DiscoverThe Derivative
Claim Ownership
The Derivative
Author: RCM Alternatives
Subscribed: 168Played: 7,866Subscribe
Share
© RCM Alternatives
Description
Welcome to The Derivative by RCM Alternatives, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.
170 Episodes
Reverse
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 investors.
Jeff, Jeremie, and Colin do something a little bit different in this pod – walking through several graphics and charts to discuss notable stats and trends in implied and realized
volatility pricing in not just equities, but across various asset classes including energies, Gold, interest rates, and more. Check the episode out on YouTube if you're wanting to see their beautiful charts. They also explore topics like the influx of options selling and its implications. They dive into topics like interest rate movements, inflation effects, fixed income-equity correlation shifts, and how these influence positioning across strategies like tail hedging and trend following.
Learn about Longtail's customized approach to constructing hedging solutions around tail hedging costs and frameworks like generalized optionality and how the firm evaluates basis risk. This discussion also covers challenges measuring counterparty risk and the interplay between explicit and implicit hedging strategies. Sit back and look at how professionals interpret shifting market dynamics and construct diversified portfolios using alternative risk mitigation approaches. SEND IT!
Chapters:
00:00-02:24=Intro
02:25-08:40= Cal vs Can
cost of living & backgrounds among the tails
08:41-18:11= Generalized optionality & Risk mitigation – Long vol, the core of basis risk
18:12-24:25= Diversifying strategies, hedging Nasdaq, customized approach, & tail risk hedging
24:26-37:24= Keeping tabs on all type of Vol – why does it matter? Basis risk across all asset classes
37:25-51:32= Implied vs realized Volatility, Volatility skew & short-term vol
51:33-01:00:44= The Vol selling influx / 0DTE
01:00:45-01:15:27= The shake out & blending all pieces together
From the episode:
Taming the tails with LongTail Alpha’s Vineer Bhansali on The Derivative
LongTail Alpha Whitepaper: Option Total Return and Active Option Portfolio Management
Follow along with LongTail Alpha on Twitter with Vineer Bhansali @longtailalpha , on LinkedIn with Jeremie Holdom & Colin Suvak & also check out there website for more information: LongTailAlpha.com
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
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 ways of accessing over 500 international markets. Greenig and Malec engage in a lively debate about capturing narrative shifts, the effects of high-speed trading, and how allocators can balance exposure to alternative trends. Listen in on unique insights into operational challenges like structuring swaps to trade illiquid assets. Greenig also discusses how Florin Court scales risk across a massive portfolio while still delivering the crisis protection allocators seek. This revealing episode pulls back the curtain on one firm's quest to follow profits wherever macro winds may blow. SEND IT!
Chapters:
00:00-01:48=Intro
01:49-04:21= Diverse economies
04:22-22:25= Economist turned PH.D, fixed income derivatives & trend potential in emerging markets
22:26-37:00= Alternative markets/Alternative trend: Exposure to CTAs, global orientation & unique opportunities
37:01-51:20= Refining models, when narratives change, signal strength & volatility targeting
51:21-01:01:34= What drives trend, removing the narrative & moving into a complex world
01:01:35-01:06:59= Florin Court...the apartment building?
From the episode:
History of Managed Futures whitepaper
Guide to Trend Following
Follow along with Doug on LinkedIn and for more information on Florin Court and their team visit florincourt.com
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
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 current ventures - Roadrunner, an LTL shipping company known for its blazing-fast delivery speeds, and Global X, a rapidly growing charter airline.
The wide-ranging discussion touches on how the pandemic disrupted global supply chains and the "nearshoring" trend of moving manufacturing closer to home. Chris also shares insightful perspectives on economic conditions, the potential and limitations of automated trucking, and the value private equity brings to facilitating turnarounds.
For those interested in alternative investments, Chris
even discusses how his family office allocates to areas like equipment leasing, real estate, and hedge funds. Overall, it's a very entertaining and educational podcast that provides a true insider's view of the logistics industry. SEND IT!
