In this episode of The Derivative, Jeff Malec is joined by Patrick Kazley of OneRiver explore how long volatility, convexity, trend following, and systematic macro can be combined in a capital‑efficient way to improve equity compounding and protect portfolios from major drawdowns. They discuss crisis “shapes,” why time-based rebalancing often beats intuitive drawdown triggers, how changing volatility microstructure (zero‑DTE, single-name vol, dispersion) creates new opportunities, and why behavioral biases keep most investors under-allocated to positively skewed defensive strategies. Patrick ties it all together with vivid metaphors — from F1 cars and soup vs. salad to sumo wrestlers and the beer boot — and explains how One River’s acquisition of a European alternatives/QIS team fits into their total-portfolio approach..… SEND IT!

Chapters:

00:00-02:21 = Intro

02:22-12:33= From AQR to One River – Patrick’s Background and the Case for Systematic Risk Mitigation

12:34-28:07 = Engines and Brakes – Equity Beta, Skew, and the Power of Convexity

28:08-43:55= Crisis Types, Trend Following, and Building a Total Portfolio Defense

43:56-1:03:04= Visualizing Risk – Crisis Shapes, Rebalancing, and the Math of Convexity

1:03:05-1:16:36= Metaphors, Markets, and M&A – From F1 Cars to Das Boot and One River’s Next Phase
1:16:37-1:28:37= Soup vs. Salad – Total Portfolio Thinking and the Future of One RiverFrom the Episode:

Blog post: A Short History of Market-Moving Middle East Conflicts

OneRiver's WhitepapersFollow along with Patrick and OneRiver on LinkedIn and make sure to check out OneRiver's website www.oneriveram.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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

In this episode of The Derivative, host Jeff Malec talks with South African grain spread trader Bruce Sinclair (Brent Trading) about how he went from a farming background to running a spread-focused commodities program trading Chicago grains from a remote game farm in South Africa. Bruce explains, in plain language, how carry and calendar spreads work, why he believes spreads offer a more manageable risk profile than outright futures, and how he enforces a hard 10% annual drawdown limit for investors. They dig into the realities of global grain markets with Brazil, Argentina, China, and geopolitics in the mix, why commodities aren’t the clean inflation hedge many think they are, and how climate and structural changes are reshaping seasonality. Bruce also shares stories from his off-grid life breeding rhinos and rare game, navigating South African politics and crime, and why he thinks 2026 could bring much more volatility to grain markets than 2025… SEND IT!

Chapters:

00:00-00:01:01= Intro

01:02-12:34= From South African Farms to Grain Spreads: How Bruce Built His Ag Trading Edge

12:35-24:22 = Carry Trades, Calendar Spreads, and Risk Rules: Inside Bruce’s Grain Strategy

24:23-33:15= Commodities, Inflation Myths, and the Soybean–Oil–Meal Puzzle

33:16-46:03= Politics, Perception, and Life Off-Grid: Running a Trading Firm from Rural South Africa

46:04-54:53= Weather, Brazil, and the Limits of Data: Why Bruce Still Trusts Spreads

Follow along with Bruce on LinkedIn and be sure to check out Brent Trading's website: brent.za.net!

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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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

In this episode of The Derivative, host Jeff Malec talks with uranium analyst Justin Huhn and mining and commodities commentator Trevor Hall of the Going Nuclear podcast about why uranium and nuclear power may be the most compelling long-term solution for clean baseload energy. They dig into the current uranium bull market, how AI and data centers are driving a step-change in electricity demand, what makes the uranium supply–demand setup unique versus oil and gas, and why life extensions of existing reactors matter so much. The discussion also takes its course exploring the future of SMRs and advanced reactors, the realities of nuclear safety and waste, the role of geopolitics and utilities, and what could propel the next major move in uranium prices. SEND IT!

Chapters:

00:00-01:06= Intro

01:07-09:33= Why Nuclear Now? The Case for Clean Baseload Power, AI Demand, and the Uranium Supply Squeeze

09:34-18:37 = Uranium as a Commodity: Mining, Supply Risks, Financial Players, and Long-Cycle Price Dynamics

18:38-28:50= Nuclear Safety, Waste Myths, and Why Fossil Fuels Funded Anti-Nuclear Fear

28:51-39:59= SMRs, Advanced Reactor Designs, and the Costly Lesson of Vogtle

40:00-50:20= SMRs, Military Reactors, and the High Stakes of Building New Nuclear50:21-57:09= Politics, Big Projects, and How Data Centers Are Driving an Energy Crunch57:10-1:03:50= Hyperscalers, Fuel Security, and the Next Uranium Shock

From the episode:

Going Nuclear podcast: 

Apple: https://podcasts.apple.com/us/podcast/going-nuclear-with-justin-huhn-and-trevor-hall/id1660633132

