By RCM Alternatives
4.7
4949 ratings
The podcast currently has 183 episodes available.
To close out the 2024 season of the Derivative podcast, host Jeff Malec sits down with two friends of the pod, and friends of his - Jason Buck and Zed Francis - for a wide-ranging discussion on the state of the markets, the unpredictability of macro events, and the importance of understanding underlying structures and dynamics. The conversation begins with an exploration of the unexpected market reactions following the first Trump election (in ‘16), highlighting the challenges of the past, and ends with making sort of, semi- predictions for the year ahead in 2025. The guests delve into the concept of "volatility echoes" and how past events can influence future market reactions. The discussion then shifts to the impact of interest rates, with the guests analyzing the significant moves in the long end of the Treasury curve during the recent election week. They debate the potential implications for asset classes and the role of political influence on market dynamics. Beyond the macro landscape, the podcast also touches on the evolution of option strategies, the rise and fall of "pod shops," and the importance of liquidity and market maker strategies in stabilizing markets. The guests share their insights on navigating the complexities of the financial world. While the core of the conversation focuses on the markets, the episode also features a fun and engaging segment where the hosts and guests engage in a "Mount Rushmore" challenge, sharing their top picks for burgers, dive bars, and fine dining experiences around the world. You found it - the pod that gives you financial insights and culinary recommendations - so bring your appetite for mind and body…this ones’ juicy! SEND IT!
Chapters:
00:00-01:38= Intro
01:39-13:39= Recency Bias and the Volatility of Election
13:40-25:40= GOLD & the Delicate Balance of Market
25:41-37:29= 2024’s most interesting trades & Stability
37:30-48:51= Rates, Risks, & Realized Volatility
48:52-01:01:11= Outflows, Podshops & Random bones for
01:01:12-01:20:20= Menus & Markets: Mount Rushmores of
Follow along on X (Twitter) and LinkedIn with our guests Jason @jasoncbuck | LinkedIn and Zed @convexitas | LinkedIn
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
In this episode, Jeff Malec sits down with David Sun, an entrepreneur, trader, and fund manager with a unique journey into the world of options trading and alternative investments. David shares his unconventional path, starting as a retail trader experimenting with options strategies, particularly selling puts, before transitioning to professional fund management. He discusses the challenges and lessons learned as he navigated various market regimes, including the 2018 and 2020 downturns. The conversation delves into David's systematic approach to options trading, focusing on risk management techniques like stop losses and hedging strategies. He explains his evolution from primarily selling options to incorporating more option buying, as well as his exploration of zero days to expiration (zero DTE) options and the unique risks and considerations involved. David also shares insights into the role of behavioral biases in the markets and how he leverages data-driven research to develop robust trading strategies. He reflects on the increasing accessibility of trading tools and resources, and the valuable contributions of the retail trading community.
Chapters:
00:00-02:08=Intro
09:22-18:21= Don’t quit your day job & Option-based fund management
18:22-26:09= Mitigating gamma risk in short-dated options & Focusing on the win rate
26:10-35:47= Exploring behavioral biases and combining systematic & discretionary styles
35:48-45:39= Democratizing trading: Hedging, Volatility, Trend, and Broken butterflies
45:40-57:11= Sharing knowledge and resources: The Trade Busters podcast & bridging the gap
57:12-01:07:18= Naïve to Trends, momentum, edge? & the human behavioral bias
From the episode:
Fooled by Randomness (Book)
The Derivative episode: WTF?! Will 0DTE Cause Gammageddon? With Mike Green and Craig Peterson
Smartless podcast
Follow Along:
Follow along with David on Twitter @TheTradeBuster and also be sure to check out The Trade Busters podcast
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
In this episode, Jeff Malec sits down with Peter Polanskyj, Head of Structured Credit at Obra Capital, to delve into the firm's unique approach to investing across the insurance and credit markets. Obra Capital is a $4 billion asset manager with a specialized focus on opportunities at the intersection of insurance and credit. Peter shares insights into the diverse opportunities in this space, which spans longevity investing, reinsurance, structured credit, asset based financing, and more. Peter & Jeff discuss how origination capabilities, structuring expertise, and risk management focus are key to creating value for investors getting into these differentiated markets. During the chat, we also cover the evolving dynamics in the insurance industry, particularly in hurricane ravaged regions like Florida, and the role these kinds of strategies can play in investor portfolios as sources of uncorrelated income and diversification. Time to reinsure your market knowledge – SEND IT!