Chapters:
00:00-01:19= Intro
01:20-06:49= Extracting value across the continent
06:50-13:45= Quality freight transportation, LTL Players, allure of trucking life, 100+ acquisitions
13:46=26:00= Logistics & the global economy, freight recession post COVID spikes & the global supply
26:01-33:58= Rate pain points, the trigger effect, inflation & automated trucking – is it even possible?
33:59-45:20= Private equity = Devil or angel? Removing barriers & Deserving the right to grow
45:21-51:10= LyonIX & other ventures
Learn more about Chris: https://chrisjamroz.com/
& Roadrunner and follow along with Chris on LinkedIn @
Chris Jamroz & Roadrunner
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
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 the energy sector, including the impact of geopolitics, refining capacity, and green-flation (just how close are we?). Brent offers his outlook on oil prices and explores other areas of knowledge and experience in the energy sector. This one is an engaging conversation you won’t want to miss, so kick back and explore with us as we navigate through commodity markets and the experience of building a successful investment firm. SEND IT!
Chapters:
01:31-02:59= Skiing and family growth
03:00-10:32= Advances in the strategy, event driven success & Oils gone flat
10:33-27:47= Building a business, podshop thoughts & multi-strat models
27:48-36:02= Oil in ’23 – warmer temps means spiking refining numbers
36:03-43:42= Greenflation – are we ready, are we even close?
43:33-47:33= Biden administration issues and the Red Sea
From the episode:
Commodities Miami panel featuring Brent
Previous episodes of The Derivative with Brent:
Crude Oil goes Negative… WHAT^%$#
A Crude Oil Cornucopia: Covid, Crack, CSOS & Contango with Brent Belote
Follow along with Brent on Twitter @brentbelote, on LinkedIn and check out Caylercapital.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
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 through hedge fund strategies, discussing their day-to-day responsibilities and tasks, highlighting differences in their approaches despite operating under the broad financial services umbrella.
We dive into challenges around educating investors on sophisticated strategies as well as recent regulatory changes that allow new product structures that are making alternative approaches more accessible to a wider range of investors. Topics
discussed include quant fund management processes, trend following across 400 markets including single stocks, and harnessing options decay in a new ETF. Challenges of communicating performance during periods of potential underperformance are being addressed such as election year impacts and whether strategies position based on outcomes, capacity constraints of highest Sharpe strategies and limitations
of full replication, along with democratizing diversification strategies through return stacking ETFs.
Sit back and gain knowledge on the expanding opportunities and accessibility in the alternatives space, with room for continued advances as innovation progresses, SEND IT!
Chapters:
00:00-01:48=Intro
01:49-14:42= Intros & the Day-to-Day work ethic
14:43-28:45= Hedge fund replication, ETFs for retail investors & financial accessibility
28:46-45:22= Democratizing diversification through ETFs, market trends & election year impact
45:23-55:53= Hedge funds generating alpha, investments strategies & ETF operations
55:54-01:08:01= Managing expectations, Innovations & the future of investing
From the episode:
Miami Hedge Fund week 2024 Part 1: Commodities
Follow along with this panel on Twitter
& LinkedIn: @rjparkerjr09 , @RodGordilloP, @BobEUnlimited, & @ZEGAFinancial
And remember to check out their company profiles on LinkedIn:
Jerry Parker
Rodrigo Gordillo
Bob Elliott
Jay Pestrichelli
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 aerospace, finance, and alternative investments. Tune in to learn how discretionary macro strategies can offer unique diversification benefits compared to systematic trend following. This episode discusses portfolio construction techniques including dynamic rebalancing
models for mutual funds. Throughout, analogies from Star Trek, NASA, and other aeronautical aspects provide entertaining parallels for investment concepts, even attending and speaking at a Star Trek “con” (not in costume)to connect with individual investors! Jump on the starship enterprise with us, as we move
from orbit to warp speed. Engage!
