RCM Alternatives

The Derivative

About the show

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.

Newest episodes

Cliff Asness in the house, plus return resilience, stacking, and portable alpha with Corey Hoffstein

Nov 12, 2026 1 hr 1 min

What does it take to build a portfolio that can weather changing markets, and how can advisors put that idea into practice? Jeff Malec sits down with Corey Hoffstein to explore return stacking, portable alpha, and the thinking behind a more diversified approach to investing. Drawing on the Return Stacked Symposium and his experience in the field, Corey shares perspectives on portfolio construction, managed futures, and the lessons learned from past implementations. It’s a conversation about making investment ideas practical, helping clients stay resilient, and building a stronger community around new approaches. - SEND IT! Chapters: 00:00-01:13= Intro 01:14-05:26= Floods, Florida, and a Chicago Symposium 05:27-20:29= “Cliff Did It”: Inside a Quant Legend’s Playbook 20:30-32:44= Portable Alpha’s 2008 Blowup...and the Fix 32:45–45:08 = Stocks Plus Managed Futures: A Winning Mix or Double Trouble? 45:09–55:30 = How Advisors Use Return Stacking to Win and Protect Clients 55:31–1:01:13 = Will the Symposium Return? Corey’s Answer From the Episode: WHITEPAPER: ⁠Seven Thoughts On Running Big Money For the Long-Term⁠PODCAST: Andrew Beer: Advanced Hedge Fund Replication with the Top Down PODCAST: Replicating Babies, Trend Following, Hedge Funds, and Warren Buffet with Corey Hoffstein Follow along with Corey and ReturnStacked ⁠on LinkedIn, and be sure to check out returnstacked.com to learn more about what they are up to. Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

How an Discretionary Ag Trader "Reads the Soybean Leaves" with Stephen Davis

Oct 22, 2026 1 hr 8 min

In this episode, Jeff talks with Stephen Davis of Davis Commodities about Memphis’s long-standing role as a center for commodity trading and Stephen’s path into the business, from his first days on the Chicago Board of Trade grain floor to building his own trading firm. Stephen dives into how agricultural markets are shaped by global supply and demand, crop conditions, weather, trade flows, and government policy, including the many uses of corn and soybeans in food, animal feed, and fuel. He also explains how he turns research into trades, why he favors longer-term themes over short-term market moves, and how experience, including costly mistakes, helped him develop firm risk-management rules. The conversation covers his Plutus agricultural strategy, Global Macro and Atlas programs, and how commodities can diversify portfolios concentrated in stocks and bonds. - SEND IT! Chapters: 00:00-01:17= Intro 01:18-12:56= From Memphis Commodity Roots to the Trading Floor 12:57-18:20= Brokerage to CTA Trading: Learning Risk Management 18:21-28:02=Agricultural Research, Trading Lessons, and Risk Management 28:03-38:54 = Plutus: Agricultural Trading Strategy, Corn Outlook, and Risk Management 38:55-51:38 = Soybean Markets, Biofuels, and Weather’s Role in Agricultural Trading 51:39-59:26 = Weather Forecasting, Crop Yields, and Global Crop Tours 59:27-1:05:49 = Macro and Atlas Strategies, Portfolio Diversification, and Family 1:05:50-1:07:56 = Memphis Movies Follow along with Stephen ⁠on LinkedIn, and be sure to check out daviscomllc.com to learn more about what they are up to. Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Running an "Old Fashioned" Hedge Fund with Adrian Keevil of Plustick Partners

Oct 15, 2026 1 hr 10 min

In this episode, Jeff Malec talks with Adrian Keevil of Plustick Partners about his path from corporate finance and academic research to investing, and how his work on stakeholder relationships informs the firm’s approach. Keevil explains Plustick’s old-fashioned partnership philosophy and its focus on distressed, event-driven, and special-situations investing, from overlooked assets and misunderstood businesses to shorting unsecured bonds. He also shares the personal and professional experiences behind his perspective, including his family’s history in market trading and lessons from studying how real businesses operate. The conversation explores portfolio construction, credit markets and private credit, the potential economic effects of AI, and the ethical questions AI raises in business and education. It wraps up with Keevil’s Charlottesville restaurant recommendations. - SEND IT! Chapters: 00:00-01:23= Intro 01:24-11:54= Plustick Partners and the Old-School Hedge Fund Model 11:55-30:29=Distressed Investing, Hidden Assets, and Building a Resilient Portfolio 30:30-48:00=Unsecured Bond Shorts, Credit Markets, and Finding the Story Behind a Business 48:01–58:37 = Private Equity, FanDuel, and Plustick’s Idea-Driven Research Process 58:38–1:10:55 = AI, the Future of Work, and Business Ethics + Top restaurants in Charlottesville From the Episode: NEW WHITEPAPER: Beat the Market with Less VolatilityPODCAST: Zigs, Zags, and Finding Micro Cap Winners with Ian Cassel Follow along with Adrian and Plustick ⁠on LinkedIn, and be sure to check out plustickpartners.com to learn more about what they are up to. Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠...

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All episodes

The newest 50 of 244 episodes

Cliff Asness in the house, plus return resilience, stacking, and portable alpha with Corey Hoffstein

Nov 12, 2026 1 hr 1 min

How an Discretionary Ag Trader "Reads the Soybean Leaves" with Stephen Davis

Oct 22, 2026 1 hr 8 min

Running an "Old Fashioned" Hedge Fund with Adrian Keevil of Plustick Partners

Oct 15, 2026 1 hr 10 min

The Fall Solo Six-Pack: Sports Games, the Return of Discretionary Macro, & AI Coming for Your Job

Oct 8, 2026 25 min

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 that can come with owning a sports franchise, before wondering whether ultra-luxury resort communities are becoming self-contained mini-cities, and whether their plumbers and caddies could be among the workers least threatened by AI. Jeff checks the early evidence on AI and jobs: entry-level knowledge workers are showing some warning signs, even as the broader employment picture remains unsettled. He wraps up with listener mail on getting more RCM voices on the podcast, making managed-futures strategies easier to compare, and bringing tail hedging back into the conversation. Expect sports, markets, tax quirks, big questions about the future of work, and a few strong opinions along the way. - SEND IT! Chapters: 00:00-00:52= Intro 00:53-04:03=Why Showing Up for Your Kids’ Games Matters 04:04-07:23=CTA Expo Takeaways: Discretionary Macro’s Return 07:24–10:51 = The Lakers Sale, Tax Benefits, and a Utah Real Estate Deal 10:52–14:30 = Luxury Enclaves and the AI-Proof Jobs That Serve Them 14:31–21:11 = Tracking AI’s Impact on Jobs: Early Signals and Open Questions 21:12-25:59 = Listener Mailbag: Managed Futures, Tail Hedging, and Podcast Guests From the Episode: BLOG POST: When Skynet Writes a Substack: The AI Doom Piece That Moved Markets PODCAST: AI, Markets, and the Profits of Doom with Adam Butler PODCAST: 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 PODCAST: This City Trades Different: Yogi, the Floor, and Building RCM Questions and comments about this episode or T...

AI, Markets, and the Profits of Doom with Adam Butler

Sep 24, 2026 1 hr 23 min

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's attention is the real limit. He then pushes back on the doomsday headlines. He argues that p-doom stories help frontier labs chasing trillion-dollar IPOs and favorable regulation, and points to the risks he thinks are real, like "obliterated" models with their safeguards stripped out and cyberattacks on critical infrastructure. Along the way, they dig into the paperclip maximizer and the recent case where sandboxed AI agents secretly coordinated to gain admin access to Hugging Face. They also cover AGI, ASI, and recursive self-improvement, and why Adam sees markets as the original paperclip maximizer. From there they turn to the AI funding loop with Nvidia at its center and no real moat for the labs, why Adam expects negative stock returns and prefers trend following, and his argument that mass job loss is a failure of imagination, not an inevitability. - SEND IT! Chapters: 00:00-01:51= Intro 01:52-10:23=Compute Deflation and the Multi-Agent Workday 10:24-19:46=Managing the Agent Swarm, and Doubting the Doomsayers 19:47–35:51 = Fear, Incentives, and Obliterated Models: Which AI Risks Are Real? 35:52–53:57 = Paperclip Maximizers and Escaping Agents: How AIs Learned to Coordinate 53:58–01:05:39 = RSI, Regulatory Capture, and Winner-Take-All 01:05:40–01:20:13 = No Moat, No Mission: The AI Funding Loop, Trend Following, and America's Failure of Imagination 01:20:14–01:23:34 = Rooting for Whatever Went Up From the Episode: PODCAST: AI isn’t coming…it’s already here, with Adam Butler and Taylor Pearson BOOK: Neal Stephenson - Snow Crash Follow along with Adam and Return Stacked...

