The Derivative
The Derivative by RCM Alternatives explores alternative investments, analyzing hedge fund strategies and featuring conversations with guests from the investment world. Hosted by RCM Managing Partner Jeff Malec, the podcast offers insights into unique investment approaches.
Episodes
The Fall Solo Six-Pack: Sports Games, the Return of Discretionary Macro, & AI Coming for Your Job
In this solo six-pack episode of The Derivative, Jeff Malec makes the case for showing up to your kids’ games, especially when the final round of high school golf ends one stroke short of state. Then it’s off to the CTA Expo, where systematic strategies may be yesterday’s novelty and discretionary macro is having a moment. Jeff also digs into the Lakers sale, insurance float, and the tax perks tha
AI, Markets, and the Profits of Doom with Adam Butler
Jeff Malec sits down with Adam Butler of Return Stacked ETFs, back for the first time since their May 2023 AI episode, when GPT-4 had just come out. Since then Return Stacked has grown past $1.6 billion. Adam explains why AI is spreading faster than any technology before it and describes his own workday, with Claude Code and Codex agents running in parallel and working overnight until the human
RE-RELEASE: Texas Trend Following with Salem Abraham
Some episodes are worth bringing back. This is one of them. Salem Abraham is a bit of a legend in the trend following and managed futures world. With 30+ years in the business, he’s got the experience, the war stories, and, thankfully, the willingness to tell them. We originally sat down with Salem a few years ago, and the conversation was too good to leave in the archives. In this re-release, we
Zigs, Zags, and Finding Micro Cap Winners with Ian Cassel
Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Jeff Malec to walk through the underfollowed world of micro cap stocks, tiny, illiquid public companies where most 10x winners are born. He shares his journey from blowing up a dot‑com era portfolio to rebuilding it with XM Satellite Radio, explains why structural inefficiencies and lack of institutional capital create opportuni
From Quarterback to CIO: John McArthur on Alts, AI, and the Future of Wealth at Krilogy
In this episode, Jeff Malec sits down with John McArthur of Krilogy to trace his path from backup quarterback at Mizzou and Northwestern to CIO of a nearly $6 billion independent wealth management firm. John talks about how college football shaped his views on timing, opportunity, and accountability, then connects those lessons to building a planning-first advisory culture outside the wirehouse wo
Why Oil Didn't Go to $300, plus Chinese gold bugs, Copper Squeezes & Uranium Alpha with Josh Blanchfield (Avos Capital)
Jeff Malec sits down with Josh Blanchfield of Avos to trace his path from physics at Harvard, poker pro, and 11 years at Bridgewater (including co-heading the trading desk during Lehman) to running a concentrated, risk-aware commodities and macro shop. Josh explains why China is “ground zero” for global commodities, detailing how its import cuts, stockpiling, and scrap policies have shaped oil, co
Trading 80 Synthetic Markets with Trend, Carry & Skew: Jiro Fujisawa, Asset Management One USA
*This podcast is provided for informational and educational purposed only and should not be considered investment advice or a recommendation of any specific security, strategy or investment product. The views expressed in this recording are the personal views of the participants as of the date of this podcast, are subject to change, and do not necessarily reflect the views of Asset Management One
The 6-Year Test 10,000 Tickers Failed: with Eric Crittenden of Standpoint Funds
In this episode of The Derivative, host Jeff Malec welcomes back Standpoint Asset Management founder and CIO Eric Crittenden for his third appearance, diving into what’s happened since Standpoint launched in 2019 and why their approach has remained unchanged. Eric explains why he resists the industry’s obsession with “constant innovation,” favoring disciplined stability in his trend-following and
So You Want to Start an ETF? With Gavin Filmore of Tidal
Jeff sits down with Gavin Filmore of Tidal for a deep dive into why, even after three decades, the ETF industry is still, potentially only in the “second or third inning.” Gavin walks through the evolution from simple, passive equity ETFs to today’s surge in active and derivatives-based products, explaining how his experience running an oil ETN through the negative-oil shock convinced him of the i
Too Basic to Notice, Too Big to Ignore: Tom Ferguson on the VC Opportunity in Water Tech
This week on The Derivative, Jeff Malec sits down with Burnt Island Ventures founder Tom Ferguson to explore why water might be the most underappreciated investment theme on the planet. Tom walks through the $1.6 trillion annual capex flowing into water, why our pipes and treatment systems are effectively “Victorian tech” in a digital world, and how that creates a massive opening for early-stage i