00:00-02:17= Intro
02:18-16:21= A diverse credit platform: from structured
16:22-33:28= Leveraging expertise across insurance – taking the stress off
33:29-49:43= Obra’s One-stop-shop and layers upon layers
49:44-01:03:50= Talking terms, specialized credit and
01:03:51-01:11:40= The Florida insurance market & adopting to evolving market conditions
01:11:41-01:21:14= Longevity insurance & flexible capital
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
In this episode, we explore the world of options trading with Martin Vestergaard and Michael Cameron from Carmika Partners. The conversation begins with an in-depth analysis of the volatility spike that occurred in early August, as Vestergaard and Cameron share their insights on the market dynamics and the impact on their trading strategies. The discussion then delves into the growing influence of daily options and the challenges of navigating a highly electronic and technical market. Vestergaard and Cameron provide valuable perspectives on the importance of understanding current market conditions and adapting trading approaches accordingly. Listeners will get an
Chapters:
00:00-01:38 = Intro
01:39-24:15 = August 24’ Vol spike recap
24:16-38:40 = a Quantitative Approach to Options trading
38:41-50:10= Complexities in Options landscape in 2022
50:11-01:05:43= Experience & Expertise – Backgrounds
01:05:44-01:13:38= Evolving Options
01:13:39-01:28:37= Navigating Volatility & Skew
01:28:38-01:33:31= Lessons Learned
Follow along with Carmika Partners on LinkedIn with Martin Vestergaard & Michael Cameron and check out their website at carmikapartners.com for more information!
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
In this episode of the Derivative podcast, our host Jeff
Chapters:
01:33-14:25= Navigating the Fragmented and Inefficient Muni Bond Market
14:26-29:15= Complexities in structure, credit & policy
29:16-36:28= Muni Bonds in a changing market: Opportunities & Challenges
36:29-52:37= Election/Fed cuts? The importance of tailoring your clients portfolio
52:38-01:01:00= Experiences with Muni Bonds, covid-sell offs and tax advantages
Follow along with Riverbend Capital on Twitter @Riverbend_Cap, Tom & Tim on LinkedIn, and check out their website Riverbendcapitaladvisors.com for more information!
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
In todays episode, Jeff Malec sits down with Bill Gebhardt, the founder of 10 Dynamics, to discuss his interesting career journey and the development of his unique systematic trading approach. Bill shares his background, from working on the floor of the CBOE in the early 90s to earning a PhD in finance and transitioning into the energy trading space. He provides insights into the evolution of the commodity markets, including the rise and fall of Enron, and the challenges of maintaining an edge in fundamental trading. The conversation then delves into Bill's transition to systematic trading, sparked by his exposure to a successful systematic team at
Bill explains his "allergic to optimization" philosophy and the benefits of using multiple time frames to generate positions. He also discusses the importance of risk management, operational efficiency, and adapting to changing market conditions. Throughout the episode, Bill shares his unique perspective on the markets, the role of
Chapters:
00:00-01:40= Intro
01:41-4:18= Puddle jumping to across the pond / ski adventures
4:19-14:46= Quants, Derivatives, Energies & Enron: Starting 10Dynamics
14:47-31:55= Prop trader behaviors, philosophy 101, random walk paths & systematic approaches
31:56-43:39=Time frames – why they matter, deploying risk & flat investments
43:40-53:47= Models vs traders, Quant trading, fundamental filtering & never cherry picking
53:48-01:05:09=Mispricing, Alpha decay & Delta hedging
From the episode:
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
Today’s episode on The Derivative, Jeff Malec sits
Chapters:
00:00-02:02=Intro
9:16-20:38= KWEB – The China Tech ETF, Carbon Emissions and downside protection
20:39-34:53= The Pillars of Krane Shares: Liquid futures,
34:54-48:34= The Evolution of the ETF, ETF options, starting an ETF and the challenges that come with it