RE-RELEASE: Texas Trend Following with Salem Abraham

Sep 17, 2026 1 hr 20 min

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 cover tiny Canadian, Texas; why you need noodles and red sauce if you’re competing to make the best spaghetti; the Turtle Traders; a tourist boat capsizing in front of the nude beach; just how low oil can go; hanging out with Boone Pickens; honeybees; sending the first computer-generated orders electronically to the CME; trend following, naturally; why an apple salad is not a fruit salad; bonds at zero; and pecan and apple orchards. You know, the usual. Salem is the founder of Abraham Trading Company, a research-driven investment management firm that has managed alternative asset portfolios since 1988 for families, individuals, foundations, endowments, and institutions. Today, the firm runs the Fortress Fund for endowments and institutional investors. So whether you caught this one the first time around or somehow missed it, we're digging it back out of the archives. - SEND IT! Chapters: 00:00-01:20= Intro 02:20-13:14=Canadian, Texas: Orchards, Eight Kids, and Community Capital 13:15-34:45=From 1987 Crash Kid to Panhandle Prop Trader: Lessons, Oil Busts, and Early HFT 34:46–38:45 = When Everyone’s on One Side of the Boat: Crowded Trades, Crashes, and Naked Risk 38:46–58:38 = Building a Hurricane‑Proof Portfolio: Bonds Are Broken, Alternatives Step In 58:39–1:09:59 = From Crashes to Coronavirus: Rethinking 60/40 and Birth of the Fortress Fund 1:10:00–1:19:49 = Salem’s Lightning Round: Favorite Things, Real Assets, and Star Wars From the Episode: T. Boone Book: The First Billion Is The Hardest Check out our Trend Following Guide! Follow along with Salem and Abraham Trading...

Zigs, Zags, and Finding Micro Cap Winners with Ian Cassel

Sep 10, 2026 1 hr 5 min

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 opportunity, and breaks down how he evaluates management, survives volatility, and finds small, profitable businesses that can self-fund growth. Along the way, they compare micro caps to private equity and venture, discuss global markets from Canada to Australia, and explore why serious stock pickers and small business owners are increasingly drawn to this overlooked corner of public markets. SEND IT! Chapters: 00:00-01:06= Intro01:07-04:22= Hometown Roots and Micro Cap 10104:23-19:14= From Penny Stock Stigma to Informational Edge: Ian’s Micro Cap Origin Story 19:15-38:15= Illiquidity Edge: Why Owning Every Micro Cap Fails (and Stock Picking Wins) 38:16–50:49 = Betting on People: Management Upgrades, Tailwinds, and 10x Setups 50:50–1:01:33 = Living Off Your Portfolio: The Psychology, Pain, and Payoff of Being a Stock Picker 01:01:34-01:05:02 = Philly Sports, Risk, and Wrapping Up with ‘Stock Picker’ From the Episode: Stock Picker (Book): Amazon | MicroCapClub Roadrunner Podcast episode Follow along with Ian and MicroCapClub ⁠on LinkedIn, and be sure to check out microcapclub.com to learn more about what they are up to. Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

From Quarterback to CIO: John McArthur on Alts, AI, and the Future of Wealth at Krilogy

Sep 3, 2026 54 min

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 world of AG Edwards and Morgan Stanley. The conversation dives into how Krilogy builds portfolios using a mix of active and passive tools, daily-liquid alts, private markets, and fixed income, with a particular focus on left-tail risk, crisis alpha, and why diversification still matters in a market dominated by mega-cap tech and AI narratives. John explains how the firm thinks about private equity, private credit, secondaries, and interval funds, emphasizing liquidity trade-offs, client education, and realistic expectations around distributions in a higher-rate world. Jeff and John also tackle the economic and market implications of AI, both as a powerful productivity engine and a potential source of labor disruption and how that overlays with client fears about geopolitics, inflation, interest rates, and elections. They wrap by getting practical on college savings strategy when markets are at all-time highs, the behavioral side of advising (part therapist, part portfolio architect), and close on a lighter note with John’s football roots and his personal Mount Rushmore of gridiron stories, including a nod to Bo Jackson’s legendary 30 for 30. SEND IT! Chapters: 00:00-01:20= Intro 01:21-05:25= NIL Millions, Teenagers, and the Trouble With “New Money” 05:26-14:26= From Backup Quarterback to CIO: Building Krilogy and Planning for the Next Left-Tail Shock 14:27–24:47 = Beyond “Alts”: Private Markets, Secondaries, and Whether AI Fuels Boom or Bust 24:48–33:08 = Buffered Notes, Interval Funds, and De-Risking College at Market Highs 33:09–43:17 = Fear, Euphoria, and the CIO as Ther...

Why Oil Didn't Go to $300, plus Chinese gold bugs, Copper Squeezes & Uranium Alpha with Josh Blanchfield (Avos Capital)

Aug 20, 2026 1 hr 9 min

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, copper, gold, and uranium, and why understanding flows and participant behavior matters more than neat top-down supply-demand models. He breaks down how Avos blends macro with very granular micro, like Chinese spec flows around Lunar New Year, refinery outages, crack spreads, and uranium’s inelastic buyers, to build convex, options-heavy trades that aim to capture upside tails while avoiding the classic commodity-fund blowup. Along the way, they dig into the realities of radical transparency at Bridgewater, the limits and promise of AI as a “research team we never hired,” the risks of an AI-driven labor shock, the true drivers of the dollar’s dominance and petrodollar fears, why he’s skeptical on small modular reactors but bullish nuclear, and how his Substack and broader investment philosophy challenge received wisdom on everything from munis to equity valuations. - SEND IT! Chapters:00:00-01:19= Intro01:20-09:01= From Boulder Trails to China’s Oil Trap: Josh’s Origin Story and DB Cooper Commodities 09:02-19:27=China’s Dollar Dilemma, Gold Grab, and the Real Story Behind Commodity Power 19:28–30:36 = From Poker Tables to Lehman’s Collapse: Josh’s Bridgewater Baptism by Fire 30:37–37:57 = AI, Jobs, and Impossible Growth: Rethinking the Macro Behind the Magnificent Seven 38:38–49:04 = Gold Flows, Burning Refineries, and the Uranium Edge 49:05–56:26 = Capacity, Convexity, and Why Small Nuclear Isn’t So Small 56:27–01:09:15 = Munis, Myths, and Moneyball: Josh’s Skeptical Playbook and Pop-Culture Lens From the Episode: PODCAST:“Dr. Copper”: From Chilean Mines to Chinese Smelte...

Trading 80 Synthetic Markets with Trend, Carry & Skew: Jiro Fujisawa, Asset Management One USA

Aug 6, 2026 51 min

*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 USA Inc. itself. Any discussion of investment strategies, market conditions, or portfolio construction is intended to illustrate general investment concepts and may not be appropriate or eligible for every investor. There is no guarantee that any investment strategy will achieve its objectives. All investments involve risks including the possibility losses as well as profits. Nothing discussed in the podcast constitutes an offer to sell or a solicitation of an offer to buy any security or investment advisory service. Listeners should consult their own financial, legal and tax advisers before making any investment decisions.Jeff Malec sits down with Jiro Fujisawa of Asset Management One USA to unpack one of the more unique quant approaches in the space: a cross-asset factor alpha (CAFA) strategy built on 80 synthetic markets. Jiro walks through his path from mechanical engineering to quant finance, the differences between engineering-style experimentation and market reality, and how AMO USA thinks about risk premia, implementation details, and factor design. The conversation dives into decomposing futures markets into orthogonal risk factors, running trend, carry, and skew models on top of synthetic price series, and why the real edge often lies in construction and risk management rather than “new” factors. They wrap with where quant fits in today’s equity-dominated world, how investors are using risk premia alongside multi-strats, and why systematic absolute return strategies still matter when the macro regime turns. Chapters:00:00-01:33=Intro01:34-13:37=Jiro’s Global Jou...

The 6-Year Test 10,000 Tickers Failed: with Eric Crittenden of Standpoint Funds

Jul 30, 2026 1 hr 6 min

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 multi-asset process, and how the past six years, from COVID to fast crashes and energy shocks, have stress-tested both his risk management and investor behavior. Jeff and Eric dig into the “abandonment problem” in advisor portfolios: why investors love managed futures when they’re hot but struggle to stick with them, and how combining global equity beta with trend-following in one vehicle can make diversification more holdable. Eric outlines three simple metrics advisors say they want, beat a 60/40, lower volatility, and low equity beta, and reveals how few of the 11,000+ funds available at launch delivered on that promise. The conversation also covers replication, capacity and market selection, correlation myths, and why Eric prefers trend plus cap-weighted equities over bonds for long-term compounding. They close with thoughts on AI, product structures, and how categorization and reporting frameworks can work against good investor outcomes. Chapters: 00:00-01:12=Intro 01:13-11:41=Stable Strategy in a Chaotic Market: Standpoint’s Six-Year Stress Test 11:42–17:33 = Replicators vs Originals: The Trade‑Offs of Cloning Managed Futures 17:34–31:13 = When Trend and Stocks Both Hurt: Correlation, Drawdowns, and Knowing When It’s Broken 31:13–49:46 = Beating 60/40 and the Bucket Problem: Why True Diversifiers Are So Rare 49:47–57:34 = Buckets, Burritos, and the Sausage Problem: Making Diversification Holdable 57:35–01:06:41 = Where Standpoint Fits: Liquid Alts, Multi-Asset Overlay, and Rethinking Bonds From the episode: Liquid Alternatives - RCM Alternatives Previous episodes wit...