This City Trades Different: Yogi, the Floor, and Building RCM
Former CME floor trader and RCM co-founder Bobby “Yogi” Schwartz joins Jeff to close out our Chicago month and walks through a wild career arc: from generational hog pit roots to dominating the Nasdaq futures pit during the dot-com bubble, then building prop firms, arbing minis vs. big contracts, and eventually stepping into Hollywood film finance before returning to launch RCM. Bobby shares vivid
How Chicago Became the World’s Options, Vol, and Derivatives Capital (with Cboe’s Rob Hocking & Mandy Xu)
On this episode of The Derivative, Jeff Malec continues Chicago Month with a deep dive into the past, present, and future of derivatives and volatility at Cboe with two of its stars. First up, Cboe Global Head of Derivatives Rob Hocking traces Chicago’s rise as the world’s derivatives hub, from the Board of Trade’s agricultural hedging roots to SPX and VIX becoming the center of global risk transf
Inside $2B of Chicago Real Estate: Tommy Choi on Housing, Migration, and Millennials
Jeff Malec kicks off “Chicago Month” on The Derivative with Chicago real estate powerhouse Tommy Choi of Weinberg Choi. Tommy lays out what really makes Chicago compelling as a place to live and invest—world-class food, underrated beaches, iconic bungalows, and relative affordability, while tackling the tough stuff around crime headlines, taxes, and politics. He breaks down post-pandemic migration
“Dr. Copper”: From Chilean Mines to Chinese Smelters to AI Data Centers in the US - with Kurt Nelson & Natalie Scott-Gray
Copper steps out of the shadow of gold and silver in this wide‑ranging conversation with StoneX’s Natalie Scott Gray and SummerHaven’s Kurt Nelson. Jeff digs into why “Dr. Copper” sits at the heart of electrification, AI data centers, EVs, and defense, and how underinvestment in mines, fragile supply chains from Chile to the DRC, and China’s smelting dominance are setting the stage for structural
The Doctor who Traded Pork Bellies: Patrick Welton's Journey from Stanford Oncologist to one of Trend Following's Quiet Legends
In this episode, Jeff Malec sits down with Dr. Patrick Welton to trace his remarkable path from Wisconsin kid to Stanford oncologist to veteran futures trader and founder of Welton Investment Partners. Patrick shares how trading pork bellies and interest rate futures in the late 1970s to pay tuition evolved into a decades-long career shaped by mentors at Commodities Corp, relationships with legend
Painting Corners to Protecting Portfolios: Former MLB pitcher Scott Karl on How Athletes Blow the Money, Alts, the Mental Side of Performance, and the NIL Era
In this episode, former Milwaukee Brewers left-hander Scott Karl traces his path from Carlsbad standout to big league starter to financial advisor. He swaps stories with Jeff about Bandon Dunes and his move from California to Lake Norman, then dives into his career, getting a last-minute shot after the ’94 strike, surviving as a finesse pitcher in a power era, facing legends like Randy Johnson, Gr
Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Jeff Malec sits down with Christopher Reeve, Chief Investment Officer of Aspect Capital, one of the original managed futures shops with roots tracing back to the "L" in AHL. Chris shares his path from chemistry and early-2000s AI at Oxford to 22 years at Aspect, where he now runs the investment side of the business. Jeff puts every trend following critique on the table, too big, too simp
Status of Alternatives - A Live Recording from Uncorrelated Puerto Rico
Recorded live in Puerto Rico, this special episode of The Derivative features host Jeff Malec with guests Brent Johnson, Jason Buck, and Mark Tower exploring how alternative investments are behaving in a world shifting from globalization to de‑globalization. The panel covers why some managed futures and volatility strategies haven’t delivered as expected in recent crises, the growing stress in pri
Spring Six Pack talking Florida Conferences, Bonds, AI & Hand Dryers
Join Jeff Malec for another solo Six Pack episode of The Derivative, where he riffs on everything from the post-COVID conference circuit to bond markets, AI, and yes… public restrooms. Jeff contrasts the buttoned-up energy of iConnections with the beach-side vibes of Future Proof and asks whether meeting managers face-to-face actually improves allocation decisions or just introduces new biases. He
Oil, War, and the Strait of Hormuz: What current events look like through the eyes of an energy trader
In this episode, Jeff Malec sits down with returning “resident oil guy” Brent Belote of Cayler Capital to unpack one of the wildest stretches in energy markets since COVID and Russia/Ukraine. They dig into recent oil volatility, geopolitical tensions in the Middle East, and why the Straits of Hormuz still matter more than most people think. Brent breaks down how traders are actually navigating thi
OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are Faceshots. Send It!