Chapters:
00:00-01:32= Intro
01:33-05:02= Las Vegas: a place for peace & tranquility
05:03-21:44= Diversified portfolios for Mutual funds, NASA,
minimizing the downside and correlation to everything
21:45-36:28= 60/40 Bonds – Bring on Managed Futures and
direct exposure
36:29-49:03= Global macro commodities, offense, the
alternative to alternatives & driving the return
49:04-57:21= Star Trek, a blossoming career incentive –
meeting Shatner, Sci-fi language and investing for Trekys
57:22-01:02:50= Treky favorites
From the episode:
Blog post – It may be a slow news day, but…
Blog post – The picture from space that shows why commodities are non-correlated to the stock market
Blog post – Set Phasers to ‘Systematic’
Dynamic Blog post: What Star Trek can teach you about investing & financial planning
Follow along with Dynamic Wealth on Twitter @DynamicAlphaSol
and also Brad & David's LinkedIn Brad Barrie, David Johnson
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
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 educating the next generation of commodity investors. They debated drivers of long-term commodity prices and the impact of trends like energy transition.
Panelists also highlighted volatility in energy markets, shifts toward separate managed accounts, inflation expectations, and strategies for including commodities in diversified portfolios. This session illuminated both risks and rewards for navigating evolving commodity markets, leaving attendees energized to pursue these opportunities through dedicated managers and stay tuned for what's in store in the world of trading and beyond. – you need to check this one out! SEND IT!
Chapters:
00:00-01:32= Intro
01:33-13:25= Commodities as diversifiers with industry experts, EV’s/ greenflation & energy trading opportunities
13:26-20:53= Trading commodities for alpha & diversification
20:54-30:37= Commodity supercycles & its potential
impact on prices & Volatility and China demand
30:38-44:02= Inflation, central bank policies, and educating
the next generation
44:03-54:30= Questions from the audience: “Drill baby
Drill”, weaponizing commodities & India’s middle class
54:31-01:00:22= Final thoughts on the future outlook for
commodities
Panelist Performance Stats: Click here
You can follow along with all our panelists on LinkedIn @ Brent Belote, Tim Pickering, Gerardo Tarricone & Derek Stroke
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
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 sharing his journey, from establishing a commodity firm to making groundbreaking strides in the hedge fund world, where he adds flavor with personal anecdotes from his financial adventures, diving into private equity and managed futures investing - providing beta for those managed futures, replicating hedge fund performance with the help of ETFs, using managed futures as a diversification strategy, unveiling his creative methods to revolutionize investing. We come at all angles in this one, questioning the risks and limitations of replication, utilizing different markets to expanding portfolios, and even getting into the “whipsaw” effect many trend followers saw last year with its unpredictable events. This episode is a feast for finance enthusiasts and newcomers - filled with knowledge, humor, and a whole lot of excitement. Don't just listen; Turn up the volume and brace yourself for an episode that's as fun as it is informative — SEND IT!
Chapters:
00:00-03:17= Intro
03:18-9:55= Commodities to Private Equity
9:56-24:54= You’re not a Quant, replicating models and finding your vision
24:55-49:05= Where’s the line? MF against everyone else, asset
allocation limitations and modeling flows
49:06-01:08:51= Top down, bottom up: The structure, the drivers and year of the whipsaw
01:08:52-01:19:14= 10 markets expanding your portfolio
01:19:15-01:27:27= Limits of replication & the dangers of private
equity
From the episode:
Replicating Babies, Trend following, hedge funds, and Warren
Buffet with Corey Hoffstein
https://dbi.co/news-research/
Follow along with Andrew on Twitter @andrewdbeer1, LinkedIn and visit DBi's website at dbi.co/ 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
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 VOLT Capital Management.
In this compelling conversation, Patrik unveils his approach as a fundamental specialist in managed futures programs, offering a
unique perspective that distinguishes his strategies from the norm. We delve into the differences between pod shops and in-house multi-strats, explore the penchant for shorter-term models, and uncover the meticulous process of managing over 9000 signals.
Join us as we navigate the complexities of commodity quant and gain invaluable insights into quantitative strategies just in time for the Holiday season — SEND IT!