So You Want to Start an ETF? With Gavin Filmore of Tidal

Jul 16, 2026 1 hr 19 min

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 importance of flexibility over rigid index rules. They break down how market makers and regulation (like 6c-11 and the derivatives rule) have reshaped the landscape, why semi-transparent ETFs fizzled, and how white-label platforms like Tidal have ridden this innovation wave to roughly $80 billion across hundreds of largely active funds. Jeff and Gavin also get tactical on what it really takes to launch and grow an ETF now, from differentiated “white space” ideas and realistic AUM milestones, to operating capital, distribution strategy, and the contrasting roles of grassroots retail demand versus platform-driven institutional flows, before looking ahead to areas like prediction markets and single-stock futures as the next potential frontiers. Chapters: 00:00-01:12=Intro 01:13-3:51=Early Innings: Gavin’s New York Roots and ETF Growth Setup 3:52–13:30 = Active ETFs, Derivatives, and Why the ETF Boom Is Still Early 13:31–21:48 = Why Derivatives Need Active ETFs: Oil Going Negative, Flexibility, and Hidden ETF Plumbing 21:49–32:57 = Market Makers, Liquidity Myths, and the Hidden Frictions of ETF Trading 32:58–44:13 = Building Tidal: Inside a White-Label ETF Platform Built on Active and Derivatives 44:14–01:02:12 = How to Launch an ETF: Capital, Distribution, Retail vs. Institutional, and Platform Hurdles 01:02:13-01:13:40 = Prediction Markets, Single-Stock Futures, and the Next Frontiers for ETFs 01:13:41-01:19:16 = ETF Inning Count, Industry Outlook, and Parting Shots Follow along with Gavin and Tidal on LinkedIn and be sure to check out tidalfinancialgroup.com for more inform...

Too Basic to Notice, Too Big to Ignore: Tom Ferguson on the VC Opportunity in Water Tech

Jul 9, 2026 1 hr 17 min

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 innovation. He explains what “freshwater stewardship” really means, why utilities aren’t as slow or dumb as they’re often portrayed, and how consulting engineers act as quiet gatekeepers for change. Jeff and Tom dig into subsea desalination, digital water, leak detection, pricing politics, and the uncomfortable reality that we’re simultaneously over‑abstracting groundwater and underinvesting in infrastructure. They also compare AI hype to hard infrastructure needs, unpack how venture models need to adapt in water, and show how investors can target mid‑20s IRRs while actually improving the most basic layer of human and economic life. Chapters: 00:00-01:27=Intro 01:28-014:14=Water, Venture, and the Bay Area DNA: Tom Ferguson’s Origin Story 14:15–26:25 = Inside the $1.6 Trillion Water Market: Infrastructure, Intervention, and Opportunity 26:26–39:37 = Running Out of “Invisible” Water: Groundwater, Desalination, and Sea-Level Surprises 39:38–49:20 = AI, Data Centers, and Who Really “Steals” the Water 49:21–1:01:14 = Rethinking Venture in Water: Returns, Risks, and the Anti–Unicorn Model 1:01:15–01:11:19 = Profits, Impact, and Water Movies: Why This Sector Deserves Top Billing 01:11:20-01:17:35 = From Hookworm to Hollywood: Why Water Still Gets Ignored Follow along with Tom on LinkedIn , on X , and be sure to check out burntislandventures.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠,...

This City Trades Different: Yogi, the Floor, and Building RCM

Jun 25, 2026 1 hr 17 min

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 floor stories: badges, hand signals, full-contact fights, and multi-million-dollar errors, while explaining how open outcry actually worked, why Chicago produced so many elite prop traders, and how the e‑mini revolution rewired the futures landscape. He breaks down building and backing 100+ traders, deploying early “gray box” tech, and structuring option and index arb trades that bridged futures, ETFs, and cash baskets. The conversation then shifts to what RCM does today: multi-FCM clearing, outsourced trading, ETF and mutual fund infrastructure, ag and global trade finance, and navigating the explosion of new DCMs, prediction markets, and perps. Along the way, Bobby drops Hollywood war stories, Chicago steakhouse lore, and a candid look at where derivatives trading is headed next. Chapters: 00:00-01:12=Intro 01:13-10:06=From Yogi’s Jacket to a Generational Life on the CME Floor 10:07–20:20 = Inside the Nasdaq Pit: Dot‑Com Vol, E‑Mini Arbs, and Human Algos 20:21–31:36 = From Floor to Screens: Building Prop Firms and Hollywood Film Arbs 31:37–41:42 = Hollywood Trades: Indie Film, Oscar Winners, and Risk Like a Trader 41:43–58:06 = Building RCM: Clearing, Outsourced Trading, ETFs, Ag, and China 58:07–01:10:47 = Chicago War Stories: Pit Fights, Steakhouse Nights, and Trader Royalty 01:10:48-01:17:51 = Life After the Pit: Chicago Nights Check out previous Chicago episodes from this month:How Chicago Became the World’s Options, Vol, and Derivatives Capital (with Cboe’s Rob Hocking & Mandy Xu) Inside $2B of Chicago Real Estate: Tommy Choi on Housing, Migration, and Millennia...

How Chicago Became the World’s Options, Vol, and Derivatives Capital (with Cboe’s Rob Hocking & Mandy Xu)

Jun 18, 2026 1 hr 17 min

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 transfer. Rob walks through life in the OEX and SPX pits, the culture of open outcry, the evolution from Hull and DRW to “the dark side” at the exchange, and how today’s liquidity, zero‑DTE flows, and concentrated market‑making still hold up under stress. He and Jeff dig into whether the derivative can ever outgrow the underlying, why S&P 500 remains the benchmark despite megacap concentration and global basis risk, and how Cboe balances the floor’s high‑touch block business with a mostly electronic market. Then Mandy Xu, Head of Derivatives Market Intelligence at Cboe, joins to break down the current volatility regime. She explains what VIX really measures (and why “fear gauge” is often wrong), how Cboe decomposes VIX into bullish vs bearish positioning, and why today’s record call‑chasing and low skew feel uncomfortably close to meme‑stock and late‑’90s territory. Mandy covers the rise of zero‑DTE, option‑income and buffered ETFs, the breakdown of stock–bond correlation, the AI‑driven dispersion trade, and whether vol selling is truly “artificially” suppressing risk. The trio also find time for some Chicago vs New York banter—pizza, skylines, seasons, and sports—and a look at what’s next from Cboe, from binaries on XSP to trading KPI‑style “valuation chain” products tied to names like Tesla and Cboe itself. 00:00-01:43=Intro 01:44–05:36 = From Corn Contracts to Options Hub 05:37–20:42 = Pit Sheets to $5 Trillion a Day: Inside the S&P Options Machine 20:43–30:29 = Game Within the Game 30:30–35:36 = Big Blocks, Complex Trades, and the Future Beyond VIX38:07-42:15 = Pork Chops a...

Inside $2B of Chicago Real Estate: Tommy Choi on Housing, Migration, and Millennials

Jun 11, 2026 1 hr 22 min

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, why inventory is so tight, how boomers with 2–3% mortgages and “Bank of Mom and Dad” shape the market, and why millennials are choosing flexibility and crypto over owning. Jeff and Tommy hit on stubbornly high rates, surging rents, condo special assessments, aging buildings, the limits of Loop office-to-resi conversions, and how AI and blockchain might (and might not) change the game. They wrap with a very Chicago detour into best burgers, dive bars, Wrigley in summer, and a few local hacks for seeing the city like a native. If you care about real estate as an asset class, Chicago as a case study in big-city risk and reward, or just want some elite burger intel, this one’s for you. Chapters: 00:00-01:00=Intro 01:01–03:47 = Selling Chicago: Food, Beaches, Weather, Taxes, and Crime Headlines 03:48–15:57 = Inventory Squeeze: Boomers, Millennials, Rates, and the Battle to Buy or Rent 15:58–30:54 = Life as a Top Realtor: Relationships, Weekends, and the Business Behind the Billion 30:55–43:32 = AI, Search, and the Future Home Hunt: How Tech Is Rewiring Real Estate 43:33–59:19 = Commissions, Class Actions, and Blockchain: Cleaning Up the Real Estate Game 59:20–1:07:10 = The NAR Shake-Up 1:07:11–1:22:19 = Chicago Like a Local: Best Burgers, True Dive Bars, Wrigley, Cherry Blossoms, and City Hacks Follow along with Tommy Choi on LinkedIn and X and be sure to check out his website at weinbergchoi.com! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

“Dr. Copper”: From Chilean Mines to Chinese Smelters to AI Data Centers in the US - with Kurt Nelson & Natalie Scott-Gray

May 28, 2026 1 hr 8 min

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 shortages. Natalie breaks down the real fundamentals: tariffs, sulfuric acid bottlenecks, strategic stockpiling, and the difference between visible and hidden inventories, while Kurt connects it all to macro, inflation, and why investors may be underestimating copper versus the miners. Along the way, they hit on rare earths, environmental trade‑offs, and what rising retail interest in copper bars might signal about the next phase of the metals trade. SEND IT! Chapters: 00:00-01:16=Intro 01:17–04:58 = Natalie & Kurt: From Chemistry Labs to Copper Markets 04:59–14:09 = What Makes “Dr. Copper” Special? Conductivity, AI, EVs & the Grid 14:10–26:41 = Inside the Copper Supply Machine: Mines, Smelters & China’s Grip 26:42–39:34 = Tariffs, Trade Wars & Regional Shortages: How Policy Moves Copper 39:35–56:19 = Structural Deficits, Sulfur Shocks & the Coming Copper Crunch 56:20–1:03:09 = Investing in Copper: Futures vs. Miners, Inflation & Retail FOMO 1:03:10–1:08:43 = Copper Bars, Lab-Grown Diamonds & Restaurant Recs Blog Post: The Hardest Trade Is Holding the Thing That Doesn’t Hug You Back Podcast episode: Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHaven Follow along on LinkedIn with Kurt Nelson & Natalie Scott-Gray and be sure to check out summerhavenindex.com and stonex.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

