The Derivative

For our first episode of 2025 we wanted to take a different approach...  Enjoy our full-blown parody of Nate Bargatze's 'Washington's Dream' –  complete with satire of several key issues in private equity and private market valuations. Warning: May contain traces of reality and excessive financial humor.  

To close out the 2024 season of the Derivative podcast, host Jeff Malec sits down with two friends of the pod, and friends of his - Jason Buck and Zed Francis -  for a wide-ranging discussion on the state of the markets, the unpredictability of macro events, and the importance of understanding underlying structures and dynamics. The conversation begins with an exploration of the unexpected market...

In this episode, Jeff Malec sits down with David Sun, an entrepreneur, trader, and fund manager with a unique journey into the world of options trading and alternative investments. David shares his unconventional path, starting as a retail trader experimenting with options strategies, particularly selling puts, before transitioning to professional fund management. He discusses the challenges and l...

In this episode, Jeff Malec sits down with Peter Polanskyj, Head of Structured Credit at Obra Capital, to delve into the firm's unique approach to investing across the insurance and credit markets. Obra Capital is a $4 billion asset manager with a specialized focus on opportunities at the intersection of insurance and credit. Peter shares insights into the diverse opportunities in this space, whic...

In this episode, we explore the world of options trading with Martin Vestergaard and Michael Cameron from Carmika Partners. The conversation begins with an in-depth analysis of the volatility spike that occurred in early August, as Vestergaard and Cameron share their insights on the market dynamics and the impact on their trading strategies. The discussion then delves into the growing influence of...

In this episode of the Derivative podcast, our host Jeff Malec sits down with Tim McGregor and Tom Hession from Riverbend Capital Advisors to dive deep into the world of municipal bonds. The discussion covers the unique inefficiencies and complexities of the $4 trillion muni bond market, which features over 75,000 different issuers across the country. Tim and Tom explain how this fragmented landsc...

In todays episode, Jeff Malec sits down with Bill Gebhardt, the founder of 10 Dynamics, to discuss his interesting career journey and the development of his unique systematic trading approach. Bill shares his background, from working on the floor of the CBOE in the early 90s to earning a PhD in finance and transitioning into the energy trading space. He provides insights into the evolution of the...

Today’s episode on The Derivative,  Jeff Malec sits down with James Maund, a veteran of the financial industry with experience spanning Goldman Sachs, the NYSE floor, and his current role at KraneShares. Maund provides a unique insider's perspective on the rapid growth and innovation within the ETF space while outlining KraneShares main investment pillars – China Tech, Carbon emissions/cap-and...

Today's episode features an in-depth discussion with discretionary global macro trader Asim Ghaffar, founder and CIO of AG Capital. Ghaffar shares his insights on the recent market volatility, including his views on the potential triggers behind the sell-off and the chances we have for a recession. Was it just a blip on the radar, algos deleveraging? He explains his discretionary macro trading...

In this episode of The Derivative, host Jeff Malec sits down with DeWayne Louis and Nishant Gurnani from Versor Investments, a quantitative investment firm celebrating its 10th anniversary. The discussion delves into the personal backgrounds and journeys that led to Versor’s founding, from their work providing efficient exposure to traditional hedge fund strategies through risk premia type approac...

In this episode of the Derivative we chat with Gary Selz, co-founder of Zero Delta Funds. Gary shares his background growing up in Chicago and studying electrical engineering at Northwestern University. He discovered options trading through a financial engineering course and was introduced to a Chicago prop trading firm. Gary discusses his experience training as a new trader at the prop firm. He e...

We’re back! Today’s podcast features The Derivative show stoppers Rodrigo Gordillo and Adam Butler of Resolve Asset Management discussing the carry trade and its applications in investment strategies. They begin by explaining what the carry trade is and discussing common misconceptions around it. They then dive into different types of carry that can be found in various asset classes like bonds, co...

Joe Kelly, partner at Campbell & Co., joins us this week for a new episode of The Derivative. Jeff starts talking skiing, as he’s apt to do, but this time is a bit different, with Joe sharing an update on his recent recovery from a nasty ski accident that nearly left him paralyzed (or worse).  We then move right into Joe discussing his career journey from trader to founding a FinTech startup d...