Chapters:
00:00-02:09 = Intro
02:10-05:30= Dark days in Stockholm
05:31-18:09=Professor to Quant: early skipping stones to “across the pond”, building a team & getting diversified
18:10-26:44= Shaping Fundamentals, short-term models & configurations in machine learning
26:45-41:49= Selecting signals, gathering data & adjusting portfolios
41:50-53:14= Efforts of running 9000+signal, portfolio level constraints & Podshops vs in house
53:15-01:01:50= Positive Skew, risk management & opportunities
01:01:51-01:06:33= Off the beaten track
From the episode:
Allocating to Alts with RPMs Alexander Mende on the Derivative
Follow along with Patrik on LinkedIn and visit voltcm.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
Get ready to savor an episode of The Derivative that's anything but run-of-the-(corn) mill, featuring a guest who's serving up some fresh and unconventional perspectives. That's right, we're delving into the heart of the snack world where the notion of sturdy, thick chips and delicate, thin chips is more than meets the eye. Prepare to have the simplicity of your favorite tortilla chip upended, revealing the captivating intricacies that fuel everyone’s favorite salsa, guac, and queso vehicle, the tortilla chip.
Zack Gazzaniga, is the visionary behind Zack's Mighty Tortillas, a company rewriting the rulebook on what it means to be a tortilla chip. His entrepreneurial journey takes us from the humble beginnings of a small natural food startup to helping build a 60-SKU condiment brand at Sir Kensington's. Throughout this episode, he generously shares his insights on expanding product lines, managing complex supply chains, and navigating deals with corporate giants. But that’s the boring business stuff… stay for the talk on seed hunting in Italy, making tortillas, then chips – how many growing cycles our US soil has left, the many nuances in GMO vs non-GMO labeling, and the informative history of Corn you didn’t know you needed. This episode is a must-listen for fellow entrepreneurs and tortilla chip lovers – SEND IT!
Chapters:
00:00-01:39= Intro
01:40-11:50= Buongiorno! Let’s talk: Origins, Sir Kensington’s, flavor, & the guacable chip
11:51-25:19= Economic building blocks, Investing in food, CAP-X deals, & intense integration
25:20-36:29= A brief history of corn: Quest for the golden kernel
36:30-50:24= The tortilla chip: From field to bag & Going organic – why it makes sense
50:25-01:01:41= Ethanol? Water? Growing and production
concerns / Short-corn & gene editing
01:01:42-01:06:03= Where do we get them? & the Takis people...
From the episode:
Beautiful Corn: America’s Original grain from seed to plate (Book)
Don't call it private equity, seeking value (and tax alpha) in small business with Adam Tkaczuk
Follow along with Zack's Mighty on LinkedIn and Facebook! For more information on Zack's Mighty tortilla's chips and where to find them visit zacksmighty.com
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
In the constantly changing and often unpredictable industry
that is wealth management, is it possible to systematize an asset allocation approach? Might you even apply trend following to the problem? On this episode of The Derivative, Jon Robinson, the CEO and co-founder of Blueprint Investment Partners, draws upon his unique experience on both sides of the trend-following fence: proprietor and customer. He reflects on his early days working on the New York Stock Exchange floor and delves into the intricate process of shifting from traditional research methods to systematic investment.
Join us as we explore the subtleties of trend following, its evolution over time (Jon’s evolution over time), and the strategies that Jon and his team at Blueprint Investment Partners employ. Our conversation sheds light on the fundamental principles of maintaining strong advisor-client relationships, the changing landscape of portfolio management, and what the future of the investment advisor space might look like. Tune in for an engaging discussion on the effectiveness of trend following not as an investment in its own right, but as a filter on other investments— SEND IT!
Chapters:
00:00-01:46=Intro
01:47-05:20= Greensboro HQ
05:21-17:21= The wild west of futures, entrepreneuring &
trend following models
17:22-36:27= Piecing together the Blueprint with a trend following edge / simplifying the implications / Enter in.. Chesapeake
36:28-48:28= Managing the spectrum & private hedge funds
48:29-58:02= The future of the advisory space & behavior
adoption
58:03-01:08:24= RIA Or Private Client? Helping an investor
From the episode:
Trending following plus nothing with Jerry Parker: The Derivative
Trend following turtle tails (and tales) with Jerry Parker: The DerivativeTrend Following guide
Follow along with Jon on LinkedIn and his team on Twitter
@Blueprint_IP and for more information visit their website blueprintip.com.