The Doctor who Traded Pork Bellies: Patrick Welton's Journey from Stanford Oncologist to one of Trend Following's Quiet Legends

May 21, 2026 1 hr 37 min

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 legends like Paul Tudor Jones and John Henry, and a unique “outside inside trader” role that let him keep practicing medicine at Stanford while managing money. He explains how his medical background and scientific training influence his approach to risk, uncertainty, and decision-making, and breaks down Welton’s strategy mix across trend following, macro, short-term flow trading, and equity selloff protection. Along the way, Patrick and Jeff dig into the myths around trend following “dying,” why diversification and staying power matter more than narratives, how capital flows really drive short-term moves, and what it takes to survive for 30+ years in a business where most firms disappear. SEND IT! Chapters: 00:00-02:03=Intro 02:04-09:40=Doctor to Trader: Patrick Welton’s Origin Story, From Wauwatosa to Futures and the ER 09:41-30:03= From 1987 Crash to Commodities Corp: How Patrick and Annette Turned a Side Hustle into a Trading Career 30:04-43:19= Doctors, Scientists, and Traders: Embracing Uncertainty, Reflexivity, and the Real Drivers of Trend Following 43:20-56:16= AI, Innovation, and the “CTA Winter”: Cycles, Flows, and the Future of Trend Following 56:17-01:14:19= Building Welton’s Playbook: Diversifying Alpha, Short-Term Flows, and the Art of Surviving as an Asset Manager 01:14:20-01:29:48= Alt Data, Capital Flows, and What Really Matters: Patrick Welton on Research, Edges, and the Future of Trading 01:29:49-01:37:47= End-of-Month Myths, Market Microstructure, and the Limits of Short-Term Edges From the Episode: Leverage Is Bad. Except When It Isn’t. Morningstar Just Made...

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

May 14, 2026 1 hr 27 min

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, Greg Maddux, and Sammy Sosa, and taking the mound during the 1998 home run chase. Scott shares how he lost roughly 70% of his portfolio in the dot-com bust while still playing, what it taught him about risk and advisors, and how it pushed him into wealth management. He explains why many athletes blow through life-changing money, how he builds portfolios with buffered ETFs, structured notes, and private credit, and how he manages expectations around upside, downside, and liquidity. The conversation widens to NIL, parents effectively betting travel-ball costs on scholarships, and the risk of turning college sports into a money race. Scott also talks about raising two Division I volleyball players, the mental side of high performance, and how those lessons carry into investing, before closing with his favorite baseball cities and parks, from Wrigley day games to the old Jake in Cleveland and nostalgic nights at Dodger Stadium. SEND IT! Chapters: 00:00-02:21=Intro 02:22-09:59= Private Jets, Bandon Dunes, and the Road from Carlsbad to the Big Leagues 10:00-24:09= Facing Maddux and the Big Unit: Velocity, Wiffle Balls, and the Rise of the 100-MPH Era 24:10-34:12= From Million-Dollar Contracts to Going Broke: Why Pro Athletes Struggle with Money 34:13-44:17= Making a Short Career Last a Lifetime: Contracts, Risk Math, and Smoother Portfolios 44:18-56:31= Buffers, Structured Notes, and Private Credit: Building Smoother Rides Through Rough Markets 56:32-01:05:47= First Responders vs. Second Responders: Buffers, Managed Futures, and Protecting the Downside 01:05:48-01:14:25= NIL, Trans...

Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve

May 7, 2026 1 hr 6 min

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 simple, too crowded, just beta, and Chris pushes back on all of it. They dig into why the edge is real but small, why multi-model diversification is the whole game, and why stacking lookalike models is fake diversification dressed up in a lab coat. The conversation covers cocoa and silver finally paying off, the replicator debate, why bond futures are really just seven yield curves in a trench coat, the case against explicit stops, and prediction markets. Plus King Charles, horses, chickens, and the Superman jokes that write themselves. - SEND IT! Chapters: 00:00-01:21=Intro 01:22-11:00= From Oxford AI and Chemistry to Building a Managed Futures Powerhouse 11:01-18:51= Is Trend Following Too Big and Too Simple? Edges, Critics, and the Evolution of Models 18:52-27:49= Designing Durable Trend: Multi‑Model Diversification, Modulators, and the Real Meaning of Crisis Alpha 27:50-35:39= Correlated Trendlessness, Crisis Alpha Expectations, and Why Aspect Refused to “Optimize” for the Last Decade 35:40-44:05= From Silver to Cocoa: Why Obscure and Alternative Markets Supercharge Trend Diversification 44:06-52:04= Replicators, Bond Pain, and the Illusion of Fixed-Income Diversification 52:05-01:00:25= How Aspect Sizes Positions, Builds Macro Models, and Lives with Real-World Risk 01:00:26-01:06:42= Systematic Macro, Horses, and “Hair‑Dryer Alpha” in Prediction Markets From the Episode: Hi Ho Silver Post Trend Following’s Bond Problem The History of Managed Futures (whitepaper) Follow along with Christopher Reeve & Aspect Capital on LinkedIn and be sure to check out aspectcapital.com for more in...

Status of Alternatives - A Live Recording from Uncorrelated Puerto Rico

Apr 30, 2026 50 min

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 private credit and liquidity mismatches, and the evolving roles of gold and Bitcoin as hedges against instability and fiat risk. They also dig into de‑dollarization versus continued dollar dominance, the power and data‑center boom tied to AI, and the coming capital wave into defense‑related technology and critical minerals. Finally, they debate whether AI is a truly transformational, deflationary force or just another tech cycle, how it may reshape portfolios, and how Puerto Rico’s unique tax regime influences where and how to run active trading strategies. SEND IT! Asset Management One Disclaimer: Asset Management One USA Inc. is a New York-based investment advisor and a part of Asset Management One Co., Ltd. group, a global asset management company headquartered in Japan. Asset Management One USA Inc. is jointly owned by Mizuho Americas LLC (MALLC) and Dai-Ichi Holdings. Asset Management Group consists of AMO USA as well as Asset Management One Co., Ltd and its subsidiaries including Asset Management One Alternative Investments, Asset Management One International Ltd., and Asset Management One Hong Kong Limited. The views expressed in this recording are the personal views of the participants as of the date indicated and do not necessarily reflect the views of Asset Management One USA Inc. itself. This recording has been prepared solely for informational purposes only and should not be considered investment advice or a recommendation of any specific security, strategy, or investment product. Nothing in this interview is intended to be, and you should not consider anything in...

Spring Six Pack talking Florida Conferences, Bonds, AI & Hand Dryers

Apr 16, 2026 28 min

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 digs into Florida's great hedge fund migration and whether the tax savings actually pencil out, breaks down why the last five years have been historically brutal for bonds and what that's meant for managed futures globally, and tackles AI's deflationary potential, the "ghost GDP" thesis, and the governance question of letting a handful of private companies set moral guardrails for systems increasingly doing human jobs. On the lighter side, Jeff shares his experience racing Switzerland's legendary Inferno downhill and closes with a definitive ranking of public hand-drying solutions. If you're an allocator, markets nerd, or just someone with strong opinions about restroom hand dryers, this one's for you. Consider this episode a six pack best enjoyed in one long, thoughtful sip SEND IT! Chapters: 00:00-00:41=Intro 00:42-06:26= #1 Conference Circuit, iConnections vs. Future Proof, and the Allocator’s Dilemma 06:27-10:26= #2 The Florida Hedge Fund Invasion and West Palm’s Second Manhattan 10:27-15:19= #3 What the #$*@? Is Going On With Bonds? Managed Futures vs. a Broken Bond Market 15:20-21:56= # 4 AI Deflation, Ghost GDP, and Who Sets the Moral Code for Machines? 21:57-24:02= # 5 Inferno Downhills, & Ego Checks 24:03-28:41= #6 The Great Hand Dryer Debate (Ranking) Roy Niederhoffer podcast episode: Making Market Music with Roy Niederhoffer Citrini Blog post: When Skynet Writes a Substack: The AI Doom Piece That Moved Markets Dwarkish podcast: The most important question nobody's asking about AIAs We May Work (Taylor Pearson Whitepaper): https://taylorpearson.substack.com/p/...

Oil, War, and the Strait of Hormuz: What current events look like through the eyes of an energy trader

Apr 2, 2026 48 min

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 this market, from tracking physical flows to managing extreme option volatility, and what could come next. Jeff and Brent also explore how EV adoption, data centers, and grid constraints collide with the energy transition narrative, and what “up $50” or even “up $100” oil scenarios actually look like from a real risk perspective. SEND IT! Chapters: 00:00-01:18=Intro 01:19-04:08= Fluky Winter: Snow, Melt, and the Tetons’ Weird Season 04:09-18:24= Israel/Iran, the Strait of Hormuz, and the New Oil Shock 18:25-29:55= Closing Hormuz? Tail-Risk Scenarios, Oil Volatility, and $150 Crude 29:56-37:49= Oil’s Binary Future: Hormuz Off-Ramps, $150 Risk, and 24/7 Prediction Markets 37:50-48:25= Beyond Peak Oil: Shale, Venezuela, EV Myths, and an All-of-the-Above Energy Future From the Episode: Whitepaper- A Crude Awakening: How Oil Prices Ripple Through the Global Economy Crude Oil goes Negative… What^%$# on The Derivative OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are Faceshots Going Nuclear: How Uranium is Powering Portfolios with Trevor Hall & Justin Huhn Follow along with Brent at LinkedIn and on X @brentbelote - be sure to check out Cayler Capital on LinkedIn and at caylercapital.com Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are Faceshots. Send It!

Mar 26, 2026 1 hr 17 min

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 snow days in Pennsylvania led to studying meteorology, moving to Boulder, and eventually creating OpenSnow, essentially a Bloomberg Terminal for skiers chasing powder. He explains the real science behind why some mountains get more snow than others, how local wind and terrain effects work, and why long-range seasonal forecasts are about as reliable as a sell-side price target for planning your ski trips. Joel and Jeff also explore the realities of climate change and snowpack (warmer temperatures vs. largely unchanged long-term precipitation), how subscription passes like Epic and Ikon affect crowd dynamics, think of it as indexing degrading your alpha, and why niche, bootstrapped businesses like OpenSnow can thrive without trying to own all of weather. They get into powder quality, snow-to-liquid ratios, and why Utah sits in a global sweet spot for both depth and fluff, the true asymmetric bet in skiing. Plus: what makes Japan, British Columbia, and Colorado so special for different kinds of ski experiences. The conversation is equal parts nerdy meteorology, entrepreneurial journey, and pure powder stoke.… SEND IT! Chapters: 00:00-01:52= Intro 01:18-11:06= From Snow-Obsessed Kid to OpenSnow Founder: Joel Gratz’s Origin Story 11:07-24:18= How OpenSnow Helps You Time Powder (and Why 6‑Month Forecasts Don’t Work) 24:19-39:28=Bad Snow Year or Climate Change? Joel Gratz on Drought, Variability, and the Future of Snow 39:29-49:26= Epic, Ikon, and the Powder Problem: Crowds, Passes, and Chasing Better Ski Days 49:27-01:00:25= Utah, Japan, and the Quest for Perfect Powder: Joel Gratz...

Drone Wars, Space Intelligence, and AI-powered Defense Tech Investing with Ian Winer of Center15 Capital

Mar 12, 2026 1 hr 11 min

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 interceptors at $15,000 drones is unsustainable, and what a proper layered counter-drone strategy looks like, including jammers, directed energy, and high-powered microwaves. Ian also explains how space-based sensors and AI-driven analysis are shortening the intelligence loop, and walks through Center 15’s investments in companies like Shield AI (autonomy for unmanned systems), Epirus (high-powered microwaves for drone defense), Shift5 (cybersecurity for large platforms), and HawkEye 360 (RF detection from space). They close with what keeps Ian up at night, from attacks on civilian infrastructure to cyber risks, and lighten it up with his Mount Rushmore of military movies, from Full Metal Jacket to Red Dawn(yes, the original)...… SEND IT!Chapters:00:00-01:52= Intro 01:53-08:59 = Early Lessons from the Iran Conflict: Air Dominance, Drones, Interceptors, and Space-Based Intelligence 09:00-18:07= How Cheap Drones Are Reshaping Warfare: Drone Classes, Ranges, and Iran’s One‑Way Attack Systems 18:08-24:05= Iran’s Shahed Drones vs. Western Defenses: Costly Interceptors, Missile Stockpiles, and Broken Defense Incentives 24:06-37:20= From Drone Swarms to Force Fields: Venture Investing in Next‑Gen Counter‑Drone Tech 37:21-46:42= Directed-Energy ‘Force Fields’ and Autonomous Combat Drones: Inside Epirus and Shield AI 46:43-57:32= Cybersecurity for Jets, Trains, and Warships: Inside Shift5, Hawkeye 360, and the New Defense Tech Stack 57:33-01:11:01= How Defense-Focused VCs Back Critical Tech—and What keeps you up at night & the Mount Rushmore of Military moviesFrom the Episode: When Skynet Wri...

SuperCars, Salad, and Sumo Wrestlers: Inside OneRiver’s Systematic Risk Mitigation Playbook with Patrick Kazley

Mar 5, 2026 1 hr 28 min

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 volatility microstructure (zero‑DTE, single-name vol, dispersion) creates new opportunities, and why behavioral biases keep most investors under-allocated to positively skewed defensive strategies. Patrick ties it all together with vivid metaphors — from F1 cars and soup vs. salad to sumo wrestlers and the beer boot — and explains how One River’s acquisition of a European alternatives/QIS team fits into their total-portfolio approach..… SEND IT! Chapters: 00:00-02:21 = Intro 02:22-12:33= From AQR to One River – Patrick’s Background and the Case for Systematic Risk Mitigation 12:34-28:07 = Engines and Brakes – Equity Beta, Skew, and the Power of Convexity 28:08-43:55= Crisis Types, Trend Following, and Building a Total Portfolio Defense 43:56-1:03:04= Visualizing Risk – Crisis Shapes, Rebalancing, and the Math of Convexity 1:03:05-1:16:36= Metaphors, Markets, and M&A – From F1 Cars to Das Boot and One River’s Next Phase1:16:37-1:28:37= Soup vs. Salad – Total Portfolio Thinking and the Future of One RiverFrom the Episode: Blog post: A Short History of Market-Moving Middle East Conflicts OneRiver's WhitepapersFollow along with Patrick and OneRiver on LinkedIn and make sure to check out OneRiver's website www.oneriveram.com Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Carry, Calendar Spreads, and Climate: Bruce Sinclair on the Future of Grain Markets

Feb 26, 2026 54 min

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 manageable risk profile than outright futures, and how he enforces a hard 10% annual drawdown limit for investors. They dig into the realities of global grain markets with Brazil, Argentina, China, and geopolitics in the mix, why commodities aren’t the clean inflation hedge many think they are, and how climate and structural changes are reshaping seasonality. Bruce also shares stories from his off-grid life breeding rhinos and rare game, navigating South African politics and crime, and why he thinks 2026 could bring much more volatility to grain markets than 2025… SEND IT! Chapters: 00:00-00:01:01= Intro 01:02-12:34= From South African Farms to Grain Spreads: How Bruce Built His Ag Trading Edge 12:35-24:22 = Carry Trades, Calendar Spreads, and Risk Rules: Inside Bruce’s Grain Strategy 24:23-33:15= Commodities, Inflation Myths, and the Soybean–Oil–Meal Puzzle 33:16-46:03= Politics, Perception, and Life Off-Grid: Running a Trading Firm from Rural South Africa 46:04-54:53= Weather, Brazil, and the Limits of Data: Why Bruce Still Trusts Spreads Follow along with Bruce on LinkedIn and be sure to check out Brent Trading's website: brent.za.net! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Going Nuclear: How Uranium is Powering Portfolios with Trevor Hall & Justin Huhn

Feb 19, 2026 1 hr 3 min

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, what makes the uranium supply–demand setup unique versus oil and gas, and why life extensions of existing reactors matter so much. The discussion also takes its course exploring the future of SMRs and advanced reactors, the realities of nuclear safety and waste, the role of geopolitics and utilities, and what could propel the next major move in uranium prices. SEND IT! Chapters: 00:00-01:06= Intro 01:07-09:33= Why Nuclear Now? The Case for Clean Baseload Power, AI Demand, and the Uranium Supply Squeeze 09:34-18:37 = Uranium as a Commodity: Mining, Supply Risks, Financial Players, and Long-Cycle Price Dynamics 18:38-28:50= Nuclear Safety, Waste Myths, and Why Fossil Fuels Funded Anti-Nuclear Fear 28:51-39:59= SMRs, Advanced Reactor Designs, and the Costly Lesson of Vogtle 40:00-50:20= SMRs, Military Reactors, and the High Stakes of Building New Nuclear50:21-57:09= Politics, Big Projects, and How Data Centers Are Driving an Energy Crunch57:10-1:03:50= Hyperscalers, Fuel Security, and the Next Uranium Shock From the episode: Going Nuclear podcast: Apple: https://podcasts.apple.com/us/podcast/going-nuclear-with-justin-huhn-and-trevor-hall/id1660633132 Spotify: https://open.spotify.com/show/6QAKNtCsXExOBKV8y6cwCu Follow along with Trevor and Justin on LinkedIn, check them out on Twitter/X: @TrevAHall / @uraniuminsider, and be sure to visit https://clearcommodity.net/ and https://www.uraniuminsider.com/ for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Defensive Equity, Flex Options, and the Future of Quant at PGIM

Feb 12, 2026 56 min

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 what today’s volatility and rate environment mean for investors. The trio also tackles the impact of AI, fiscal imbalances, and even gold’s renewed role in portfolios. SEND IT! Chapters: 00:00-00:46= Intro 00:47-07:25= From Newark to Quant: Devang & Lorne’s Paths to PGIM and the Rise of a $100B Quant Group 07:26-17:06 = Inside PGIM QSG: Trillion‑Dollar Roots, Quant Investing 101, and the Rise of AI-Driven Models 17:07-28:30= Options Boom: Democratized ETFs, Flex Options, and the New Era of Defensive Equity 28:31-42:38= Defined Outcomes, Tail Hedges, and Building Portfolios for an Uncertain Macro World 42:39-56:24= AI, Gold, and the Future of Risk: PGIM’s Take on What Comes Next for Markets and Jobs Follow along with Devang Gambhirwala and Lorne Johnson on LinkedIn and be sure to check our PGIM's website at www.pgim.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Timing, Triggers & Transparency: Inside Potomac Funds’ Tactical Investing Playbook with Dan Russo