What happens when a data-obsessed mind that could have been optimizing portfolios decides to optimize powder days instead? This episode features meteorologist and OpenSnow founder Joel Gratz in a deep dive on snow, skiing, and the science of weather forecasting, told through the lens of someone who treats every incoming storm like a market opportunity.Joel shares how a childhood obsession with sno
Drone Wars, Space Intelligence, and AI-powered Defense Tech Investing with Ian Winer of Center15 Capital
In this episode of The Derivative, Jeff Malec sits down with Ian Winer, West Point grad and founder of Center 15 Capital, to unpack how modern warfare and national security are being reshaped by drones, AI, and space. Using the recent conflict with Iran as a case study, they explore how cheap one-way attack drones are challenging traditional air defenses, why firing multimillion-dollar interceptor
SuperCars, Salad, and Sumo Wrestlers: Inside OneRiver’s Systematic Risk Mitigation Playbook with Patrick Kazley
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 volatil
Carry, Calendar Spreads, and Climate: Bruce Sinclair on the Future of Grain Markets
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 manageab
Going Nuclear: How Uranium is Powering Portfolios with Trevor Hall & Justin Huhn
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, w
Defensive Equity, Flex Options, and the Future of Quant at PGIM
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
Timing, Triggers & Transparency: Inside Potomac Funds’ Tactical Investing Playbook with Dan Russo
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 eve
From Venezuelan Oil to Nuclear Frontiers: Navigating Resource Markets with Robert Mullin
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
The 2025 market review draft, talking Bears, Crypto Cycles & AI Paradoxes with David Dziekanski & Zed Francis
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 cycl
Signing Off for 2025: The Derivative Returns in January!
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 MerconglianoSolo Summer Six-packHarold De BoerGrant JaffarianPeter MadsenDon't for
Building a Commodity Trader Multi-Strat with Tom Holliday of HIP investment
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 traditio
When the Gales of November Come Early: the Wreck of the Edmund Fitzgerald, and Modern Maritime Trade with Sal Mercogliano
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 st
Volatility's Heartbeat, the AI Boom, and MJ’s Bulls with Equity Armor’s Brian Stutland
Join Jeff Malec and Brian Stutland, Portfolio Manager at Equity Armor Investments, as they dive deep into the complex world of market volatility, AI's transformative potential, and strategic investing. Drawing from his extensive trading experience, Stutland offers unique insights into the VIX, option strategies, and navigating today's dynamic market landscape. From the dot-com era to the c
Engineering Alpha using Trend and Volatility on Equity Beta with Eric Leake of ALTUS Private Capital
Buckle up for a wild ride through the markets with Eric Leake, founder of Altus Private Capital, as Jeff Malec explores the investment world with a quantitative maverick who's about to reveal the hidden playbook of market mastery! From analyzing market waves to navigating volatility, Eric uncovers his unique approach combining long-term equity market trend analysis with short-term volatility m
Overheard at a Stacked Portable Alpha Symposium
Join Jeff Malec and Jason Buck as they dive deep into the inaugural Return Stacked Symposium held at the CBOE in Chicago. They break down key presentations from institutional leaders like Jonathan Glidden and Roxton McNeal, exploring how portable alpha and return stacking are revolutionizing portfolio construction. Hear their candid insights on leverage, uncorrelated strategies, and why this appro
Beyond Buy and Hold: Q3 Asset Mgmt's Quantitative Approach to Tactical Investing with Bruce Greig & Brad Giaimo
Join Jeff Malec as he sits down with Brad Giaimo and Bruce Greig from Q3 Asset Management, two investment pros who turned trading floor grit into a modern, rules-based quant shop helping RIAs build out tactical trading models for clients. From Brad's formative days alongside Paul Tudor Jones to Bruce's mathematical approach to market analysis, you’ll hear how Q3 builds transparent, system
NASDAQ 100, Options & Volatility: 0DTE, Tail Hedges, Structured Products — with Kevin Davitt & Nicholas Smith
In this lively episode of The Derivative, Jeff Malec sits down with NASDAQ's Kevin Davitt and Nicholas Smith for a deep dive into the wild world of index options, with a special focus on the NASDAQ 100. These guys break down everything from the evolution of options trading to why the NASDAQ 100 is becoming the cool kid on the financial block. Kevin and Nick bring their A-game, unpacking the in
Bridgewater, Botany & Breaking the 2&20 mold with Unlimited ETFs' Bob Elliott