48:35-58:02= Further developments, Unique ETFs and new ETF restrictions
From the episode:
The Derivative podcast episode with Nancy Davis
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
Today's episode features an in-depth discussion with discretionary global macro trader Asim Ghaffar, founder and CIO of AG Capital. Ghaffar shares his insights on the recent market volatility, including his views on the potential triggers behind the sell-off and the chances we have for a recession. Was it just a blip on the radar, algos deleveraging? He explains his discretionary macro trading approach, highlighting the importance of risk management, position sizing, and the psychological challenges of the business. Ghaffar also discusses the differences between his strategy and systematic trend following, as well as the unique opportunities smaller managers can pursue compared to large global macro funds. In this chat we also explore Ghaffar's personal journey into the industry, the challenges of starting a hedge fund, and his long-term outlook on markets, including his perspective on the role of gold in a portfolio.
Chapters:
00:00-02:01=Intro
02:02-11:14= What triggered the Sell-off? The Yen Carry
11:15-22:35= The secret sauce to a long-term approach, algo moves and the mental games of trading
22:36-31:55= Discretionary vs Global Macro & the
31:56-43:00= Psychology & Philosophy? The real head
43:01-49:50= The potential of a recession, who wants it? Fed rate cuts, the wealth effect, & investment vs trend
49:51-01:06:19= What’s beyond the horizon, staying out of the noise and focus on the fed
01:06:20-01:14:22= Commodity prices for discretionary
From the episode:
Derivative episode: Wisdom from the wizard maker with
Follow along with Asim on LinkedIn and AG Capital's LinkedIn. For more information on AG Capital visit agcapital.fund
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
In this episode of The Derivative, host Jeff Malec sits down with DeWayne Louis and Nishant Gurnani
The conversation explores the evolving skill sets required in the hedge fund industry, including the importance of math, quantitative finance, and AI/machine learning expertise.
Join us for this comprehensive look into the quantitative investment strategies and innovative thinking that have helped Versor navigate the competitive hedge fund landscape over the past decade.
00:00-01:38=Intro
01:39-12:22= Summer in the City and starting a Quant firm
01:01:39-01:10:51= Long short equity, use of data & the next 10 years
From the episode:
Versor10: A Decade of quantitative research in 10 whitepapers
Bastian Bolesta on The Derivative episode
Salemn Abraham on The Derivative episode
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
In this episode of the Derivative we chat with Gary Selz, co-founder of Zero Delta Funds. Gary shares his background growing up in Chicago and studying electrical engineering at Northwestern University. He discovered options trading through a financial engineering course and was introduced to a Chicago prop trading firm. Gary discusses his experience training as a new trader at the prop firm. He explains how traders are given time and support to learn before getting their own book to trade. Gary reflects on the diverse career paths that can lead traders to prop shops, from poker players to accountants. The conversation covers Gary's transition from trading to investing his own money in volatility
00:00-01:34=Intro
01:35-15:45=Electrical engineering to prop trading, nature vs nurture & trading floor antics
15:46-25:08= Balancing talent with technology in prop firms – traders finding their edge
25:09-31:42= Launching Zero Delta, investing in volatility with no strategy drift
31:43-45:19= Option vs Vol traders, Getting an edge, seeking out specialty traders
45:20-57:01= Single name vol, what’s Zero delta? And positioning your portfolio for the unknown
Don't forget to subscribe to The Derivative, follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest.
Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer
The podcast currently has 183 episodes available.
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