Jan 29, 2026 1 hr 6 min

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 every move, it's about avoiding the ones that cause lasting damage. Dan also explains how Potomac applies systematic, rules-based models built on trend, breadth, and intermarket signals, why cash is a position, and why many popular investing slogans oversimplify risk. SEND IT! Chapters: 00:00-00:19= Intro 00:20-08:05 = Tactical vs. Passive Investing, Education in Investing, & Understanding Market Timing and Drawdowns 08:06-21:47= The Role of Education in Investing & Analyzing Market Trends and Health 21:48-35:32= Combining Technical Analysis with Market insight 35:33-45:22= Advisor relationships, Portfolio management & Market Psychology 45:23-54:56= Cash as a Diversifier, Tactical Strategies & Risk management 54:57-01:01:53= Future directions, Market Adaptation & The Evolution of Trading 01:01:54-01:06:35= Parkerization and Pinot: Hot Takes on the Modern Wine Industry Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

From Venezuelan Oil to Nuclear Frontiers: Navigating Resource Markets with Robert Mullin

Jan 22, 2026 1 hr 7 min

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 sanctions, shadow tanker fleets, Gulf Coast refinery hype, and where the real economic constraints lie. It’s a sharp, grounded conversation focused on market structure, logistics, and context, cutting through the noise without relying on forecasts or recommendations. SEND IT! Chapters: 00:00-00:12= Intro 00:13-12:25 = US Involvement in Venezuelan Oil & Challenges in Venezuelan Oil Production 12:26-20:16= The Role of International Companies & The Shadow Fleet and Sanctions 20:16-28:15= Commodity Cycles and Market Dynamics & Investment Strategies in Resource Equities 28:16-43:27= Investment Strategies in Resource Equities & Navigating the Resource Sector's Challenges 43:28-49:52= Gold & Precious Metals: Investment Strategies, Central Bank Moves, and Market Dynamics 49:53-59:42= From Base Metals to Nuclear: Equity Strategies and the Future of Resource Investing 59:43-01:07:55= Nuclear Frontiers, Geopolitical Shifts, and the Changing Role of Resources in Global Markets From the episode: About those Higher Interest Rates (Lower Bond Prices) - RCM Alternatives Blog post Follow along with Robert on LinkedIn and check out Marathon's website marathonresourceadvisors.com for more information Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

The 2025 market review draft, talking Bears, Crypto Cycles & AI Paradoxes with David Dziekanski & Zed Francis

Jan 15, 2026 59 min

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 cycles, volatility, cash, and derivatives, mixing sharp insight with dry humor and real debate. It’s a loose, fast-paced way to start the year, packed with strong opinions, laughs, and a few bold predictions. SEND IT! Chapters: 00:00-02:35= Intro 02:36-12:50 = New year reflections, Market Trends and Predictions, Crypto Cycles and The Diminishing importance of Jobs 12:51-20:55= Unsophisticated Investment Strategies, Market overactions and consequences & Correlations in the market 20:56-35:52= Desensitized to Major Events, Future outlooks, Market Indicators, Volatility Trends & Dogs that didn’t Bark - Inflations/Tariffs 35:53-43:28= Are We Sure this is Good? The Affordability Crisis and The A.I. Paradox 43:29-48:03= Best Meals & Entertainment of 2025 48:04-59:41= Looking forward: Predictions for 2026 From the episode: David on the Derivative: Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify Funds Zed on the Derivative: Protecting the Portfolio not with Long Vol, but with Long Gamma, with Convexitas The Polymath Pod: Jason Buck and Zed Francis talk rates, vol, and cheeseburgers?! WTF is LDI, and What’s working in Vol Trading with Zed Francis of Convexitas Follow along on LinkedIn with David and Zed and be sure to check out their websites quantifyfunds.com and convexitas.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Signing Off for 2025: The Derivative Returns in January!

Dec 11, 2025 3 min

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 Mercongliano Solo Summer Six-pack Harold De Boer Grant Jaffarian Peter Madsen Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-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 l...

Building a Commodity Trader Multi-Strat with Tom Holliday of HIP investment

Nov 20, 2025 1 hr 17 min

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 traditional fund-of-funds to collaborative, actively managed multi-strat funds, highlighting the advantages of diversification, portfolio construction, and innovative incentive structures for specialist traders. The discussion covers risk management tactics, the unique challenges and opportunities of commodity markets, and why institutional investors may be under-allocated to this asset class. Whether you're an investment professional or passionate about alternative strategies, this episode offers valuable perspectives on building resilient, high-performing portfolios in today’s changing markets. SEND IT! Chapters: 00:00-00:56= Intro 00:57-12:56= Commodities Demand Attention: Navigating Trends, Valuation, and the Road Ahead 12:57-28:27= Foundations of a Commodities Career: From Memphis Markets to Global Futures 28:28-32:15= From Fund of Funds to Multi-Strat: Evolving Models in Investment Management 32:16-44:37=Building HIP: Innovating Multi-Strat Strategies for Commodities 44:38-59:27= Risk, Collaboration, and Incentives: Cultivating a Resilient Commodities Team 59:28-01:13:19= Seizing Commodity Opportunities: Growth, Recruitment, and Market Evolution 01:13:20-01:17:19= Commodities: The Case for Attention and Allocation Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠...

When the Gales of November Come Early: the Wreck of the Edmund Fitzgerald, and Modern Maritime Trade with Sal Mercogliano

Nov 13, 2025 57 min

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 story resonates today. Join host Jeff Malec and Sal for a wide-ranging conversation about Great Lakes lore, the economics and environmental impact of shipping, and what the future holds for this vital but often-overlooked industry. Whether you’re a shipping enthusiast or new to the story, you’ll come away with fresh insights and a newfound appreciation for the ships and people that keep goods moving around the globe. SEND IT! Chapters: 00:00-00:50= Intro 00:51-4:04= From the High Seas to the Classroom: A Mariner’s Journey and Life Aboard 4:05-19:48= Lost Legends and Great Lakes Mysteries: The Edmund Fitzgerald and Life Aboard 19:49-34:45= From Iron Ore to Global Trade: Modern Shipping, Infrastructure, and Industry Shifts 34:46-39:32=Charting a Greener Course: The Future of Shipping and Environmental Innovation 39:33-57:05= Shipping’s Allure: Public Fascination, Industry Mystique, & Movie magic From the Episode: Sal Mercoglianos Youtube Channel - What’s going on with Shipping? Highlighted Seafaring movies: Action in the North Atlantic Moby Dick Captain Courageous Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Volatility's Heartbeat, the AI Boom, and MJ’s Bulls with Equity Armor’s Brian Stutland

Nov 6, 2025 1 hr 4 min

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 current AI revolution, they explore how volatility can be an asset class, discuss the potential economic impacts of technological innovation, and share strategies for protecting and growing investment portfolios. Whether you're a seasoned investor or curious about option strategies and market dynamics, this episode provides a fascinating look at the intersection of technology, finance, and strategic risk management. - SEND IT! 00:00-00:49= Intro 00:50-14:38= AI, Valuations, and Market Froth: Navigating the New Tech Boom 14:39-25:35= Harvesting Volatility: Strategies for Trading VIX Futures and Protecting Portfolios 25:36-33:28= Option Premium Selling: The Hidden Risks of Wall Street's Favorite Strategy 33:29-49:03=The AI Revolution: Deflationary Disruption and the Future of Technology 49:04-55:13= The Ripple Effect: How Market Volatility Spreads Beyond Bonds55:14-01:04:22= From Bull Markets to Bulls: Whack-a-mole VIX spikes & Brian Stutland's Sneaky Game 6 From the Episode: ⁠Blog post: LJM Autopsy⁠ Blog post: ⁠The '96 Bulls: A Masterclass in Portfolio Construction Follow along with Brian on LinkedIn and Twitter/X and check out more from Equity Armor Investments on LinkedIn and their website equityarmorinvestments.com Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Engineering Alpha using Trend and Volatility on Equity Beta with Eric Leake of ALTUS Private Capital

Oct 23, 2025 1 hr 3 min

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 management. Discover the secret sauce of strategies that don't just follow the crowd - they dance to their own quantitative beat. With insights sharper than a guitar riff and techniques more calculated than conventional wisdom, Eric shares how he aims to turn market chaos into calculated returns, smoothing out market bumps and turning volatility into opportunity. Blending market insight with analytical precision, Eric provides insights into managing risk and understanding the patterns of investor behavior. Learn how his multi-factor strategy aims to deliver returns while protecting against market downturns, all while maintaining exposure to market upside. This conversation is a great listen for investors seeking to understand sophisticated risk management techniques in today's dynamic market environment - SEND IT! 00:00-00:51= Intro 00:52-09:10= From Music Major to Market Maverick: Eric Leake's Unexpected Journey 09:11-22:33= Decoding Market Dynamics: The Art of Trend Following and Volatility Management 22:34-39:14= Risk Management Unveiled: Smoothing Market Volatility Through Quantitative Strategies 39:15-49:27=ALTUS Strategies: Balancing Short-Term Volatility and Market Momentum 49:28-01:03:40= Navigating Market Extremes: Hedging, Positioning, and Investor Psychology From the Episode: ALTUS Private Capital: The Bear Market Road Map - ⁠Get the guide!Making Market Music with Roy Niederhoffer: https://www.rcmalternatives.com/2021/03/making-market-music-with-roy-niederhoffer/ Follow along with Eric on LinkedIn and check out their website at altusprivate.com! Don't forget to sub...

