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:
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
In this episode, Jeff Malec sits down with 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@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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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:
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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@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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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:
Making Market Music with Roy Niederhoffer:
https://www.rcmalternatives.com/2021/03/making-market-music-with-roy-niederhoffer/
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 Movies
Follow 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 , 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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)
_____________________________________
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 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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.rcmalternatives.com/2024/02/advanced-hedge-fund-replication-with-the-top-down-riding-diverse-etf-modeling-flows-with-dbis-andrew-beer/
Follow along with Bob on X @BobEUnlimited, LinkedIn and make sure to check out Unlimited's website at unlimitedfunds.com
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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, 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 , 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 , 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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@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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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, 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 on LinkedIn and for more information on Farther please visit farther.com!
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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:
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 , 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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:
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@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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
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 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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
This week on The Derivative: In this compelling episode, David Dziekanski, founder of Quantify Funds, joins host Jeff Malec to unpack the fascinating world of Bitcoin and gold. Dive deep into the innovative BTGD ETF, which stacks 50/50 Bitcoin and gold, and explore the cutting-edge concept of portable alpha. Dziekanski shares insights on why these assets matter, how rebalancing can create portfolio alpha, and why institutional investors are increasingly looking at alternative stores of value. From the future of cryptocurrency to gold's enduring role in protecting wealth, this episode offers a nuanced look at navigating today's complex financial landscape. Whether you're an investor, trader, or financial enthusiast, listen in and gain valuable perspectives on managing risk and seeking opportunities in an increasingly uncertain economic environment.Chapters:
00:00-00:58=Intro
00:59-11:35= From Washington University to Wall Street: Exploring David Dziekanski's Journey in Quantitative Finance
11:36-19:42= The Art of Rebalancing: Mastering the Magic of Stacking Bitcoin and Gold
19:43-31:56= Bitcoin's Evolution: From Crypto Hype to Institutional-Grade Asset
31:57-44:05= Gold in the Modern Portfolio: Hedging Against Currency Devaluation
44:06-54:46=Beyond Bitcoin and Gold: Discovering Innovative ETF Investment Strategies
54:47-58:18= Surfing, Scaling, and Balance: A Personal Journey of Innovation
Show notes:
Quantify Funds Whitepaper - Case for Bitcoin and Gold
Derivative Podcast episode - A Four Stack-Pod: Talking Stacking Assets with Return Stacked ETFs
Follow along with David on LinkedIn, X.com @DavidDziekanski, and check out their website at quantifyfunds,com!
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer
In this episode, we dive deep into the world of commodity trading with Stephane Bernhard, CEO/CIO of CAM Multi-Strat Asset Management. Drawing from his 30+ years of experience starting at Louis Dreyfus through commodity trading house ETG, Stephane shares how commodity trading has evolved from pure fundamental analysis to today's complex intersection of physical, financial, and systematic trading.
The conversation explores the world of commodity houses and physical trading of commodities, before diving into CAM's unique approach to building a commodity-focused multi-strategy fund that bridges physical and financial markets. Stephane details their innovative risk management framework that gives commodity traders more flexibility than traditional pod shops while maintaining portfolio stability. You'll hear why VAR doesn't work for commodity risk management and how they've developed an anti-fragile approach to drawdown management.
Throughout the discussion, Stephane weaves in fascinating historical perspective - from his early days in the Madrid sovereign debt crisis to parallels between the end of Bretton Woods and today's shifting monetary landscape. Whether you're interested in commodity markets, multi-strategy fund construction, or the intersection of physical and financial trading, this episode offers unique insights into an increasingly important corner of the investment world – SEND IT!
00:00-01:06 = Intro
01:07-13:42 = Commodity Trading Houses: Bridging Time and Risk in Global Commodity Markets at Louis Dreyfuss and ETG
13:43-29:50 = Commodity Trading Dynamics: Navigating Physical Footprints, Basis Risk, and Market Complexity
29:51-40:51 = Constructing a Multi-Strategy Commodity Trading Platform: Exploring ETG's Strategic Vision
40:52-53:29= Commodity Market Dynamics: Weather, Volatility, and Global Supply Chains
53:30-01:13:51 = Risk Management and Trader Psychology: Mastering the Art of Commodity Trading
01:13:52-01:18:50 = Trading Psychology and Market Excitement: Navigating High-Stress Moments
01:18:51-01:29:34 = Lessons from the 1971 Gold Standard: Adapting to Historical Market Shifts
From the episode: The Secret Club That Runs the World
Follow along with Stephane on X @TCS_Trader and LinkedIn, and be sure to check out ETG and CAM on LinkedIn as well for more information!
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 losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer