to Kapil Rastogi, the President and co-founder of PlusPlus Capital Management, it's all about having the right culture. Ranking among the best in the industry in RCM’s semi-annual rankings report for best risk control certainly doesn’t hurt either.  

In this episode of The Derivative, Kapil shares his insights on a range of topics, including his personal journey to becoming an investor and trader, how compensation structure and successful backtesting can be at odds, and his unique approach to a behavioral approach to trading. He also delves into the importance of culture versus strategy, why most investors are asking the wrong questions, and how to identify a firm with the right culture. With a focus on the two components of success, strategy, and culture, Kapil highlights the significance of hiring the right people and fostering a positive culture.

Kapil and Jeff also discuss the concept of skew and how it affects risk, the importance of minimizing drawdown, and how the recent bond volatility has played out in the markets. Through his experience and expertise, Kapil offers valuable insights into what it takes to succeed in the world of risk control. Tune in to learn more about the conscientious culture behind risk control — SEND IT!

Chapters:

00:00-02:14 = Intro

02:15-11:47 = Getting started with Neiderhoffer & backtesting blunders

11:48-30:49 = Meticulous Backtesting, complex behavior models & why A.I. can’t replace intuition

30:50-47:40 = Culture vs Strategy: The five types of Culture

47:41-01:04:21 = Risk control, minimizing drawdown & a simple definition of skew

01:04:22-01:19:58 = A calculated response to the SVB events

01:19:59-01:18:41 = Sports vs Hedge funds: staying above your high water mark


Check out Kapil on LinkedIn and visit pluspluscapital.com for more information on PlusPlus Capital Management

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

Mar 23, 202301:18:42
Setting the record straight – Trend following: the proof is in the track record with Marty Bergin of DUNN Capital

Setting the record straight – Trend following: the proof is in the track record with Marty Bergin of DUNN Capital

When it comes to investing, there are countless strategies to choose from, each with its own set of pros and cons. One strategy that has stood the test of time is trend following, a technique that involves analyzing market trends and making trades based on those trends. Despite its proven track record, some investors remain skeptical about trend following, perhaps because they don't fully understand how it works or they've been burned in the past by unsuccessful trades.

In this episode of The Derivative, Marty Bergin, CEO of DUNN Capital Management, discusses trend following's success and the impact of interest rates on other markets. He stresses the importance of diversifying portfolios by seeking uncorrelated markets and accepting losses as a crucial part of trend following. The episode also delves into Bergin's company's adaptive risk profile and different methods traders can use to adjust their risk profiles, providing valuable insights and predictions for the future.

You won't want to miss these critical insights into trend following and predictions for the future. So what are you waiting for? SEND IT!

Chapters:

00:00-01:51 = Intro

01:52-16:24 = RV Disaster Recovery, the History of DUNN, Bill Dunn & the System

16:25-30:23 = A long track record, an Adaptive risk profile, influences by interest rates & capturing the upside

30:24-36:47 = Good & Bad years: what’s the driver? & Vol targeting

36:48-50:33 = Investors & the impact on trend following

50:34-57:55 = Replication of products & new technology

57:56-01:03:51 = What’s the Future for Trend?

For more information on Marty Bergin & DUNN Capital visit DUNNcapital.com 

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

Mar 16, 202301:03:51
WTF?! Will 0DTE Cause Gammageddon? With Mike Green and Craig Peterson

WTF?! Will 0DTE Cause Gammageddon? With Mike Green and Craig Peterson

WTF is “Gammageddon”?  What do 0DTE options have to do with it?  Should I be fearful? Should I be greedy? We’re getting into all of it in this episode where we dig into just what zero days to expiry (0DTE) options are, who’s trading these things, who’s on the other side, and why (and why not) any of it could matter to investors… to option traders…..to the VIX.  On the latest episode of Derivative, Jeff talks with Mike Green and Craig Peterson about what is really happening down in the options weeds as the industry’s newest product makes headlines.

During the discussion, the trio covers a range of topics, including why quarterly options may be better than annual, weekly better than quarterly, and of course, daily better than weekly. They talk the decay of options, the participation of retail investors, the ins and outs of gamma hedging, and the similarities between selling calls and selling puts. They also explore the dynamics of gamma explosion and risks involved in trading something which expires before it clears (WTF indeed). So, sit back, relax, and tune in to WTF! GAMMAGEDDON? — SEND IT.

Chapters:

00:00-01:30 = Intro

01:31-12:54 = Tier 1 Alpha, ODTE defined, are we barrelling towards Gammageddon?

12:55-26:15 = ODTE options: Who’s buying, who’s selling? & it’s exposure to risk

26:16-41:49 = Do ODTE options dilute the VIX, is it really broken?

41:50-51:41 = GEXs & Gamma: bring on the noise

51:42-01:03:22 = How does it all end? Comparisons of trading volumes

01:03:23-01:06:53 = Crypto Victory Lap?

From the episode:

Charts in order during episode 

Previous episodes with Mike Green:

Straddles, SVXY, and (GAMMA) Scalping with Logica’s Mike Green

Hedge Funds vs ETFs, Passive vs Active, 70s Inflation vs now, & Commodities vs CTAs with Simplify’s Mike Green

Follow along with Mike on Twitter @profplum99 and Tier1 Alpha @t1alpha

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


Mar 09, 202301:06:54
You still don’t have enough Trend Following or Foreign Equity exposure with Meb Faber

You still don’t have enough Trend Following or Foreign Equity exposure with Meb Faber

Grab your favorite trucker hat/baseball cap, and settle in for this episode where Jeff picks Meb Faber’s brain on everything from skiing to picking an investment advisor because they can get you on at Riviera Country Club.  We’ve got Meb Faber back on the show to nominally talk about trend following – but as often happens with Meb – we get into a bunch from global equity exposure, to market cap weighting, to Japan's dot-com bubble, de-globalization, investing in U.S. stocks, and the value of trend in a low-inflation environment.

Meb and Jeff explore Meb’s first exposure to trend following (yes, it has a ski story attached) and discuss the optimal portfolio allocation to trend, and the problem with replicating private equity. They touch on passive investing, how to choose a trend-following fund, and the current state of the market. Plus listeners can gain insights into the ETF and RIA space, and speaking of space – hear about start-up investing in farmland and space — SEND IT.

Chapters:

00:00-02:00 = Intro

02:01-12:50 = Skiing in Japan to global market cap weighting & Japan’s real estate bubble

12:51-27:46 = De-Globalization, Why everyone’s overinvested in U.S. stocks, Value/Trend and inflationary environments

27:47-47:30 = First exposure to Trend Following, what’s the optimal portfolio & the problem with a private equity replication strategy

47:31-59:58 = Passive investing, how do you choose a trend following fund & current state of the market

01:00:19-01:06:13 = What’s going on in the ETF & RIA space – where is it headed?

01:06:14-01:12:47 = Start-up investing – Farmland & Space

01:12:48-01:17:49 = Mebs’ Top Ski Spots

From the Episode:

The Case for Global Investing | Meb Faber asks: Why aren't more investors allocated to trend following?  |  Journey to 100x

Guide to Trend Following whitepaper

Follow along with Meb on Twitter @MebFaber and check out mebfaber.com, and his podcast The Meb Faber show.

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

Mar 02, 202301:17:49
Volatility as an Asset Class with Jason Buck, Zed Francis, Rodrigo Gordillo, and Luke Rahbari

Volatility as an Asset Class with Jason Buck, Zed Francis, Rodrigo Gordillo, and Luke Rahbari

We’re back this week bringing you the second half of our Miami event - sharing the open discussion and panel portion that focused on volatility as an asset class. The panel was quite the collective of talent, with Luke Rahbari, CEO of Equity Armor Investments, Zed Francis, CIO and co-founder of Convexitas, Rodrigo Gordillo, president of Resolve Asset Management and Jason Buck, CIO and co-founder of Mutiny Funds.

In this packed VOL episode these four stir up an interesting discussion on volatility as an asset class, why we should care about volatility, and why it's necessary to have protection in your portfolios. How volatility comes in waves, and we need to be ready to react to its movements. Defining volatility vs risk, rebalancing your portfolio, offense + defense, low volatility, long volatility, these are just a few topics that are being dissected in this episode and it’s a conversation you don’t want to miss!

Chapters:

00:00-01:43 = Intro

01:44-29:23= Volatility as an asset class, Why should we care, offense + defense, the world & diversification

29:24-43:02 = Defining Volatility vs risk, the importance of rebalancing your portfolio, & how volatility performed in 2022

43:03-01:02:08 = Role of players in the market, Options, Liquidity & Overlaying strategies for low Volatility

01:02:09-01:21:47= Key Q&A’s on Volatility


Follow along with our panelists on Twitter @RodGordilloP, @jasoncbuck, @convexitas, & @luke_rahbari

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

Feb 23, 202301:21:48
We’re Back!! Talking Trend, Miami, and Volatility with Nasdaq’s Kevin Davitt

We’re Back!! Talking Trend, Miami, and Volatility with Nasdaq’s Kevin Davitt

We're back with a new episode of The Derivative, and this time we're talking all things trend-following, Miami, and volatility with Kevin Davitt from Nasdaq.

This episode starts by clarifying some questions about trend-following strategies and sharing some quick thoughts on volatility in 2022. It was a unique year for trend following, with different sectors showing up at different times and overlapping, making for a much smoother experience than we've seen in the past.

We also discuss the importance of embracing uncertainty, being proactive, and investing in relationships, as well as the common misconceptions around trend following and managed futures.

If you're interested in learning more about trend following, managing volatility, and building relationships in the industry, be sure to give this episode a listen!

Chapters:

00:00-01:47 = Intro

01:48-13:32 = Clearing up questions about Trend Following strategies & Quick thoughts on Volatility in 2022

13:33-43:55 = Embrace Uncertainty, Be Proactive & Invest in Relationships with Kevin Davitt

Stay tuned for the panel discussion in Part II of this episode next week!

Follow along with Kevin on Twitter @kpdavitt13 and check out his recent articles writing for Nasdaq, and for more information on Nasdaq visit nasdaq.com

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

Feb 16, 202343:55
Why hasn’t “VOL” done better amidst stock market losses in 2022 with Logica’s Wayne Himelsein

Why hasn’t “VOL” done better amidst stock market losses in 2022 with Logica’s Wayne Himelsein

Despite the market being down substantially this year, bouncing around inside of bear market territory, it's been a bit of a challenging year for long-vol traders. Simply put, the Vol spikes we’ve become accustomed to getting with a down market haven’t materialized as much.  While the retracement of vol on bounces higher in stocks has remained. it's hard not to think, "What is going on?!'  And that's why we're putting Wayne Himelsein, CIO at Logica, in the 'Vol' seat to share what he's witnessed in 2022.

In our final episode of 2022, Jeff and Wayne delve into a variety of topics like; the lack of Vol sensitivity, contagion risks, and feedback loops, digging into Logica's straddle strategy, paying for long-term exposure, problems with machine learning, and is there enough data for machines and quants to work with when it comes to volatility? Tune in to see if this new Vol regime is our new normal — SEND IT!

Chapters:

00:00-02:23 = Intro

02:24-05:28 = Sunny California from "the bunker"

05:29-27:00 = A difficult year for Long-Vol traders: Lack of sensitivity, contagion risks, feedback loops & is selling Vol protection

27:01-41:00 = Digging into Logica's strategy: Put spreads, Gamma Scalping & protecting what you're trying to protect

41:01-51:22 = Skew vs Distribution of Return: Panic events, debunking the signal & the skew price is lower than it used to be

51:23-01:00:21 = Is there enough data to cipher the VIX? / Problems with machine learning

01:00:22-01:12:03 = Seeking strength in the straddle

01:12:04-01:16:35 = Hottest take: Vol, there is no normal

Other Derivative Episodes with Wayne:

Wayne Himelsein: The Human Behind the Hedge Fund

The Volvengers: Wayne Himelsein (Iron Man) & Mike Green (Captain America) on the derivative

Follow along with Wayne on Twitter @WayneHimelsein and check out Logicafunds.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.

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

Dec 08, 202201:16:36
What the hell is going on in logistics and is there any relief in sight? with Woodson Dunavant

What the hell is going on in logistics and is there any relief in sight? with Woodson Dunavant

This week on the Derivative we're doing it a little differently sharing our platforms with RCM's Agriculture podcast, The Hedged Edge. The Hedged Edge is back online with a guest who could be it's podcast's most important guest of all time. At a time when inflation is running rampant through the world economy, drought conditions are drying up our rivers, and the global supply of grain is scarce. We are tasked with the question, "what the hell is going on in logistics, and is there any relief in sight?"    

To help address these questions and more, Jeff Eizenberg is joined today by a man that needs no introduction to most in the physical commodity sector – Woodson Dunavant with the Dunavant Logistics company based in Memphis, TN.

Quick Links from the episode:

For more information visit Dunavant.com, follow @Dunavant_LTL on Twitter, and check out their LinkedIn & Facebook.

Direct questions for Woodson: woodson.dunavant@dunavant.com

Subscribe to The Hedged Edge on your preferred platform, and follow them on Twitter @ag_rcm, LinkedIn, and Facebook.

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.

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

Nov 17, 202235:17
Getting Long Skew in Short (term) trading models, with Quest Partner's President, Michael Harris

Getting Long Skew in Short (term) trading models, with Quest Partner's President, Michael Harris

Jeff loves it when he sits across from someone who, like him, has been in the niche-managed futures part of the investment world for their entire career. There’s not all that many of them, and today's guest, Michael Harris(@mikeharris410) fits the bill. Michael's unique backstory began within the Sales and Product Development group at Morgan Stanley Managed Futures in 1997, continued as European trader and eventual President of managed futures behemoth Campbell & Co., overlapped with time on the board of the Managed Funds Association, and continues today where he currently resides as Quest Partner's President.

Michael and Jeff talk about quantitatively positioning for long skew via short-term trading strategies and what set Quest apart to make him choose them to build on his impressive career. They also discuss a variety of topics like; the transition from the trading floor to the executive floor, what it was like in the good old days of managed futures, advice for funds that want to join the billion-dollar club, the macro risks in the world today, and so much more. Plus, we put Michael in the hot seat where he gives us his take on Crypto and digital assets — SEND IT!