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
In commodity trading, where volatility reigns supreme, finding an edge can be daunting. In this episode of The Derivative, we switch up our normal Commodity Trading talk with our non-trend following guest, Jae-Min Hyun of NWOne. With extensive experience in commodities trading and a quant background that spans Wall Street firms, hedge funds, and a new talent incubator, Jae-Min brings a wealth of knowledge to the table.
Join us as we explore the intricate intricacies of building a systematic commodity trading strategy using fundamental inputs instead of just price, why inefficiencies equal edge, the importance of risk management, the role of machine learning, and the rest of the challenges of navigating this dynamic market. Jae-Min Hyun's insights shed light on the complexities of this niche within the world of finance, offering valuable perspectives for both seasoned traders and those seeking to understand the nuances of commodity trading — SEND IT!
Chapters:
00:00-01:32= Intro
01:33-15:49= NYC is wet, but back! An early start at Morgan Stanley constructing commodities & building Quants
15:50-29:25= Exacting Alpha in inefficiencies, market fundamentals, directional futures & diversification
29:26-43:20= Calendar spreads (delivering exposure) and all models working in concert
43:21-54:04= Why only commodities? Research, systematic strategies & the competition
54:05-01:05:46= Commodity exposure, alpha generation & A.I. in quant trading
From the episode:
NWOne Diversified Strategy
The Predictors - Book
Semi-Annual Rankings Whitepaper
Follow along with Jae-Min on LinkedIn and for more information visit NWOne's website www.nwone-llc.com
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
Philadelphia is renowned for various iconic symbols, including the Liberty Bell, Rocky Balboa, the famous Philly cheesesteak, and, most recently, RCM's Live Panel Discussion "Is 60/40 Dead? Can Alternatives Fill the Void?" This engaging panel discussion features industry leaders Tim Pickering, Corey Hoffstein, and Brian Meloon, with the insightful Kevin Davitt giving an insightful intro. It was so compelling that we decided to turn it into an episode of the Derivative podcast.
We kick off our discussion by diving into the rapidly evolving landscape of the index options market and the financial industry as a whole. Explore the critical role of adaptability in the face of exponential technological advancements, with a spotlight on NASDAQ's MDX options leading the way.
But there's more! Tim Pickering, Corey Hoffstein, and Brian Meloon share pivotal moments from their careers, emphasizing the importance of innovation during challenging periods. We'll also delve into quantitative investing strategies, the intriguing concept of return stacking in ETFs, and why diversification is necessary in your investment portfolio — SEND IT!
Chapters:
00:00-01:31 = Intro
01:32-14:18 = Adapting to a changing landscape with Kevin Davitt
14:19-22:24 = Introductions: Ah Ha! moments – what got you in
the industry
22:25-36:38 = Adapting to market shifts
36:39-43:39 = Why should you care?
43:40-59:43 = What are investors looking for – Why
Commodities? Why Systematic? Why Leverage?
59:44-01:04:25 = Why now?
01:04:26-01:17:17 = Open for questions
From the episode:
Flirting with Models podcast
Liquidity Cascades – Newfound Research
Follow along with Tim Pickering on Twitter @AuspiceTim, Corey Hoffstein @choffstein and Brian Meloon on LinkedIn
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
In the ever-evolving world of finance, change is the only constant. Like the shifting tides of the market, options trading has transformed from monthly expirations to weekly and even daily strikes. It's like going from a leisurely stroll to a thrilling daily marathon in the world of trading. Alongside these shifts, hedging strategies have also had to adapt, especially after the rollercoaster ride that was 2018.
On this episode of The Derivative, we're taking you on a journey through the financial landscape with none other than Russ Kellites from Alpha Centric Funds. From the intriguing story of San Francisco's economic landscape to the evolution of computer science and AI, to the transition from Goldman Sachs to starting a fund - we're covering it all — SEND IT!
Chapters:
00:00-01:42= Intro
01:43-10:23= Hard hits in San Fran & Building blocks of A.I.