In this episode of the Derivative podcast, we're hanging out with Bob Elliott, co-founder of Unlimited Funds. Bob used to work ata small shop you may have heard of… Bridgewater, working his way from (nearly) the mail room to Ray Dalio’s right hand man. And now he's doing something pretty interesting - he's figured out how to systematically replicate what hedge funds do and package it
Solo Summer Six-Pack: Talking Trend, AI, Leverage, and Hurricanes
Join Jeff Malec for a special solo "6-pack" episode where he tackles six topics on his mind during the summer podcast break. Jeff starts by examining the challenging trend following drawdown that's been plaguing the markets, sharing insights from his 25 years in the space and why this one feels different. He pays tribute to Waldo Wiens, the legendary Kansas farmer who backed dozens o
Beyond Traditional Trend: Leveraging Experience, Short Term, and Crypto with Mike Stendler
In this episode of The Derivative, Jeff Malec sits down with Mike Stendler of O'Brien Investment Group to explore their history and evolution of trend following strategies. Stendler shares insights into their innovative approach, blending traditional trend models with machine learning techniques across multiple time frames. They dive deep into the evolution of quantitative trading, discussing
Beef Prices at All-Time Highs: Inside the Meat Markets with Jeff Apel of Wharton Capital
In this episode of The Derivative, Jeff Malec sits down with Jeff Apel, principal at Wharton Capital Management, to dive deep into the current cattle market. With beef prices hitting near-record highs, Apel shares his extensive experience from the trading floor to today's futures markets, explaining the complex dynamics behind rising meat prices. From drought impacts and herd sizes to consumer
Options Alchemy: How Bernie Yu of Patronus Capital Transforms Market Making into Strategic Investing
In this episode of The Derivative, Jeff Malec sits down with Bernie Yu, co-founder and CIO of Patronus Capital, to dive deep into the world of options trading, market making, and the nuanced art of capturing convexity. Drawing from his experience at Optiver and his journey to founding Patronus, Bernie shares insights into how a four-person team competes in the hyper-competitive options market by f
Family Offices: an inside look on who runs them and how you get that seat, with Brian Adams of Mack International
Join Jeff Malec as he sits down with Brian Adams, partner at Mack International, for an illuminating conversation about the intricate world of family offices. Brian shares his unique journey from real estate entrepreneurship to talent search, offering insider insights into how ultra-high-net-worth families manage their wealth, navigate generational challenges, and recruit top talent. From the comp
Tech, Trust, and Tactical Investing: A New Era of Wealth Management with Kevin Jamali of Farther
In this dynamic episode of the Derivative podcast, Jeff Malec sits down with Kevin Jamali, Senior Vice President at Farther, for an unfiltered dive into the evolving world of wealth management. What begins as a journey through Jamali's career—from Chicago Board of Trade futures trader to alternative investment strategist—quickly becomes a provocative exploration of how technology and personali
Pivotal Perspectives: Decoding the Modern Hedge Fund Landscape with Jon Caplis
In this episode of The Derivative, Jeff Malec sits down with Jon Caplis, CEO of Pivotal Path, to dive deep into the world of hedge funds. They explore current performance trends across strategies like equity quant, global macro, and multi-strategy funds, unpack the challenges of hedge fund data collection, and discuss how sophisticated investors are approaching alternative investments. Caplis shar
Is Trend Following Dead? (Again…) A Deep Dive with Crabel’s Grant Jaffarian
In this revealing episode, Jeff Malec sits down with Grant Jaffarian from Crabel Capital Management to dissect the current state of trend following. They explore the declining performance over the past 6 months, challenges in maintaining positive convexity, and the critical need for innovation. Grant offers candid insights into how trend following has evolved, why its sharpe ratios have decreased,
Value Creation Over Financial Engineering: Kinzie Capital’s Suzanne Yoon on Modern Private Equity
In this episode of The Derivative, host Jeff Malec sits down with Suzanne Yoon, Founder and Managing Partner of Kinzie Capital Partners, for an in-depth exploration of private equity. Yoon shares her remarkable journey from the daughter of immigrant entrepreneurs in Chicago to leading a lower middle market buyout firm. Drawing from her rich background, Suzanne discusses the evolution of private eq
Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify Funds