Chapters:

02:50-07:57 = Work/Life balance

07:58-28:31 = Exploring the CTA macro space, Dean Witter's MF dept, John Henry's Model & Algorithmic progression

28:32-34:33 = Campbell & Co, Growing your Billion dollar fund

34:34-47:38 = Portfolio protection, trend following, adding positive skew & short-term strategies

47:39-01:02:12 = Reacting faster & embracing trend with short-term models

01:02:13-01:10:21 = the MFA: Providing education & understanding

01:10:22-01:21:29 = Hottest take: Crypto & digital assets

From the episode:

Sign up for the Quest indicator book

Quest's whitepapers & research

Previous Derivative episode with Quest Partner's Nigol Koulajian

RCM’s Trend Following Guide

Follow Michael on Twitter @mikeharris410 and for more information on Quest Partners visit questpartnersllc.com 

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 of 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.

Nov 03, 202201:21:29
Being a GenZ’er during Crypto Winter with @DeadCaitBounce's Caitlin Cook

Being a GenZ’er during Crypto Winter with @DeadCaitBounce's Caitlin Cook

How do all these smart people end up in the crypto space? Versus the hedge fund world or traditional finance, or doctor/lawyer, etc.  And how do investors separate the signal from the noise amongst all the meme stock pumps, Web 3 scams, and crypto deep dives? And is Winter coming, to borrow the Game of Thrones line…

We're sitting down with GenZ'er and FinTwit staple Caitlin Cook of the @deadcaitbounce handle, where she's diving into what it’s really like working in Crypto during the current drawdown and what drives her to pump out great content on twitter and her podcasts.

Caitlin and Jeff also discuss various topics ranging from women in finance and chicks of Fin Twit, bridging the gap in Crypto education (check out her new podcast, The DeadCaitBounce Experience), GenZer's providing professional content, and so much more! Plus, we wrap up the episode with Caitin's 3 BIG C's; Chicago, Cocktails, and Catchphrases — SEND IT!

Chapters:

00:00-01:53 = Intro

01:54-09:33 = Soccer Goals to Finance Careers via Twitter

09:34-29:28 = Chicks of Fintwit, Crypto Education, building bridges & are we now seeing a Crypto winter?

29:29-41:56 = Women in Finance & Bridging the gap in Crypto education with The DeadCaitBounce Experience

41:57-48:10 = GenZ's providing professional content while making it human on Twitter

48:11-56:47= Chicago, Cocktails & #Getoutside

56:48-01:00:39 = Hottest take

From the episode:

The DeadCaitBounce Experience: https://dcbe.podbean.com/

Follow along with Caitlin on Twitter @DeadCaitBounce and @DCBExperience

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.

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

Oct 25, 202201:00:40
WTF is LDI, and What’s working in Vol Trading with Zed Francis of Convexitas

WTF is LDI, and What’s working in Vol Trading with Zed Francis of Convexitas

Cover the kid’s ears… because we’re going back to our WTF format to ask what the actual Fingazi is going over in the UK with the bank of England raising rates, then buying a bunch of Gilts to save their pensions. The headlines say it’s some new-fangled LDI concept which led these pensions into trouble. But our guest this week, Zed Francis of Convexitas, says not so fast… the LDI actually is fine – and it was the reach for yield and adding some longer duration via derivatives which likely caused most of the problems.

Zed used to work at Legal & General – which sounds like a UK pub to us, but had a solutions group which created some of these LDI frameworks, so Zed’s in contact with some of the guys on the front lines during this shake-out. US pensions also use an LDI framework…is it coming for them too? What are the main differences between US and UK? Is duration the same as volatility in these cases? Are these pensions sort of short gamma? And of course, while we had him, why is some stuff (gamma) working in the Vol space when a lot of popular VIX/Vega based models aren’t.  SEND IT!

Chapters:

00:00-02:37 = Intro

02:38-17:20 = Pension Differences US vs UK

17:21-34:15 = Where does the risk show up, Duration & waterfall events

34:16-43:57 = Leverage: Keeping the drawer closed

43:58-55:42 = Where do Derivatives come in & how to plug the hole

55:43-01:02:02 = Struggles in Vol Strategies

01:02:03-01:11:09 = How Vol has changed


Follow along with Convexitas on Twitter @convexitas and for more information visit their website at convexitas.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.

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

Oct 13, 202201:11:09
Is there room for a VIX competitor, SPIKES founder Simon Ho sure thinks so.

Is there room for a VIX competitor, SPIKES founder Simon Ho sure thinks so.