12:24-22:21= Hitching a ride w/ Warren Buffet & Designing a Fund
22:22-39:17= Diversifying Options & the 4/5 Quadrants of Volatility
39:18-53:07= Market Environments (Long & Short positions)
53:08-59:41= Market Participation
59:42-01:05:22= The value of time: It’s a long-term investment
From the episode:
Portfolios of Power Futures with Tim Kramer
LJM – The Autopsy
Follow along with Russ on LinkedIn and for more information visit alphacentricfunds.com
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
From front-running commodity index rolls to trading spreads, we're taking you on a bit of a historic journey with Emil Van Essen and Bryan Kiernan of Katonah Eve. Join us as we explore the evolution of their strategies and firm, while talking the world of commodities.
In this episode, we'll uncover the evolution of Katonah Eve, from pulling data ahead of the game to mastering roll yields and transitioning into the world of spread trading. We'll also discuss what it takes to survive so long in this business, going institutional for in-house operations, and how they have more than just skin in the game, they’re putting skin in the the pre-game as well to test new sources of Alpha.
We unpack what makes their Long/Short Commodity strategy different, and how long/short differs from trend, and explore topics like term structure, spread trading and data, the importance of diversification, and the importance of testing ideas with live ammunition. And we can’t talk with Emil without talking about the energy patch, the crypto space, and China – all of which we touch on. SEND IT!
Chapters:
00:00-01:57= Intro
01:58-4:38= Mountain Bike Racing?
3:56-15:35= Evolution of EVE: Pulling data ahead of the game & Roll yields to spread trading
15:36-22:38= Expanding in-house infrastructure, market making, and the constant search for Alpha
22:39-37:15= Long/short Commodities, Term structure, Spread
vs Trend & Diversification in Commodity markets
37:16-50:34= The Energy guy, Alpha in Crypto & inside China
From the episode:
Crude Oil goes negative…What ^%$# - Derivative podcast
Follow along with Emil and Bryan on LinkedIn 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
Is electricity a commodity? If not, why not? If so, how do you get exposure with the demand for electricity set to possibly outstrip the world's forthcoming technological advancements. Join us on a high energy episode of The Derivative by RCM Alternatives for an in-depth exploration of "Electrifying America" with Timothy Kramer, a seasoned energy and power trader and CEO of CNIC Funds – the group behind the AMPD electricity ETF. In this stimulating conversation, Kramer sheds light on the difficulties of accessing the power market, why electricity should be part of any inflation-protecting commodity investments, and what the overall landscape looks like for America's electrification journey, unveiling three key pillars: importance, inflation, and imbalance.
From the coming era of all-electric vehicles to the challenges facing renewable energy, Kramer navigates the complexities and opportunities. He also delves into the creation of innovative indices and the dynamic interplay between power and commodities — SEND IT!
Chapters:
00:00-01:53 = Intro
01:54-03:53 = Texas is How Big?
03:54-17:38= The Electrification of America, Power’s Supply/Demand
17:39-23:48= ESG push back & removing carbon = Carbon Neutral
23:49-36:47= Creating an Index- AMPD: Deregulation, power
generation & retail providers
36:48-44:12= The power players in the power market
44:13-54:23= Carbon offset vetting and commodity exposure
54:24-01:00:42 = Is Bitcoin mining a legit use on power grids?
From the episode:
The Electrification of America
https://www.cnicfunds.com/
The Kaoboy of convertible Arb with Michael Kao Derivative episode
Super storms, mathematical modeling, and hurricane hunting with Dr. Jeff Masters Derivative episode
Follow along with Timothy on LinkedIn and check out all the links above 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
Why Systematic? Why CTA? Why Now? These are common questions on the minds of many professionals in the Managed Futures field. On this episode of the Derivative podcast, host Jeff Malec takes on a unique role as a featured guest on a panel recently hosted by RCM Alternatives in Chicago alongside Cohen & Company and Mercer.
While Jeff is usually the one leading the discussions, this time, he gets the opportunity to be a participant alongside other industry experts. Together, they delve deep into the inner workings of various trading models. The main focus of the discussion is to understand how these models function, distinguish between pod-shops and multi-strat data infrastructure, and explore the role of A.I. in the industry.
Additionally, they discuss the differences between systematic macro and trend-following approaches.
Joining Jeff on the panel are Joe Kelly from Campbell, Brian Proctor from EMC, and Rodrigo Gordillo from Resolve. The conversation is both insightful and engaging, shedding light on the world of Managed Futures Hedge Funds — SEND IT!