This week on The Derivative: In this compelling episode, David Dziekanski, founder of Quantify Funds, joins host Jeff Malec to unpack the fascinating world of Bitcoin and gold. Dive deep into the innovative BTGD ETF, which stacks 100% Bitcoin and 100% gold, and explore the cutting-edge concept of portable alpha. Dziekanski shares insights on why these assets matter, how rebalancing can create port
Podshops, Prices, and Physical Flows: A Commodity Trading Framework with Stephane Bernhard of CAM/ETG
In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today's complex intersection of physical, financial, and systematic tradi
The Endowment Playbook: Balancing Long-Term Goals with Current Market Volatility
In this wide-ranging conversation, Jeff Malec sits down with Dave Morehead, CIO of Baylor University's $2.2 billion endowment, to explore the unique challenges and strategies of institutional portfolio management. The discussion covers Baylor's innovative approach to portfolio construction, including their successful deployment of volatility strategies during the 2020 market crash, their c
WTF is this market? - with Vineer Bhansali of LongTail Alpha
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
Trends, Tall Heads, and Transformations with Transtrend’s Harold de Boer
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 h
A Four-Stack Pod, talking stacking assets with Return Stacked ETFs
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 "r
Unlocking the Equity Risk Premium with Dividend Futures
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 securitizat
Options give you Options with Scott Phillips of Lavaca Capital
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 i
Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHaven
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
The State of AI, and AI in Alternative Investments with Mohammad Rasouli of AIx2
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 revolutioniz
A US state with a sovereign wealth fund? Utah’s new approach to old money with Peter Madsen
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 ou
General George Cashington had a Dream of a Grand Financial System (a humorous prelude to Season 5)
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.
The Polymath Pod: Jason Buck and Zed Francis talk rates, vol, and cheeseburgers?!
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
Retail to Institutional: How David Sun Scaled His ODTE Options Strategies
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 l
Blending Insurance and Credit Expertise: How Obra Capital Finds Opportunities in Unique Situations
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, whic
Carmika Partners Unpack the August Volatility Spike and Complexities of Options Trading
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
Is there Alpha in boring old Muni-Bonds, with Riverbend Capital
In this episode of the Derivative podcast, our host Jeff
Malec sits down with Tim McGregor and Tom Hession from Riverbend Capital Advisors to dive deep into the world of municipal bonds. The discussion covers the unique inefficiencies and complexities of the $4 trillion muni bond market, which features over 75,000 different issuers across the country. Tim and Tom explain how this fragmented landsc
Trend, Prop, and Being Allergic to Optimization with Bill Gebhardt of 10Dynamics
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
China Tech, Carbon, and Option Overlays in ETFs? Yep, with James Maund of KraneShares
Today’s episode on The Derivative, Jeff Malec sits
down with James Maund, a veteran of the financial industry with experience spanning Goldman Sachs, the NYSE floor, and his current role at KraneShares. Maund provides a unique insider's perspective on the rapid growth and innovation within the ETF space while outlining KraneShares main investment pillars – China Tech, Carbon emissions/cap-and
Unpacking the Sell-Off! Awesome Insights from discretionary macro trader Asim Ghaffar
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
Hedge Fund Quants Unlock the Power of Dispersion: Versor's Unique Cross-Sectional Relative Value Approach
In this episode of The Derivative, host Jeff Malec sits down with DeWayne Louis and Nishant Gurnani
from Versor Investments, a quantitative investment firm celebrating its 10th anniversary. The discussion delves into the personal backgrounds and journeys that led to Versor’s founding, from their work providing efficient exposure to traditional hedge fund strategies through risk premia type approac
Volatility Vultures: Hunting for Options Talent with Gary Selz of Zero Delta
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 e
Carry On: Demystifying the Carry Trade with Rodrigo Gordillo & Adam Butler of ReSolve
We’re back! Today’s podcast features The Derivative show stoppers Rodrigo Gordillo and Adam Butler of Resolve Asset Management discussing the carry trade and its
applications in investment strategies. They begin by explaining what the carry trade is and discussing common misconceptions around it. They then dive into different types of carry that can be found in various asset classes like bonds, co