This episode of The Derivative discusses the current state of Volatility – and how to use those measurements in diversifying investment strategies with Jeremie Holdom and Colin Suvak of LongTail Alpha, an investment firm focused on tail risk hedging. The guests share insights into their work, analyzing volatility across asset classes and constructing customized hedging solutions for institutional...

In this in-depth conversation, Jeff Malec picks the brain of veteran quant Doug Greenig about pursuing trends on a truly global scale. Greenig takes listeners on his fascinating career journey, from cutting-edge fixed income modeling at Goldman Sachs to managing risk at MAN AHL's pioneering CTA firm. He explains how this experience led him to establish Florin Court Capital and develop novel wa...

This episode is a fascinating deep dive into the complex world of logistics. Our guest is Chris Jamroz, CEO of Roadrunner, a serial logistics entrepreneur who has indeed seen and done it all over his career. Chris provides colorful anecdotes about his past 100+ acquisitions and turnarounds, including the challenges and lessons learned along the way. He then gives listeners an up-close look at his...

Brent Belote, founder and CIO of Cayler Capital, joins the podcast to discuss the growth of his now 5 year systematic oil trading strategy. He provides insights into analyzing supply and demand fundamentals and using quantitative models to capitalize on events in the physical oil market. Brent also shares lessons from starting his own fund and managing risk at a smaller scale. Hear about trends in...

Join us for the second half of our panel discussions during this year's Hedge Fund week in Miami as we explore increasing accessibility of alternative investments through new ETF products and strategies. We’ve got Rodrigo Gordillo taking reigns from the quantitative perspective, Jerry Parker talking trend following, Bob Elliot on replication and Jay Pestrichelli,  options guru, guiding us thro...

From NASA to Star Trek, Brad Barrie and David Johnson of Dynamic Wealth Group discuss how their shared interests inspired the development of their diversified mutual fund, which blends equity exposure with discretionary global macro allocations. They explain how this approach seeks to provide smoother returns through non-correlated exposures. Brad and David also delve into their backgrounds in aer...

This packed panel discussion featuring Tim Pickering (Auspice), Brent Belote (Cayler Capital), Gerardo Tarricone (Arion) and Derek Stroke (Equanimity Advisors) focused on commodities as diversifiers and opportunities in commodity trading and investing. Our panelists discussed topics like the reliability of commodities in portfolios, ESG factors, the potential for a commodity supercycle, and educat...

Welcome to the start of a new year and another exciting season of The Derivative Podcast. We're beginning with a bang, featuring DBi’s hedge fund guru, Andrew Beer. Picture the ideal blend of Wall Street expertise and accessible insights - that's what we're delivering in this episode! We’re talking with Andrew about replicating strategies in this episode and if it works. Andrew is shar...

Thanksgiving is just a week away in the US, marking the end of an excellent year for The Derivative and we're inviting you to join us at the podcast table for a bountiful episode delving into the unique flavors of managed futures and fundamental expertise. As we carve into the Thanksgiving spirit, The Derivative is serving up a feast of insights with Patrik Safvenblad, the mastermind behind VO...

Get ready to savor an episode of The Derivative that's anything but run-of-the-(corn) mill, featuring a guest who's serving up some fresh and unconventional perspectives. That's right, we're delving into the heart of the snack world where the notion of sturdy, thick chips and delicate, thin chips is more than meets the eye. Prepare to have the simplicity of your favorite tortilla c...

In the constantly changing and often unpredictable industry that is wealth management, is it possible to systematize an asset allocation approach? Might you even apply trend following to the problem? On this episode of The Derivative, Jon Robinson, the CEO and co-founder of Blueprint Investment Partners, draws upon his unique experience on both sides of the trend-following fence: proprietor and cu...

In commodity trading, where volatility reigns supreme, finding an edge can be daunting. In this episode of The Derivative, we switch up our normal Commodity Trading talk with our non-trend following guest, Jae-Min Hyun of NWOne. With extensive experience in commodities trading and a quant background that spans Wall Street firms, hedge funds, and a new talent incubator, Jae-Min brings a wealth of k...