Overheard at a Stacked Portable Alpha Symposium

Oct 16, 2025 1 hr 15 min

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 approach might be the future of investing. From pension fund strategies to practical advice for RIAs, this episode offers a comprehensive review of the cutting-edge investment conference that's challenging traditional portfolio management.. SEND IT! Chapters: 00:00-00:47=Intro 00:48-07:13= Setting the Stage: Return Stacking Symposium Overview 07:14-14:21=Shane McCarthy's State of Portable Alpha: Panel 1 14:22-27:28=Jonathan Glidden: Transforming Delta Pension with Return Stacking: Panel 2 27:29-42:05=Patrick Kazley's Convex Overlays: Volatility, Trend, and Portable Alpha for the Taxable Masses: Panels 3 &4 42:06-50:10= A Gaggle of Advisors - RIAs in practice & side conversations: Panel 5 50:11-01:05:49= Behind the Curtain: Pension Fund Strategies and Institutional Investment Challenges and Roxton McNeal's Deep Dive: Orthogonal Return Streams and Portfolio Complexity: Panel 6 01:05:50-01:15:22= Wrap up: Advisor Panel Insights: Return Stacking in Practice From the Episode: Secret Club that Runs the World Return Stacked Podcast episode: Saving Delta’s Pension with Portable Alpha - Jon Glidden One River - Convexity Rebalancing Act whitepaper The Derivative podcast episode with Homer Smith - Dunn Capital MGMT Whitepaper - High-VOL Trend Following AQR - Cliff Asness = Cliff’s Perspectives Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Beyond Buy and Hold: Q3 Asset Mgmt's Quantitative Approach to Tactical Investing with Bruce Greig & Brad Giaimo

Oct 2, 2025 1 hr 9 min

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, systematic models that aim to outperform while protecting downside risk. If you’re an RIA, allocator, or markets geek, this episode is packed with tactical insights and practical knowledge delivered by practitioners who’ve moved from the trading pits to the trading platforms. SEND IT! Chapters: 00:00-00:42=Intro 00:43-9:37= Cotton to Paul Tudor Jones: Brad Giamio's Trading Floor Origin Story 09:38-19:39=From Bankruptcy Software to Quantitative Trading: Bruce Greig's Path to Q3 19:40-34:57=Q3's Organic Growth: From Family Funds to Advisor-Driven Strategies 34:58-47:42=Systematic Investing Unveiled: Q3's Quantitative Model Philosophy 47:43-01:03:16= Q3's Fund Evolution: From SMAs to Mutual Funds and ETFs 01:03:17-01:09:47= Eddie Murphy & Trading Floor Memories: The Concentric Circles of Market Information RCM Blog: The Definitive List of the Best Investing MoviesFollow along on LinkedIn with Bruce & Brad and be sure to check out Q3's website https://www.q3tactical.com/ for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

NASDAQ 100, Options & Volatility: 0DTE, Tail Hedges, Structured Products — with Kevin Davitt & Nicholas Smith

Sep 25, 2025 1 hr 22 min

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 index's unique volatility, global revenue streams, and why younger investors are totally crushing on this benchmark. They don't hold back, diving into spicy topics like AI's market impact, the rise of zero-day options trading, and how derivative strategies are getting seriously sophisticated. You'll hear insider perspectives on tech trends, market dynamics, and why the NASDAQ 100 might just be the future of investing. It's part finance lesson, part crystal ball gazing, and totally packed with insights that'll make you sound smart at your next happy hour. Whether you're a trading pro or just finance-curious, this episode is your backstage pass to understanding how index options are reshaping the financial landscape in real-time. SEND IT! Chapters: 00:00-01:06= Intro 01:07-08:28= The Evolution of Markets: From Finches to Finance 08:29-26:16=NASDAQ 100: The Global Tech Index Reshaping Investment Landscapes 26:17-37:46=Options Mechanics: Notional Exposure, Tail Risks, and Market Sophistication 37:47-55:46=The Rise of Zero-Day Options and Market Innovation 55:47-01:11:16= AI, Market Evolution, and the Future of Global Investing 01:11:17-01:22:10= Global Market Dynamics: NASDAQ's International Expansion and Future Outlook From the episode: After the Trade is Made (Book) General Cashington shorts (youtube shorts) Nasdaq-100 Index Options News _____________________________________ Follow along with Kevin and Nicholas on LinkedIn and for more information on Nasdaq-100 visit nasdaq.com/nasdaq-100-options-xnd-ndx Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Bridgewater, Botany & Breaking the 2&20 mold with Unlimited ETFs' Bob Elliott

Sep 18, 2025 1 hr 6 min

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 into ETFs that regular investors can actually access. We dive into Bob's journey from the hedge fund world to building financial technology, and he walks us through how his team studies and recreates these sophisticated investment strategies. Bob shares his take on what's happening in the economy right now, how he reads market dynamics, and the nuts and bolts of understanding complex investment approaches. It's a really solid conversation whether you're already into investing or just curious about how this whole world works. Bob has some thoughtful insights on how alternative investments are evolving and becoming more accessible to everyday people. SEND IT! Chapters: 00:00-01:06= Intro 01:07-08:08= From Botany to Bridgewater: Bob Elliott's Journey into Finance 08:09-16:14=Inside Bridgewater: Radical Transparency and Market Insights 16:15-24:42:=Unlimited: Reimagining Hedge Fund Strategies for Investors 24-:43-40:24=Navigating Market Complexity: Strategies and Insights 40:25-48:10= The Art and Science of Hedge Fund Replication 48:11-57:11= Beyond the Numbers: The Human Element in Market Analysis 57:12-01:06:29= Down the Rabbit hole: Commodities, Cattle, and Market Curiosity From the episode: Finding the Next Tom Brady for your portfolio: https://www.rcmalternatives.com/2013/09/finding-the-next-tom-brady-for-your-portfolio/ The Picture from Space that shows why Commodities are non-correlated to the Stock Market:https://www.rcmalternatives.com/2013/10/the-picture-from-space-that-shows-why-commodities-are-non-correlated-to-the-stock-market/ Andrew Beer podcast: https://www.rcmalternati...

Solo Summer Six-Pack: Talking Trend, AI, Leverage, and Hurricanes

Aug 29, 2025 24 min

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 of CTAs with hundreds of millions and helped shape the managed futures industry. Reflecting on Hurricane Katrina's 20th anniversary, Jeff explores the storm's market lessons and marvels at how quant models are being used to save lives in weather forecasting. He dives into AI's growing role in finance and education, questioning whether it's becoming a crutch rather than a multiplier and pondering its potential economic implications. Jeff makes the case for smart leverage as a diversification tool, challenging common investor misconceptions about risk management. The episode wraps up with his personal rants on everything from wind turbines (not windmills!) to highway etiquette. No guest, no agenda - just Jeff's unfiltered thoughts on markets, life, and everything in between. Chapters: 00:00-01:04=Intro 01:05-05:03=The Nasty Trend Drawdown 05:04-08:24=Remembering Waldo Wiens 08:25-13:49=Hurricane Katrina at 20 13:50-17:20=AI: Multiplier or Crutch? 17:21-20:50=Smart Leverage vs. Toxic Leverage 20:51-24:08=Quick Rants Super Storms, Mathematical Modeling, and Hurricane Hunting with Dr. Jeff Masters on The DerivativeDon't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Beyond Traditional Trend: Leveraging Experience, Short Term, and Crypto with Mike Stendler

Aug 7, 2025 51 min

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 everything from the O'Brien family's century-long history in commodities to their latest strategies in futures, including a unique cryptocurrency trading program. Learn how modern quant managers are adapting to challenging market conditions, diversifying their approaches, and seeking alpha in an increasingly complex financial landscape. SEND IT! Chapters: 00:00-00:47= Intro 00:48-10:16= From Stock Markets to Futures: Mike Stendler's Investment Journey and the O'Brien Family Legacy 10:17-20:19=Machine Learning Meets Trend Following: Diversifying Quantitative Trading Strategies 20:20-31:19=Crypto Futures and Short-Term Machine Learning: Expanding O'Brien Investment Group's Trading Horizons 31:20-39:01=Market Memories and Mentorship: Navigating Financial Volatility from the 1987 Crash to Today 39:20-51:12= Gunning it back to the 1980’s, listening to the squawk box and Quantitative Trading insights Follow along with Mike on LinkedIn and O'Brien Investment Group, also check out their website for more information at o-big.com! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Beef Prices at All-Time Highs: Inside the Meat Markets with Jeff Apel of Wharton Capital