Surviving Adversity, Building Resilience, and Evolving a Quantitative Investment Firm with Joe Kelly of Campbell
Joe Kelly, partner at Campbell & Co., joins us this week for a new episode of The Derivative. Jeff starts talking skiing, as he’s apt to do, but this time is a bit different, with Joe sharing an update on his recent recovery from a nasty ski accident that nearly left him paralyzed (or worse). We
then move right into Joe discussing his career journey from trader to founding a FinTech startup d
50 Charts showing the Current State of Volatility, with Jeremie Holdom and Colin Suvak of LongTail Alpha
This episode of The Derivative discusses the current state of Volatility – and how to use those measurements in diversifying investment strategies with Jeremie Holdom and Colin Suvak of LongTail Alpha, an investment firm focused on tail risk hedging. The guests share insights into their work, analyzing volatility across asset classes and constructing customized hedging solutions for institutional
Finding Alpha in Unexpected Places: Doug Greenig on Trend Following Beyond Developed Markets
In this in-depth conversation, Jeff Malec picks the brain of veteran quant Doug Greenig about pursuing trends on a truly global scale. Greenig takes listeners on his fascinating career journey, from cutting-edge fixed income modeling at Goldman Sachs to managing risk at MAN AHL's pioneering CTA firm. He explains how this
experience led him to establish Florin Court Capital and develop novel wa
Optimizing the Supply Chain: Private Equity, Automation, and Economic Indicators in Logistics with Chris Jamroz
This episode is a fascinating deep dive into the complex
world of logistics. Our guest is Chris Jamroz, CEO of Roadrunner, a serial logistics entrepreneur who has indeed seen and done it all over his career.
Chris provides colorful anecdotes about his past 100+
acquisitions and turnarounds, including the challenges and lessons learned along the way. He then gives listeners an up-close look at his
Constructing A Systematic Oil Trader: Fueling growth at Cayler Capital
Brent Belote, founder and CIO of Cayler Capital, joins the podcast to discuss the growth of his now 5 year systematic oil trading strategy. He provides insights into analyzing supply and demand fundamentals and using quantitative models to capitalize on events in the physical oil market. Brent also shares lessons from starting his own fund and managing risk at a smaller scale. Hear about trends in
Miami Hedge Fund week Panel 2024 Part II: Increasing Accessibility of Alternative Investments
Join us for the second half of our panel discussions during this year's Hedge Fund week in Miami as we explore increasing accessibility of alternative investments through new ETF products and strategies. We’ve got Rodrigo Gordillo taking reigns from the quantitative perspective, Jerry Parker talking trend following, Bob Elliot on replication and Jay Pestrichelli, options guru, guiding
us thro
Set Phasers to Stocks+Discretionary Global Macro – with Dynamic Alpha
From NASA to Star Trek, Brad Barrie and David Johnson of
Dynamic Wealth Group discuss how their shared interests inspired the development of their diversified mutual fund, which blends equity exposure with discretionary global macro allocations. They explain how this approach seeks to provide smoother returns through non-correlated exposures. Brad and David also delve into their backgrounds in aer
Miami Hedge Fund week panel 2024 - Commodities: Outlook on Prices, Volatility, and Portfolio Diversification
This packed panel discussion featuring Tim Pickering (Auspice), Brent Belote (Cayler Capital), Gerardo Tarricone (Arion) and Derek Stroke (Equanimity Advisors) focused on commodities as diversifiers and opportunities in commodity trading and investing. Our panelists discussed topics like the reliability of commodities in portfolios, ESG factors, the potential for a commodity supercycle, and educat
Advanced Hedge Fund Replication with the Top Down – riding diverse ETF modeling flows with DBi’s Andrew Beer
Welcome to the start of a new year and another exciting season of The Derivative Podcast. We're beginning with a bang, featuring DBi’s hedge fund guru, Andrew Beer. Picture the ideal blend of Wall Street expertise and accessible insights - that's what we're delivering in this episode! We’re talking with Andrew about replicating strategies in this episode and if it works.
Andrew is sha
Marrying Fundamental Factors into Commodity Quant with Patrik Safvenblad of VOLT CM
Thanksgiving is just a week away in the US, marking the end of an excellent year for The Derivative and we're inviting you to join us at the podcast table for a bountiful episode delving into the unique flavors of managed futures and fundamental expertise. As we carve into the Thanksgiving spirit, The Derivative is serving up a feast of insights with Patrik Safvenblad, the mastermind behind VO
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