The Derivative

In this emergency pod edition, Jeff Malec is joined by Vineer Bhansali, Founder and CIO at LongTail Alpha, LLC, to break down the market's wild rollercoaster ride that demanded immediate attention. When markets hit new lows only to rocket back with a stunning 10% rally, we knew it was time for another "WTF episode" – our signature emergency broadcasts reserved for the financial world's most shocking moments.

Together, Jeff and Vineer dissect the tariff chaos sending shockwaves through global markets, with Vineer providing insights on the critical liquidity crisis unfolding across stocks, bonds (especially long-term), and their derivatives. This episode delivers the expert analysis and perspective you need when markets go haywire – just like when we talked crude oil's negative plunge and the GameStop rebellion that took down a hedge fund in years past. 

No scripted talking points, no scheduled interviews – just raw, unfiltered market commentary when you need it most. The world's financial markets just had a moment... and so did we. SEND IT!

Chapters:

00:00-00:49 = Intro

00:50-11:08 = Market Volatility and Liquidity: The New Trading Ecosystem

11:09-18:02 = Hedging Strategies in Uncertain Markets: 0DTE Options, straddles and strangles, and Tail Risk

18:03-30:56 = Global Asset Shifts: Bond duration, Basis Trades, Gold, and the Erosion of American Financial Exceptionalism

30:57-43:41 = Tail Hedging Economics: Getting out of the money

43:42-54:32 = Market Resilience and picking up steam: Is there hope for Trend Following?

From the episode:Relationship Between Trend-Following and Options (whitepaper)

Previous episode with Vineer:Taming the Tails with LongTail Alpha's Vineer Bhansali

Follow along with Vineer on LinkedIn and @longtailalpha on X.com and be sure to check out LongTail Alpha's website for more information!

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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

Dive into the fascinating world of trend following with Jeff Malec and one of the GOATs:  Harold de Boer, a pioneering systematic trader who transformed his life path from a Dutch dairy farm into the sophisticated global investment firm Transtrend. In this episode, Harold shares insights into the evolution of trend following, discussing how understanding market trends is similar to understanding herd behavior, navigating complex market correlations, and maintaining resilience during challenging periods. Learn about the nuanced approach to trading across hundreds of markets, the importance of diversification, and why trend following remains a dynamic and adaptive investment strategy. With humor, historical perspective, and deep expertise, Harold reveals the art and science behind successful systematic trading. - Don’t miss a particular riveting segment at the end of this discussion on US cinema at its best - SEND IT!Chapters:

00:00-00:50 = Intro

00:51-03:23= Lessons from the Pasture

03:24-15:09= Rotterdam and the Netherlands: A Brief Introduction

15:10-37:13= Market Diversification and the Evolution of Trend Following

37:14-49:00=Navigating Market Complexity: Filters, Risks, and Trend Following Innovation

49:01-01:03:59= Resilience and Adaptation: Surviving Trend Following Drawdowns

01:04:00-01:10:59= Cinematic Insights: A Coen brother’s tribute

From the episode:

The Coffee Trader (Book)

Fat tails and tall heads blog post: https://www.rcmalternatives.com/2013/02/fat-tails-and-tall-heads/

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

Trading Movies blog post

Follow along with Harold and Transtrend on LinkedIn and be sure to check out their website for more information at transtrend.com/en

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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 episode of the podcast piles on the knowledge about "return stacking" - the investment approach that lets you layer alternative assets and strategies on top of your traditional portfolio, like a perfect investment sandwich. 

Jeff Malec has stacked the deck with FOUR financial heavyweights - Mike Philbrick, Rodrigo Gordillo, Adam Butler, and Corey Hoffstein - each showcasing a "return stacking" ETF. We’ve brought together this team of experts to give you the blueprint for this innovative investment method.

So, what’s the deal with return stacking? Think of it as the ultimate portfolio hack—layering alternative asset classes and strategies on top of your traditional stock and bond holdings. No need to shuffle things around or ditch your core positions—just stack those extra return streams like the ultimate investing sandwich.

We’ll dig into the risk/return profiles and how these stacked strategies can take your portfolio to new heights. But wait, there’s more! To keep things light, we’re making our guests put their friendships on the line in a spirited round of "Choose Your Fighter"—because who doesn’t love a little friendly fire?

