The Derivative

In this episode of The Derivative, Jeff Malec is joined by Patrick Kazley of OneRiver explore how long volatility, convexity, trend following, and systematic macro can be combined in a capital‑efficient way to improve equity compounding and protect portfolios from major drawdowns. They discuss crisis “shapes,” why time-based rebalancing often beats intuitive drawdown triggers, how changing volatil...

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 manage...

In this episode of The Derivative, host Jeff Malec talks with uranium analyst Justin Huhn and mining and commodities commentator Trevor Hall of the Going Nuclear podcast about why uranium and nuclear power may be the most compelling long-term solution for clean baseload energy. They dig into the current uranium bull market, how AI and data centers are driving a step-change in electricity demand, w...

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...

In this episode of The Derivative, Jeff Malec dusts off the dress shoes and steps out from behind the webcam for his first in-person interview since before COVID. He heads to Potomac's studio to sit down with Dan Russo, Portfolio Manager and CIO, for a conversation on why investing theory often breaks down when real life shows up. This chat covers why market timing isn't about catching eve...

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...

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 cyc...

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&#3...

In this episode, Jeff Malec sits down with Tom Holliday, founder and CIO of HIP Investments, for an in-depth conversation on reimagining multi-strategy investing in the commodity space. Tom shares insights from his distinguished career, from his early days at Refco to working with George Soros and launching both Titan Advisors and Hip Investments. Together, they explore the evolution from traditio...

Set sail with maritime historian Sal Mercogliano as we dive deep into the enduring mystery of the Edmund Fitzgerald, a legendary ship lost on the Great Lakes 50 years ago this week. From chilling tales of mariners’ lives and the critical role of iron ore trade, to the evolving challenges facing commercial shipping, this episode explores what really happened that stormy night in 1975—and why the st...

Join Jeff Malec and Brian Stutland, Portfolio Manager at Equity Armor Investments, as they dive deep into the complex world of market volatility, AI's transformative potential, and strategic investing. Drawing from his extensive trading experience, Stutland offers unique insights into the VIX, option strategies, and navigating today's dynamic market landscape. From the dot-com era to the c...

Buckle up for a wild ride through the markets with Eric Leake, founder of Altus Private Capital, as Jeff Malec explores the investment world with a quantitative maverick who's about to reveal the hidden playbook of market mastery! From analyzing market waves to navigating volatility, Eric uncovers his unique approach combining long-term equity market trend analysis with short-term volatility m...

Join Jeff Malec and Jason Buck as they dive deep into the inaugural Return Stacked Symposium held at the CBOE in Chicago. They break down key presentations from institutional leaders like Jonathan Glidden and Roxton McNeal, exploring how portable alpha and return stacking are revolutionizing portfolio construction. Hear their candid insights on leverage, uncorrelated strategies, and why this appro...

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, syste...

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 i...

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...

Join Jeff Malec for a special solo "6-pack" episode where he tackles six topics on his mind during the summer podcast break. Jeff starts by examining the challenging trend following drawdown that's been plaguing the markets, sharing insights from his 25 years in the space and why this one feels different. He pays tribute to Waldo Wiens, the legendary Kansas farmer who backed dozens o...

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...

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...

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...

Join Jeff Malec as he sits down with Brian Adams, partner at Mack International, for an illuminating conversation about the intricate world of family offices. Brian shares his unique journey from real estate entrepreneurship to talent search, offering insider insights into how ultra-high-net-worth families manage their wealth, navigate generational challenges, and recruit top talent. From the comp...

In this dynamic episode of the Derivative podcast, Jeff Malec sits down with Kevin Jamali, Senior Vice President at Farther, for an unfiltered dive into the evolving world of wealth management. What begins as a journey through Jamali's career—from Chicago Board of Trade futures trader to alternative investment strategist—quickly becomes a provocative exploration of how technology and personali...

In this episode of The Derivative, Jeff Malec sits down with Jon Caplis, CEO of Pivotal Path, to dive deep into the world of hedge funds. They explore current performance trends across strategies like equity quant, global macro, and multi-strategy funds, unpack the challenges of hedge fund data collection, and discuss how sophisticated investors are approaching alternative investments. Caplis shar...

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,...

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 e...