How do you create a new futures contract?  You need an exchange. And you need something that changes in price, like a commodity market – or a financial index. This week we're diving deep into crafting an index with T3 Index's founder and CEO, Simon Ho. Simon is no stranger to the vol space, and he has worked in the options industry for over 20 years in trading, product innovation, and risk management roles.

In this episode, Simon and Jeff touch base on the various unique index products at T3, like YLD Vol, ETH Vol, and the VIX competitor SPIKES.  They talk through just how SPIKES differs from the VIX, the unusual behavior currently playing out in stock index volatility, the futures, options and ETFs based on SPIKES, and so much more. Plus, Simon gives his hottest takes. Will you be tuning in? SEND IT!

Chapters:

00:00-02:05 = Intro

02:06-11:05 = A robust background to crafting a robust index

11:06-15:53 = Helping hedge funds generate alpha & Tail risk events

15:54-25:38 = It's Coke - Here's Pepsi: Improving on VIX with SPIKES

25:39-35:37 = The unusual behavior of the current state of volatility

35:38-43:41 = T3 Index, MIAX & skew indexes

43:42-55:03 = SPIKES stress test, the creation of the VOL index & Hottest take

Show Notes:

Follow along with Simon on Twitter @t3index and for more information on T3 Index visit t3index.com and check out MIAX at miaxoptions.com

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

Oct 06, 202255:04
Hurricanes, Cat Bonds, and the Billions at Risk with Dr. Jeff Masters and Chris McKeown

Hurricanes, Cat Bonds, and the Billions at Risk with Dr. Jeff Masters and Chris McKeown

Otherworldly forces can affect the market and hurt it just as much. Hurricane Ian continues to bring surges, winds, and flooding to Florida, and we have our own hurricane swirling around the set. That's right, we're bringing two forces together this week in a mashup of two previous pods with Hurricane Hunter Dr. Jeff Masters and Re-Insurance pro Chris Mckeown. We're revisiting what Dr. Jeff has to say on hurricanes and how you can track them, and we're also talking catastrophe bonds with Chris McKeown.

You'll want to add this special episode to your playlist to learn more about; building weather models, the financial impacts of a storm, fat tails outside of financial markets… yes they are there too (let's just say it's a complex system), off-loading risk via reinsurance, CAT bonds, structural issues in an upside market, and so much more — SEND IT!

Chapters:

00:00-01:58 = Intro

01:59-20:41 =  Hurricane Hunting, “The Final Flight”, & Weather Underground

20:42-32:10 = Building Weather Models w/ 15km Global Grids

32:11-46:47 = Storm Financial Impacts, Catastrophe Bonds & Fat Tails ( It’s a complex system)

46:48-50:57 = Favorite Hurricane

50:58-51:22 = *** break ***

51:23-01:06:00 = Off-loading Risk via Reinsurance, Capital Deployment & Investor portfolio protection

01:06:01-01:13:14 = Cat Bonds & Structural Issues in an Upside Down Market

From the episode:

Check out Dr. Jeff Masters on Yale Climate Connections blog Eye on the Storm, follow him on Twitter @DrJeffMasters, and visit wunderground.com

Visit VantageRisk.com for more information on Re-Insurance, Chris McKeown and his team

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

Sep 29, 202201:13:14
The Game of Trading with SIG Alums Kris A, Tina L, & Steiner

The Game of Trading with SIG Alums Kris A, Tina L, & Steiner

We have a little saying over here on The Derivative, The More, The Merrier, and on this week's episode of The Derivative, we're not chatting with one guest, but THREE! Class may no longer be in session, but we are taking a trip down the SIG/Susquehanna memory lane and having our own class reunion with Kris Abdelmessih, Michael Steiner, and Tina Lindstrom.

If you're interested in learning how big trading firms find and teach their traders, hold on to your seat because these three give you the answer key! Kris, Tina, and Michael are in session with Jeff and discussing competing with peers, finding an option’s fair value, making markets, and being in the game of trading, educating kids with board games, and of course Steiner’s new trading board game: Stock Slam! Discover how the game works and how you can join up with these three in NYC for a live session in this three-of-a-kind episode — SEND IT!

Chapters:

00:00-2:06 = Intro

02:07-21:10 = Competing with peers & if you are teachable?

21:11-35:18 = Options, WhenTech, Fair value & Being in the game

35:19-46:09 = Are board games for fun or for learning?

