What causes significant risk-off events? Can they be anticipated to any degree? Understanding the how and why of these episodes is critical for investors seeking to avoid drawdowns.
In this short podcast, I share how I think about episodes of risk-off, with particular attention to the interaction between stock and bond prices — before, during, and after market vol events.
I outline three type of risk-off: the classic, the taper, and the liquidation, and provide examples of each. I also propose a fourth, in which the US Treasury market is itself the source of global instability. 
I hope you find this discussion useful and I wish you an excellent July 4th holiday. 
 
Editing and post-production work for this episode was provided by The Podcast Consultant (<a href="https://thepodcastconsultant.com/" target="_blank" rel="noopener noreferrer">⁠</a><a href="https://thepodcastconsultant.com" target="_blank" rel="noopener noreferrer">https://thepodcastconsultant.com</a><a href="https://thepodcastconsultant.com/" target="_blank" rel="noopener noreferrer">⁠</a>)

What causes significant risk-off events? Can they be anticipated to any degree? Understanding the how and why of these episodes is critical for investors seeking to avoid drawdowns. In this short podcast, I share how I think about episodes of risk-off, with particular attention to the interaction between stock and bond prices — before, during, and after market vol events. I outline three type of risk-off: the classic, the taper, and the liquidation, and provide examples of each. I also propose a fourth, in which the US Treasury market is itself the source of global instability. I hope you find this discussion useful and I wish you an excellent July 4th holiday. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

What causes significant risk-off events? Can they be anticipated to any degree? Understanding the how and why of these episodes is critical for investors seeking to avoid drawdowns.
In this short podcast, I share how I think about episodes of risk-off, with particular attention to the interaction between stock and bond prices — before, during, and&nbsp;after market&nbsp;vol events.
I outline three type of risk-off: the classic, the taper, and the liquidation, and provide examples of each. I also propose a fourth, in which the US Treasury market is itself the source of global instability.&nbsp;
I hope you find this discussion useful and I wish you an excellent July 4th holiday.&nbsp;
&nbsp;
Editing and post-production work for this episode was provided by The Podcast Consultant (<a href="https://thepodcastconsultant.com/" rel="noopener noreferrer">⁠</a><a href="https://thepodcastconsultant.com" rel="noopener noreferrer">https://thepodcastconsultant.com</a><a href="https://thepodcastconsultant.com/" rel="noopener noreferrer">⁠</a>)

The Three Types of Risk-Off

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.

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The Three Types of Risk-Off

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