Chapters:
00:00-01:42=Intro
01:43-15:41=Approaching CTAs – Why now for systematic macro?
Inflation, stacking (yes + this)
15:42-25:57=Current state of rising interest rates & trend following diversification
25:58-40:25=Machine learning: Parameter sets, Data, managing
risk, A.I., & no emotions
40:26-48:49=Discretion: When, Why, or do we use it?
48:50-01:11:06=Questions? Let's open it up to the audience
Follow along on Twitter with Rodrigo Gordillo @RodGordilloP, Mercer
@mercer, & Cohen & Company @CohenCPA 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
What do you do when you’ve already done everything there is to do in trend. Managed billion of dollars: check. One of first to run a trend following mutual fund: check. Trend following on individual equities:
check. You push the envelope again, and convince the folks that create ETFs that you actually can pack your fully diversified equities plus futures portfolio into an ETF wrapper. On this episode of The Derivative, we sit down with the legendary Jerry Parker, a former Turtle Trader who’s newest effort is an ETF product called ‘Trend Following Plus Nothing’.
Jerry and Jeff explore a wide range of topics, including whether multi-billion CTAs sold their (trend) souls to get there, just why nobody really tries to trend follow on individual equity names. Seeing a green light when they tell you it can’t be done. Jerry also opens up about finding the perfect balance of personal risk and mental fortitude to achieve success in trend following while sharing some personal anecdotes, including his love for pet birds.
Discover the power of trading components instead of an index of components, the impact of Fed limits on trend, and the intricacies of volatility targeting (hint: Jerry doesn’t believe in it). We'll also delve into the art of portfolio construction, the virtue of trend following impatience, the true essence of trend following as an inflationary hedge, and so much more — SEND IT.
Chapters:
00:00-02:00=Intro
02:01-04:50= No birds allowed on Long Island, NY
04:51-16:38= The journey creating the new ETF needed diversification
16:39-30:02= Replication – what’s your limit?
Hard=Simple/Simple=Hard
30:03-41:45= Market Makers, Outlier Moves, and what’s deserving of your portfolio
41:46-48:50=Embracing the Trend Following philosophy
48:51-01:00:02= The narrow road taken
01:00:03-01:03:29= Trend following+nothing
From the episode:
The Swiss(Franc) isn’t all that neutral – blog post
Trend Following Turtle Tails (and Tales) with Jerry Parker - podcast
Check out our Trend Following whitepaper!
Follow along with Jerry on Twitter @rjparkerjr09 and visit ChesapeakeCapital.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
Jason Buck is back in this follow-up, Part II episode rehashing all the goings on at Global EQD '23, and he's continuing the conversation on equity market hedging, not to mention interest rate, currency, and more hedging – plus volatility markets and investment strategies with host Jeff Malec.
Jason and Jeff discuss what was discussed, including the influence of Fed policy, abnormally low volatility in equities, cross-asset volatility, and the relationship between skew and put options. Tune in to discover the risks associated with high-frequency trading (HFT) firms in the
zero-day-to-expiration market and gain insights into balance and risk
management.
Explore supply and demand dynamics, black swan events, and the perspective of market makers. Gain valuable knowledge on the interplay between institutional and retail traders, the importance of diversification in building portfolios, and the comparison between systematic and discretionary approaches to investing — SEND IT!
Chapters:
00:00-01:31=Intro
01:32-10:07= Leaders in Vol – Monetizing Vol, Skew vs puts & commodity Vol can’t be suppressed
10:08-26:00= The volume of ODTE options & when retail flow becomes toxic
26:01-32:55= Complexity, probability & path dependency: Building a resilient portfolio
32:56-48:43= Systematic vs discretionary, the importance of dispersion
48:44-58:54= Fixed income factors and a panel too short
In case you missed it: Check out Part I of this EQD Breakdown here!
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 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
of the Federal Reserve's actions.
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!
Chapters:
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?
Follow along on Twitter with Cem Karsan @jam_croissant, and Luke Rahbari @luke_rahbari for all their updates and for more information visit kaivolatility.com, equityarmorinvestments.com, & convexitas.com
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