46:10-57:38 = Stock Slam: Bridging to real-world concepts

57:39-01:16:24 = The components of the game & meet up in NYC

01:16:25-01:20:10 = Last thoughts

From the episode:

NYC meet-up application for StockSlam Sessions  

Check out Moontower Weekly by Kris Abdelmessih

Follow Kris on Twitter @KrisAbdelmessih and Tina on Twitter @moreproteinbars

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

Sep 22, 202201:20:10
Trends, Inflation Protection, & Getting Investors to the Finish Line with Eric Crittenden of Standpoint

Trends, Inflation Protection, & Getting Investors to the Finish Line with Eric Crittenden of Standpoint

In the chaotic world we’ve endured since 2020, it turns out all you needed was an outlier-loving strategy to get you through the storm. We’re talking managed futures and trend following in particular, which tend to thrive in periods of turmoil. But how can you effectively prepare for a wide range of market environments while still producing returns that allow for the investor to stick with the investment.  Eric Crittenden, Founder and Chief Investment Officer of Standpoint, sits down with Jeff to discuss the ever-changing trends and providing the right formula for surviving the chaos.

In this episode, Eric and Jeff take a closer look into what has changed since they last chatted on the pod in 2020; needing a healthy investor/advisor/asset manager triangle, the sweet sound of directional volatility, Trend as an inflation hedge, being short bonds(good or bad), the thankless job of a trend follower, if trend following’s long grain positions were war profiteering, and so much more! Plus, get Eric's hot take on the LME; did they do the right thing? Find out here — SEND IT!

Chapters:

00:00-01:58 = Intro

01:59-07:54 = What's changed since 2020

07:55-28:10 = Wants vs Needs, a Healthy Triangle & Directional volatility

28:11-38:17 = Trend as inflation protection, not a hedge & an All-weather video walkthrough

38:18-57:19 = Being short bonds: good or bad, the Nat Gas widow maker & the Max capacity program

57:20-01:17:21 = Foreign equities, the Nickel Mess & Trend followers are not evil

01:17:22-01:23:27 = Hot take: LME did the right thing

From the Episode:

Check out: A Story: Standpoint vs. Equities - June 2022

Eric's previous episode on the Derivative: BLNDX(ING) Trend Following and Global Equity with Standpoint's Eric Crittenden

See Eric featured in our latest Trend Following Guide

Follow along with Standpoint on Twitter @StandpointFunds and for more information on Eric and his team at Standpoint visit their website at standpointfunds.com

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

Sep 15, 202201:23:28
Nobody is prepared for a 2nd leg down, with Ari Bergmann of Penso Advisors

Nobody is prepared for a 2nd leg down, with Ari Bergmann of Penso Advisors

It's not every day you get to sit down with a Volatility veteran with over 30 years of experience…..Well, maybe it’s a bit more common here on the Derivative than elsewhere, but we’ve got a special treat with Ari Bergmann(@AriBergmann) joining Jeff on this week's Derivative episode. Listen in as they dive into where to find convexity, why that’s not the same thing as buying lottery tickets, how there’s a difference between a low price and a value, and the processes needed to maintain portfolios of convex instruments. Ari is the Founder and Managing Principal/CIO at Penso Advisors, where he leads the firm's investment committee and manages various Penso funds and clients' mandates.

Ari and Jeff are sorting through all of the Volatility mumbo jumbo and taking a closer look at the practical limits of cheap convexity, where imbalances come from in residuals and structured notes; how the ignorance of the possibility of a second leg down formed and still exists, trading complex options vs. vanilla options, the importance of monetization, and so much more! Plus, Ari is giving his hottest take on gold and why it's crucial to keep your personal life private — SEND IT!

Chapters:

00:00-01:53 = Intro

01:54-14:38 = Confusion de Confusiones & the start of Penso

14:39-24:48 = Approaching the limits of cheap convexity, residuals & structured notes

24:49-34:45 = Ignorance and Opportunities for a Second leg down

34:46-42:51 = Dual digital, complex options vs vanilla options & the importance of Monetization

42:52-52:19 = Always rebalance your portfolio

52:20-56:32 = Hottest take: Gold is good & Keep your personal life private

From the Episode:

Check out and read Confusion de Confusiones

Follow along with Ari on Twitter @AriBergmann and for more information on Ari and his team at Penso Advisors visit their website at www.penso.com 


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


Sep 08, 202256:32
The Business of Staying Wealthy with Homer Smith of Konvergent Wealth

The Business of Staying Wealthy with Homer Smith of Konvergent Wealth

For those lucky few who’ve sold a business, inherited wealth, or otherwise find themselves in the enviable position of staying wealthy, not getting wealthy – the investment game can be more about playing defense than going on offense. But how do you go about that, who do you partner with to figure out complex tax and estate issues. This week, Jeff is sitting down with Homer Smith(@HomerSmith_KWP), the founder of Konvergent Wealth Management, to dig into just how investment advisors like him go about solving the complex financial challenges end investors face.

Homer and Jeff dive into a variety of topics, including how allocating to managers differs from being an asset manager, how to add DEFENCE to build an all-weather portfolio, the benefits of return stacking (Be sure to check out this WP on Return Stacking), how to navigate and scale an investment firm, and take a closer look into the future of wealth service. Plus, we're playing two truths and a lie with Homer; tune in to see if he really is Matt Damon's stunt double — SEND IT!