Jul 31, 2025 58 min

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 demand and seasonal trends, this conversation offers a comprehensive look at what's driving the beef market and what investors and consumers can expect in the coming months. Chapters: 00:00-00:50=Intro 00:51-13:35 = Pit Trading Memories: A Family Legacy in Cattle Markets 13:36-29:15 = Beef Prices Unleashed: Understanding the Current Cattle Market Surge 29:16-38:35 = Wharton Capital's Approach: Fundamental Trading in a Complex Market 38:36-45:31 = Market Intelligence: Tracking Cattle Trends in a Global Economy 45:32-52:27 = Trading Psychology: Discipline and Adaptability in Commodity Markets 52:28-58:43 = From Steakhouses to Chicken Chains: Evolving Eating Habits in America From the Episode: RCM Blog post: Beef Is the New Egg? Why Meat Prices Are Skyrocketing RCM Blog post - The picture from Space that shows why Commodities are non-correlated to the Stock Market: For more information on Wharton Capital & Jeff Apel visit whartoncapitalmgmt.com! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Options Alchemy: How Bernie Yu of Patronus Capital Transforms Market Making into Strategic Investing

Jul 17, 2025 1 hr 5 min

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 focusing on S&P 500 volatility. The conversation explores Bernie's unique approach to trading, the importance of liquidity, and how understanding market flow can create strategic advantages. From his Australian roots to the trading floors of Chicago, Bernie offers a fascinating look into the mechanics of options trading, risk management, and the evolving landscape of derivatives markets. SEND IT! Chapters: 00:00-00:54=Intro 00:55-06:14=Actuarial Science, Cricket, and the Trading Floor: Bernie's Multicultural Journey into Finance 06:15-21:40=Market Making Decoded: The Art of Liquidity and Convexity 21:41-31:58=The 0-DTE Dilemma: Navigating Options Market Inefficiencies 31:59-41:36=Competing with Giants: A Four-Person Team's Edge in Options Trading 41:37-50:35=Liquidity Dynamics: The Hidden Engine of Financial Markets 50:36-57:16=Future Horizons: Tax Advantages and Market Expansion Strategies 57:17-01:05:41= Market Time Machine: Lessons from Black Monday and Future Market Insights From the Episode: MMI Index Blog post Blast from the Past - How Futures saved Stocks Follow along with Bernie on LinkedIn /Patronus Capital and check out the Patronus Capital website at www.patronus.capital! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@Attain...

Family Offices: an inside look on who runs them and how you get that seat, with Brian Adams of Mack International

Jul 10, 2025 59 min

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 complexities of multi-generational wealth transfer to the evolving landscape of family office management, this episode provides a rare behind-the-scenes look at a typically opaque industry. Discover the strategies, challenges, and human dynamics that drive some of the most sophisticated wealth management operations in the United States. SEND IT! Chapters: 00:00-00:46=Intro 00:47-09:21=From Wall Street to Music City: Exploring Brian Adams' Professional Journey and Family Roots 09:22-15:31= The Listening Tour: Navigating Career Transitions and Unlocking New Business Opportunities 15:32-29:30=Family Offices Unveiled: Defining Structure, Services, and Strategic Decision-Making 29:31-41:06= Talent Acquisition and Compensation: Insights into the Family Office Ecosystem 41:06-48:06= Geographic Dispersion and the Evolution of Family Office Operations 48:07-53:55= The Future of Family Offices: Embracing Technology, Talent, and Generational Challenges 53:56-59:59= Busting Back in Time: Tracing the Birth of the Nation State and Finding the Right Talent Follow along with Brian on LinkedIn and be sure to check out Mack International's website mackinternational.com! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Tech, Trust, and Tactical Investing: A New Era of Wealth Management with Kevin Jamali of Farther

Jun 26, 2025 1 hr 11 min

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 personalized advice are reshaping financial planning. Jamali and Malec dissect the limitations of traditional investment approaches, challenging the long-held belief that a simple 60/40 portfolio is enough. With wit and insider knowledge, they discuss how Farther is pioneering a new approach that integrates modern technology with deep financial expertise. The conversation weaves through Jamali's insights on alternative investments, including private equity and managed futures, revealing how these strategies can provide more robust portfolio protection. His background in trading and Brazilian Jiu-Jitsu emerges as an unexpected lens for understanding investment strategy—where adaptability, strategic thinking, and risk management are key. SEND IT! Chapters: 00:00-00:53 = Intro 00:54-08:45 = Navigating the Evolving Landscape of Financial Markets: Kevin Jamali's Remarkable Journey 08:46-17:52 = Uncovering the CTA Advantage: Systematic Strategies for Gaining Investment Edge 17:53-28:58 =Optimized Title: Revolutionizing Wealth Management: Farther's Tech-Powered Approach to Financial Empowerment 28:59-42:45= Exploring Alternative Investments: Diversifying Beyond Traditional Portfolio Boundaries 42:46-56:22= Unlocking the Power of Tactical Tools and Strategic Insights: Navigating Notes, Hedging, and Portfolio Engineering 56:23-01:04:17 Buffered Notes Unveiled: Unveiling the Secrets of Strategic Risk Management and Customized Investment Solutions 01:04:18-01:11:20 Balancing Passions and Pursuits: Exploring the Intersection of AI, Martial Arts, and Professional Endeavors Follow along with Kevin...

Pivotal Perspectives: Decoding the Modern Hedge Fund Landscape with Jon Caplis

Jun 5, 2025 1 hr 2 min

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 shares insights from tracking over 3,000 hedge funds representing $3 trillion in capital, revealing surprising trends in performance, investor interest, and the evolving landscape of hedge funds. Plus a look at talent, capacity, and changing dynamics in multi-strat funds .. SEND IT! Chapters: 00:00-00:55= Intro 00:56-06:48=Bridging the Gap: Exploring Pivotal Path's Unique Approach to Hedge Fund Research 06:49-22:18= Performance Trends and Correlation Complexities: Navigating Hedge Fund Strategies 22:19-29:13= The Evolution of Multi-Strategy Funds: Talent, Capacity, and Changing Dynamics 29:14-42:44= Separate Accounts and Portable Alpha: Unlocking the Future of Hedge Fund Investing 42:45-58:37= Talent, Capacity, and Global Expansion: Insights into the World of Multi-Strategy Hedge Funds 58:38-01:02:21= Going down the rabbit hole in Pakistan From the episode: Where’s the Non-Correlation? The Derivative with Joe Kelly of Campbell Follow along with Jon on LinkedIn and X @JCaplis and be sure to check out pivotalpath.com for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Is Trend Following Dead? (Again…) A Deep Dive with Crabel’s Grant Jaffarian

May 29, 2025 1 hr 23 min

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, and why he remains optimistic about its future. From discussing market execution nuances to quantum mechanics, this conversation provides a deep, unfiltered look at one of alternative investing's most intriguing strategies. Whether you're an investor, researcher, or market enthusiast, this episode offers a provocative examination of trend following's past, present, and potential future. SEND IT! Chapters: 00:00-00:45=Intro 00:46-08:19= Trend Following’s in the Family: Exploring Grant Jaffarian's Background and experience 08:20-21:44= The Algo Trade Execution Game: Navigating Latency, High-Frequency Trading, and Trend Following Strategies 21:45-37:03= The Evolving Landscape of Trend Following: Analyzing Sharpe Ratios, Assets, and Market Changes 37:04-47:24=Trend Following Under Pressure: Adapting to the Changing Dynamics of Positive Convexity 47:25-01:02:04= Innovating Trend Following: Developing Dynamic Strategies for Market Adaptation 01:02:05-01:14:07= Trend Following's Esoteric Markets: Expanding Beyond Traditional Boundaries 01:14:08-01:23:13= Looking deeper into Quantum mechanics & Staying True to the Strategy From the episode: Salem Abraham on The Derivative Podcast Trend following whitepaperVaR controlled European Trend threadRoy Neiderhoffer on The Derivative Podcast Follow along with Grant on LinkedIn & X(Twitter) @GJaffarian and check out crabel's website at crabel.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠...

Value Creation Over Financial Engineering: Kinzie Capital’s Suzanne Yoon on Modern Private Equity

May 15, 2025 1 hr 7 min

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 equity from financial engineering to value creation, revealing how her firm identifies and transforms businesses across manufacturing and service sectors. She provides candid insights into deal sourcing, the challenges of modernizing family-owned companies, and navigating today's complex investment landscape. With perspectives shaped by experiences ranging from the Enron workout to founding her own firm, Yoon offers a compelling narrative about entrepreneurship, strategic investing, and the importance of passion in business. Join us and gain intriguing insights into the inner workings of private equity and the critical role of technology and operational improvements in driving company growth. SEND IT! Chapters:00:00-00:57=Intro00:58-06:58= Entrepreneurial Origins: Uncovering the Roots of Resilience in Suzanne Yoon's Journey06:59-22:50=From Iowa to Wall Street: Lessons for Achieving Success in Finance22:51-38:05=Private Equity's New Playbook: Evolving from Financial Engineering to Value Creation38:06-49:10= The Art of the Deal: Strategies for Sourcing and Selecting Profitable Private Equity Investments49:11-01:07:08=Tariffs, Tech, and Transformation: Navigating the Future of Private Equity Follow along with Suzanne on LinkedIn and Kinzie Capital Partners and be sure to check out their website at kinziecp.com for more information! Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

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Podcast details

Created by: RCM Alternatives
Status: Active
Latest episode: Nov 12, 2026
Episodes: 244
Release period: Weekly
Avg. episode length: 1 hr 10 min
Explicit: No
Language: English

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