Stack up, tune in, and SEND IT!

Chapters:

00:00–01:11 = Intro

01:12- 20:00 = Return Stacking: Upgrading Portfolios Without Disrupting Core Holdings

20:01- 41:47 = Stacking Stocks and Managed Futures for Diversification

41:48- 01:03:10 = Capturing Futures Yield Through Return Stacking
01:03:11- 01:31:00 = Stacking Bonds and Merger Arbitrage for Enhanced ReturnsAll things Return Stacking: Stacks on Stacks

Return Stacking: From Theory to Practice - A 2024 Perspective - Blog post

Researching the Risks of return stacking with Corey Hoffstein & Rodrigo Gordillo – The Derivative episode - Podcast
What is Return Stacking? - Blog post

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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 Rick Silva, the co-founder of Metaurus Advisors, a boutique asset manager. Rick walks us through Metaurus Advisors' innovative approach to understanding and trading the equity risk premium using dividend futures markets.

Rick Silva provides insights into the firm's background in derivative markets and their goal of bringing fixed income securitization techniques to the equity space. He explains the concept of parallel tranche securitization applied to the S&P 500 using dividend futures, which offers visibility into how the market prices equity cash flows and the equity risk premium.

Rick and Jeff discuss the strategies Metaurus has developed to harvest risk premiums in the front-end of the dividend curve across different markets, as well as the introduction of new futures contracts based on sequential tranche securitization of a 100-stock index. The episode also addresses the challenges and opportunities in the dividend futures market, including differences across regions, and for a little fun, we fall down a political rabbit hole - SEND IT!

Chapters:

00:00-01:02=Intro

01:03-09:57= Bringing Fixed Income Securitization Techniques to the Equity Markets

09:58-21:53= Harvesting Equity Risk Premiums through Dividend Futures Strategies

21:54-35:36=Introducing Sequential Tranche Securitization in Equity Futures Contracts

35:37-44:06=Dividend Futures Markets Across Regions and Regulatory Challenges

44:07-54:07=Implied growth rate & data analysis
54:08-59:22=Rabbit Holes: Political Impacts


Metaurus Advisors

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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 Scott Phillips, the CIO of Lavaca Capital, to discuss the firm's journey in the world of options trading. Scott shares his personal background, from his start as an auditor of energy derivatives at KPMG to founding Lavaca Capital and navigating the complexities of options strategies. 

The conversation covers Lavaca Capital's evolution, from their initial focus on simple option structures to the expansion into more complex portfolios and the eventual return to simpler expressions. Scott provides insights into the challenges of managing option books, the importance of discretionary overrides, and the impact of the growing options ETF space.

Scott and Jeff explore the misconceptions and pitfalls in the options market, the need for better education and simplification of concepts, and the potential for future market disruptions. They also discuss the firm's customized solutions for clients, the current market environment, and the lessons learned from historical market events.

00:00-01:01=Intro

01:02-08:40= Auditor to Trader, A Rare Bird, & Misconceptions of Options

08:41-20:31= Complexity, Hedging, and Customized Option Strategies

20:32-30:36=Current Strategies, Market Environment, and Systematic vs. Discretionary 

30:37-35:42=Lessons from Historical Market Events and Looking Ahead

35:43-43:13=Managing Options in Volatile Markets

43:14-49:07=Back in Time, Texas, and the Options Capital of the World

From the Episode:
The VIX Index and Muted Volatility in 2022RCM: The Dummies Guide to Option GreeksFollow along with Scott and Lavaca Capital on LinkedIn and check out their website for more information at lavacacapital.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

Join us for an insightful exploration of the fascinating world of commodity futures with Kurt Nelson, co founder and Managing Partner of SummerHaven Index Management. Kurt shares his unique perspective, honed over decades of experience, on the rich history and evolution of commodity markets - from the Dojima Rice Exchange in 16th century Japan to the modern-day cocoa futures trading. Discover how SummerHaven's research-driven approach, including the firm's dynamic commodity index, aims to uncover the elusive commodity risk premium and provide investors with diversified exposure to this complex asset class. Kurt offers insights on the challenges and opportunities presented by factors like inflation, supply chain disruptions, and geopolitical tensions, and explains why commodities deserve a place in a well-balanced investment portfolio. Whether you're a seasoned commodity trader or just curious about this unique asset class, this episode is packed with engaging anecdotes, market analysis, a glimpse into the future of the commodity landscape, and trading history you might have missed out on! Don't miss this captivating conversation with one of the industry's leading experts in Commodities – SEND IT!