Chapters:

00:00-01:13 = Intro

01:14-11:51 = Flipping the Script: How Picking the Managers differs from Being the Manager

11:52-28:34 = Adding DEFENCE to make an all-weather portfolio

28:35-37:23 = Return Stacking, Leverage & Wealth destruction in the Tech Wreck

37:24-58:56 = The RIA: Then vs Now, helping navigate life, scaling your firm & the Future of Wealth Services

58:57-01:05:06 = Two Truths and a Lie: Matt Damon's Stunt double?


Follow along with Homer on Twitter @HomerSmith_KWP and also Konvergent Wealth @KonvergentWP and for more information check out Konvergentwealth.com

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


Sep 01, 202201:05:07
There’s no Stupid Options questions, just Stupid Options Courses, SurgiFi attends Benn Eifert’s Class

There’s no Stupid Options questions, just Stupid Options Courses, SurgiFi attends Benn Eifert’s Class

Summer’s nearly over and class is definitely back in session for this episode, as we're about to get schooled on options and trying to separate the scams from the science. This week we're delivering the long-awaited episode with Dr. Benn Eifert, a Derivative appointed Jedi of Volatility from QVR Advisors, and Dr. David Rhoiney, who overcame being homeless to become a robotic surgeon who is learning the financial ropes and sharing his journey on Twitter from Surgifi.

David has questions: what do you do with all the Greeks, can’t you tell a trend is starting by analyzing options volume, what about skew?  And Benn has the answers in this entertaining 70-minute lively back and forth. They touch on being an independent thinker like David to come to your own investing conclusions, whether the options courses out there are knowingly selling lies, or more innocently peddling luck and lottery tickets. Why Black Scholes doesn’t really do anything except normalize prices…meaning there’s no secret math that lets you ‘figure out’ options. How trend following only works 25% of the time, Nancy Pelosi’s high fee LEAPS trades, Nassim Taleb’s tail hedges, why it counter-intuitively makes sense to add a losing asset to your portfolio, and so much more! Plus, we discuss should retail investors walk away from options and how not to get caught up in the index funds cult — SEND IT!

Chapters:

00:00-01:54 = Intro

01:55-21:52 = Greeks, Bid/Ask, a Tech Stack… where do you even get started?

21:53-39:36 = Implied Volatility doesn’t tell you anything about what to do

39:37-58:36 = Someone selling you a trade based on skew = run the other way

58:37-01:12:15 = Pelosi’s LEAPS? Taleb’s Tail Hedges? Why add a losing asset? 

01:12:16-01:17:22 = Hottest takes: just walk away from Options, steak is overrated, and the Devil’s nipples

From the episode:

Benn Eifert's Tweet on adding Tail Risk

Surgifi's newsletter

Follow along with Benn Eifert on Twitter @bennpeifert and David Rhoiney on Twitter @FiSurgi. For more information on QVR Advisors check out their website www.qvradvisors.com and for more on Surgifi visit surgifi.com

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



Aug 23, 202201:17:22
Using the Laws of Trading to find our edge with Agustin Lebron

Using the Laws of Trading to find our edge with Agustin Lebron

We’re breaking the law...the laws of trading, that is! On this episode of the Derivative, we're joined by Agustin Lebron, who started his career as an engineer and turned prop trader (you'd be surprised how common of a story and skill set that is) before writing his book The Laws of Trading: A Trader's Guide to Better Decision-Making for Everyone Today, Agustin is the co-founder and manager of Esselin Research, where he helps growing tech companies make better decisions using his trading knowledge.

Jeff and Agustin dive into his laws of trading, the book, and also chat on topics like; recognizing and nabbing players in small tech companies, applying the laws in a prop firm investing in crypto scenario, how and why trend following seems to break the law around having an edge, and so much more! Plus, tune in if you want to get Agustin's take on FinTwit’s stop order debate —SEND IT!

Chapters:

00:00-01:19 = Intro

01:20-12:33 = Why are engineers drawn to trading and markets?

12:34-23:49 = What is Toxic flow? And what is the edge for all these big players

23:50-37:12 = Recognizing & nabbing A players in small tech companies & Applying the Laws in Crypto

37:13-46:56 = Crypto Prop firm scenario part II: Execution, cost, automation & adaptation

46:57-50:58 = Is there any edge in Trend following?

50:59-58:25 = Hottest take: Stop orders & Leveraged ETFs


Follow along with Agustin on Twitter @AgustinLebron3 and for more information visit his website lawsoftrading.com and check out his book The Laws of Trading here.

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.