Spotify: https://open.spotify.com/show/6QAKNtCsXExOBKV8y6cwCu

Follow along with Trevor and Justin on LinkedIn, check them out on Twitter/X: @TrevAHall / @uraniuminsider, and be sure to visit https://clearcommodity.net/ and https://www.uraniuminsider.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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

In this new episode of The Derivative, host Jeff Malec talks with PGIM Quantitative Solutions’ Devang Gambhirwala and Lorne Johnson about managing over $100 billion in quant and multi-asset strategies inside a $1.5 trillion asset manager. They break down the boom in options-based ETFs, from covered calls and defensive equity to buffered and defined-outcome strategies powered by flex options, plus what today’s volatility and rate environment mean for investors. The trio also tackles the impact of AI, fiscal imbalances, and even gold’s renewed role in portfolios. SEND IT!

Chapters:

00:00-00:46= Intro

00:47-07:25= From Newark to Quant: Devang & Lorne’s Paths to PGIM and the Rise of a $100B Quant Group

07:26-17:06 = Inside PGIM QSG: Trillion‑Dollar Roots, Quant Investing 101, and the Rise of AI-Driven Models

17:07-28:30= Options Boom: Democratized ETFs, Flex Options, and the New Era of Defensive Equity

28:31-42:38= Defined Outcomes, Tail Hedges, and Building Portfolios for an Uncertain Macro World

42:39-56:24= AI, Gold, and the Future of Risk: PGIM’s Take on What Comes Next for Markets and Jobs

Follow along with Devang Gambhirwala and Lorne Johnson on LinkedIn and be sure to check our PGIM's website at www.pgim.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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

In this episode of The Derivative, Jeff Malec dusts off the dress shoes and steps out from behind the webcam for his first in-person interview since before COVID. He heads to Potomac's studio to sit down with Dan Russo, Portfolio Manager and CIO, for a conversation on why investing theory often breaks down when real life shows up. This chat covers why market timing isn't about catching every move, it's about avoiding the ones that cause lasting damage. Dan also explains how Potomac applies systematic, rules-based models built on trend, breadth, and intermarket signals, why cash is a position, and why many popular investing slogans oversimplify risk. SEND IT!

Chapters:

00:00-00:19= Intro

00:20-08:05 = Tactical vs. Passive Investing, Education in Investing, & Understanding Market Timing and Drawdowns

08:06-21:47= The Role of Education in Investing & Analyzing Market Trends and Health

21:48-35:32= Combining Technical Analysis with Market insight

35:33-45:22= Advisor relationships, Portfolio management & Market Psychology

45:23-54:56= Cash as a Diversifier, Tactical Strategies & Risk management

54:57-01:01:53= Future directions, Market Adaptation & The Evolution of Trading

01:01:54-01:06:35=  Parkerization and Pinot: Hot Takes on the Modern Wine Industry

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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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

This week on The Derivative, Jeff Malec is joined by seasoned resource investor Robert Mullin for a reality check on Venezuelan oil and the market narratives surrounding it. They dig into why headlines calling for cheap oil miss the point, what it actually takes to restart a broken energy system, and why “world’s largest reserves” isn’t the bullish mic drop many assume. Along the way, they unpack sanctions, shadow tanker fleets, Gulf Coast refinery hype, and where the real economic constraints lie. It’s a sharp, grounded conversation focused on market structure, logistics, and context, cutting through the noise without relying on forecasts or recommendations. SEND IT!

Chapters:

00:00-00:12= Intro

00:13-12:25 = US Involvement in Venezuelan Oil & Challenges in Venezuelan Oil Production

12:26-20:16= The Role of International Companies & The Shadow Fleet and Sanctions

20:16-28:15= Commodity Cycles and Market Dynamics & Investment Strategies in Resource Equities

28:16-43:27= Investment Strategies in Resource Equities

& Navigating the Resource Sector's Challenges

43:28-49:52= Gold & Precious Metals: Investment Strategies, Central Bank Moves, and Market Dynamics

49:53-59:42= From Base Metals to Nuclear: Equity Strategies and the Future of Resource Investing

59:43-01:07:55= Nuclear Frontiers, Geopolitical Shifts, and the Changing Role of Resources in Global Markets

From the episode:

About those Higher Interest Rates (Lower Bond Prices) - RCM Alternatives Blog post

Follow along with Robert on LinkedIn and check out Marathon's website marathonresourceadvisors.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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

Kick off the first episode of 2026 with a fun, draft-style market showdown as host Jeff Malec is joined by David Dziekanski and Zed Francis on The Derivative. Using funky categories and plenty of hot takes, the trio drafts everything from “wait, that’s still a thing” trades to market overreactions, false idols, and narratives that didn’t survive the year. Along the way, they break down crypto cycles, volatility, cash, and derivatives, mixing sharp insight with dry humor and real debate. It’s a loose, fast-paced way to start the year, packed with strong opinions, laughs, and a few bold predictions. SEND IT!