Chapters:

00:00-01:22=Intro

01:23-07:15= Tracing the Roots of Commodity Futures

07:16-20:51 = Adopting business models & creating indexes

20:52-35:29 = The Evolution in commodity risk premium’s and SummerHavens’ research-driven approach

35:30-46:17 = Lessons in resilience & optimization with an impacting factor: Inflation

46:18-01:00:01 = Diversifying is essential: Vacationing in Cocoa

01:00:02-01:06:38= Positioning for the next decade’s opportunities

01:06:39-01:13:45 = Culinary Corner: The Best Indian dish in Stamford

From the episode:The Commodity Futures Risk Premium – 1871-2018 whitepaper

Follow along with Kurt onLinkedIn and check out SummerHaven's website:summerhavenindex.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, we dive deep into the current state of AI… getting to its transformative impact on the alternative investments landscape. Our guest, Mohammad Rasouli, is a renowned researcher at Stanford University and the founder and CEO of AIx2, a leading AI solutions provider for private equity, venture capital, and hedge funds.

Mohammad shares his extensive expertise on how AI is revolutionizing the way alternative investment firms operate, from streamlining due diligence and deal sourcing to enhancing portfolio monitoring and reporting. We delve into the key challenges and best practices in AI adoption, as well as the potential implications for the future of finance jobs and the broader economy.

Whether you're a seasoned alternative investment professional or simply curious about the intersection of AI and finance, this episode packs an artificial punch. So get use to “sit back and relax” because the rapidly evolving landscape of intelligent investing will be doing more than ever - SEND IT!

Chapters:

00:00-01:14=Intro

01:15-11:31 = AI: Helping to reduce market friction & the shelf life of a constant changing landscape

11:32-23:46 = Predictive vs. Generative AI /  Transforming finance

23:47-31:58 = Fear for the ultimate AI, AGI, & overcoming challenges

31:59-46:00 = Job conqueror or tool: Understanding the fundamentals of AI and adopting them  

46:01-50:10 = Regulations & Competition - what could go wrong? 

50:11-59:28 = Computes and data are the drivers of AI

Follow along with Mohammad on LinkedIn and visit AIx2.ai for more information!

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 first episode of 2025, we’re plunging right into the fascinating world of sovereign wealth funds with Peter Madsen, the CIO of Utah's School and Institutional Trust Funds Office (SITFO). Peter shares his unique perspective on managing a multi-billion dollar portfolio designed to support public education in the state for generations to come. From his personal background in skiing and outdoor adventures in the Wasatch mountains to the challenges of navigating Utah's rapid growth and development, Peter provides a captivating glimpse into the day-to-day realities of overseeing this complex institutional investor. Listeners will learn about the intricate governance structure of SITFO, the innovative approach to asset allocation and risk management, and the delicate balance of delivering competitive returns while preserving the fund's long-term corpus. Peter also tackles common investment myths, sharing insights on the potential for diversified portfolios to outperform high-equity allocations over the long run. This episode offers a rare behind-the-scenes look at the inner workings of a state-level sovereign wealth fund, highlighting the importance of prudent stewardship and a steadfast

Chapters:

00:00-01:40=Intro

01:41-11:23= Backcountry Skiing with Utahans and the winding path to Institutional investing

11:24-20:07=  Russian Historian to CIO of governing the

20:08-33:23= Landman – Constructing a diversified portfolio for perpetuity

33:24-37:37= The Trustees

37:38-47:29= Rethinking the 60/40 approach, avoiding

47:30-58:19= Weathering market storms and balancing upside participation and downside protection

58:20-01:06:13= Carving the evolving landscape of sovereign wealth funds, strong enough returns & outperforming benchmarks

01:06:14-01:12:13= Myth busting: Bonds can outperform

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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

For our first episode of 2025 we wanted to take a different approach...  Enjoy our full-blown parody of Nate Bargatze's 'Washington's Dream' –  complete with satire of several key issues in private equity and private market valuations. Warning: May contain traces of reality and excessive financial humor.

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

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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