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


Aug 11, 202258:25
It's not whether commodities keep going up, it's whether they remain distinct and volatile with Tim Pickering of Auspice

It's not whether commodities keep going up, it's whether they remain distinct and volatile with Tim Pickering of Auspice

This week we're adding a different twist to our typical episode, and we're diving into WHY Commodities can be accretive in your portfolio with Tim Pickering (@AuspiceTim). Tim is the Founder, President, and CIO of Auspice Capital Advisors and leads the strategic decision-making and the vision for Auspice's diverse suite of award-winning rules-based quantitative investment strategies.

In this week's episode, Tim illustrates why the current environment could be very bullish commodities long-term, active tactical strategies, and dives into Trend following, non-correlation, CTAs ability to act as a return-enhancer, inflation protection, and much more!

Chapters:

00:00-01:52 = Intro

01:53-09:48 = Born from Canadian Commodity Country

09:49-20:08= Shell Oil and Tactical Active Strategies

20:09-29:19 = The Auspice Edge vs Buy and Hold Commodities

29:20-40:28 = The other 25%, an Agnostic approach & the Adaptive Volatility process

40:29-57:03 = Crisis Alpha Opportunities, Inflation hedges & Institutional products

Follow along with Tim Pickering on Twitter @AuspiceTim and Auspice @AuspiceCapital. And for more information on Auspice check out their website and research!

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.

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

Aug 04, 202257:03
YOLO is BS, and Investing as just one Dimension of Wealth with Brian Portnoy of Shaping Wealth

YOLO is BS, and Investing as just one Dimension of Wealth with Brian Portnoy of Shaping Wealth

Will the real Portnoy please stand up? This week's guest may not be rating pizzas worldwide in one bite, but he is an expert at simplifying the complex world of money — we're sitting down with the one and only Brian Portnoy, Ph.D., CFA. Brian(@brianportnoy) is the founder of Shaping Wealth, a coaching and content platform inspiring financial well-being globally. He also has multiple bestselling books on the psychology of money, most notably The Geometry of Wealth (which has been published in 8 different languages.)

For this interesting chat, Jeff and Brian dive into YOLOers needing to take some form of agency, where Crypto falls in the 7 dimensions of money life, behavioral conversations (rich vs. wealthy), Financial literacy, the happiness equation, investment expectations, and so much more! Plus, we get exclusive insight into how Brian is "Shaping Wealth" — SEND IT!

Chapters:

00:00-01:49 = Intro

01:50-08:00 = The Real Portnoy

08:01-20:06 = Taking some form of Agency & Does Crypto fall into the 7 Dimensions of money life?

20:07-36:36 = Behavioral conversations, Rich vs Wealthy: the Geometry of Wealth & Achieving funded contentment

36:37-46:59 = Youth financial literacy & Behavioral bias with institutional investors

47:00-01:02:10 = The happiness equation, Investment expectations & Offense vs Defense investing

01:02:11-01:08:43 = Behavioral framework


Follow along with Brian on Twitter @brianportnoy and for more information on Shaping Wealth, please visit shapingwealth.com

Check out Brian's book, The Geometry of Wealth

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.

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

Jul 28, 202201:08:44
Don’t Call it Private Equity, Seeking Value (and Tax Alpha) in Small Business with Adam Tkaczuk

Don’t Call it Private Equity, Seeking Value (and Tax Alpha) in Small Business with Adam Tkaczuk

It's not every day you get to talk about investing and food in the same conversation, and this week, refinancing, restructuring, and investing in niche businesses is on the menu with Adam Tkaczuk(@Adam_Tkaczuk). Adam is a tax consultant, project CFO, and private equity investor. He raises debt, equity, and government subsidies for projects and helps business owners reduce the tax liability on the sale of their business.

In this episode, Adam and Jeff get into "The Greatest Show on Earth" and discuss investing in distressed companies, just what deep value means, food processing and Philly cheesesteaks (we'll take a Whiz with onions, please), private vs. public equity (is the juice worth the squeeze), the true heroes of finance, tax strategies for business owners and so much more! Plus, we're playing two truths and a lie with Adam where he throws in a coffee roasting twist — SEND IT!


Chapters:

00:00-01:47 = Intro

01:48-03:45 = Choose your Fighter: Calgary Stampede or Tour De France

03:46-20:49 = Flipping distressed companies, Food processing & Philly Cheesesteaks

20:50-37:48 = Private vs. Public Equity, site selection, subsidy programs & is the juice worth the squeeze?

37:49-45:59 = Family-owned small businesses are the heroes, why not just be a plumber?

46:00-59:37 = Tax strategies for business owners, selling a business & breakdown of an opportunity zone

59:38-01:07:42 = Two Truth's & a lie? A Coffee roast profile

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From the episode:

Check out Adam's newest white paper 8 Ways to Minimize Taxes When Selling a Business

Follow along with Adam on Twitter @Adam_Tkaczuk and for more information visit ventouxholdings.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.

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

Jul 21, 202201:07:42