The Derivative

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

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!

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?

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

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

Corey and Jeff provide insights into the factors that drive trend-following performance in different markets, explore the potential of alternative markets for

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

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

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

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

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

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

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!

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

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

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

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

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

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

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.

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.

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

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