Chapters:

00:00-02:35= Intro

02:36-12:50 = New year reflections, Market Trends and Predictions, Crypto Cycles and The Diminishing importance of Jobs

12:51-20:55= Unsophisticated Investment Strategies, Market overactions and consequences & Correlations in the market

20:56-35:52= Desensitized to Major Events, Future outlooks, Market Indicators, Volatility Trends & Dogs that didn’t Bark - Inflations/Tariffs

35:53-43:28= Are We Sure this is Good? The Affordability Crisis and The A.I. Paradox

43:29-48:03= Best Meals & Entertainment of 2025

48:04-59:41= Looking forward: Predictions for 2026

From the episode:

David on the Derivative: 

• Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify Funds

Zed on the Derivative: 

• Protecting the Portfolio not with Long Vol, but with Long Gamma, with Convexitas

• The Polymath Pod: Jason Buck and Zed Francis talk rates, vol, and cheeseburgers?!

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

Follow along on LinkedIn with David and Zed and be sure to check out their websites quantifyfunds.com and convexitas.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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

Join Jeff Malec for a quick, fun season finale as he looks back on the year’s market highlights, standout episodes, and unforgettable guests. The Derivative is heading into a short holiday break, but we’ll be back with fresh conversations and a stacked guest lineup in January.  SEND IT!

Episode favs from 2026:

Sal Mercongliano

Solo Summer Six-pack

Harold De Boer

Grant Jaffarian

Peter Madsen

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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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

In this episode, Jeff Malec sits down with Tom Holliday, founder and CIO of HIP Investments, for an in-depth conversation on reimagining multi-strategy investing in the commodity space. Tom shares insights from his distinguished career, from his early days at Refco to working with George Soros and launching both Titan Advisors and Hip Investments. Together, they explore the evolution from traditional fund-of-funds to collaborative, actively managed multi-strat funds, highlighting the advantages of diversification, portfolio construction, and innovative incentive structures for specialist traders. The discussion covers risk management tactics, the unique challenges and opportunities of commodity markets, and why institutional investors may be under-allocated to this asset class. Whether you're an investment professional or passionate about alternative strategies, this episode offers valuable perspectives on building resilient, high-performing portfolios in today’s changing markets. SEND IT!

Chapters:

00:00-00:56= Intro

00:57-12:56= Commodities Demand Attention: Navigating Trends, Valuation, and the Road Ahead

12:57-28:27= Foundations of a Commodities Career: From Memphis Markets to Global Futures

28:28-32:15= From Fund of Funds to Multi-Strat: Evolving Models in Investment Management

32:16-44:37=Building HIP: Innovating Multi-Strat Strategies for Commodities

44:38-59:27= Risk, Collaboration, and Incentives: Cultivating a Resilient Commodities Team

59:28-01:13:19= Seizing Commodity Opportunities: Growth, Recruitment, and Market Evolution

01:13:20-01:17:19= Commodities: The Case for Attention and Allocation

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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, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

Set sail with maritime historian Sal Mercogliano as we dive deep into the enduring mystery of the Edmund Fitzgerald, a legendary ship lost on the Great Lakes 50 years ago this week. From chilling tales of mariners’ lives and the critical role of iron ore trade, to the evolving challenges facing commercial shipping, this episode explores what really happened that stormy night in 1975—and why the story resonates today. Join host Jeff Malec and Sal for a wide-ranging conversation about Great Lakes lore, the economics and environmental impact of shipping, and what the future holds for this vital but often-overlooked industry. Whether you’re a shipping enthusiast or new to the story, you’ll come away with fresh insights and a newfound appreciation for the ships and people that keep goods moving around the globe. SEND IT!

Chapters:

00:00-00:50= Intro

00:51-4:04= From the High Seas to the Classroom: A Mariner’s Journey and Life Aboard

4:05-19:48= Lost Legends and Great Lakes Mysteries: The Edmund Fitzgerald and Life Aboard

19:49-34:45= From Iron Ore to Global Trade: Modern Shipping, Infrastructure, and Industry Shifts

34:46-39:32=Charting a Greener Course: The Future of Shipping and Environmental Innovation

39:33-57:05= Shipping’s Allure: Public Fascination, Industry Mystique, & Movie magic

From the Episode:

Sal Mercoglianos Youtube Channel - What’s going on with Shipping?

Highlighted Seafaring movies:  

Action in the North Atlantic 

Moby Dick 

Captain Courageous 

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