The Derivative

Philadelphia is renowned for various iconic symbols, including the Liberty Bell, Rocky Balboa, the famous Philly cheesesteak, and, most recently, RCM's Live Panel Discussion "Is 60/40 Dead? Can Alternatives Fill the Void?" This engaging panel discussion features industry leaders Tim Pickering, Corey Hoffstein, and Brian Meloon, with the insightful Kevin Davitt giving an insightful in...

In the ever-evolving world of finance, change is the only constant. Like the shifting tides of the market, options trading has transformed from monthly expirations to weekly and even daily strikes. It's like going from a leisurely stroll to a thrilling daily marathon in the world of trading. Alongside these shifts, hedging strategies have also had to adapt, especially after the rollercoaster r...

From front-running commodity index rolls to trading spreads, we're taking you on a bit of a historic journey with Emil Van Essen and Bryan Kiernan of Katonah Eve. Join us as we explore the evolution of their strategies and firm, while talking the world of commodities. In this episode, we'll uncover the evolution of Katonah Eve, from pulling data ahead of the game to mastering roll yields a...

Is electricity a commodity?  If not, why not? If so, how do you get exposure with the demand for electricity set to possibly outstrip the world's forthcoming technological advancements.  Join us on a high energy episode of The Derivative by RCM Alternatives for an in-depth exploration of "Electrifying America" with Timothy Kramer, a seasoned energy and power trader and CEO of CNIC Fu...

Why Systematic? Why CTA? Why Now? These are common questions on the minds of many professionals in the Managed Futures field. On this episode of the Derivative podcast, host Jeff Malec takes on a unique role as a featured guest on a panel recently hosted by RCM Alternatives in Chicago alongside Cohen & Company and Mercer. While Jeff is usually the one leading the discussions, this time, he get...

What do you do when you’ve already done everything there is to do in trend. Managed billion of dollars: check. One of first to run a trend following mutual fund: check. Trend following on individual equities: check. You push the envelope again, and convince the folks that create ETFs that you actually can pack your fully diversified equities plus futures portfolio into an ETF wrapper.  On this epi...

Jason Buck is back in this follow-up, Part II episode rehashing all the goings on at Global EQD '23, and he's continuing the conversation on equity market hedging, not to mention interest rate, currency, and more hedging – plus volatility markets and investment strategies with host Jeff Malec.  Jason and Jeff discuss what was discussed, including the influence of Fed policy, abnormally low...

We're doubling down on the knowledge and taking you through the high-stakes world of Volatility with a special "Derivative Podcast" straight from the world's entertainment capital, Las Vegas. Join host Jeff Malec and our panel industry heavyweights Cem Karsan, Luke Rahbari, and Zed Francis as they delve into the intriguing market dynamics and risk management world. From the role...

If a replicant in the 1980s sci-fi classic Blade Runner was a genetically engineered, bio-enhanced person with para-physical capabilities, "composed entirely of organic substance," created for slave labor – what does that make Corey Hoffstein and his takes on replicating?  On this episode of The Derivative, we're joined by the model flirting, possible replicant, Corey Hoffstein, who...

Didn’t get the chance to head to Vegas for the Global EQD conference. No worries. We’ve got you covered. We're teaming up with the one and only Jason Buck of Mutiny Funds, he of many volatility-focused podcasts and manager of a long vol fund of funds. Together, Jeff and Jason walk through their notes from attending the annual equity derivatives-focused conference put on by the good folks at EQ...

We’re back! Hitting first up with the question of where the current state of Commercial Real Estate is at since COVID. Is the market coming back? Were the hits too hard with everyone out of the office? We’re looking at all the aftermath with Matt Lasky of Equity Velocity Funds, where the pain points are, who kept afloat, and how the market has changed since the vacancy or ‘phantom occupancy’ of Co...

We’re back in the trend space this week, diving into the pros and cons of classic trend following, as well as exploring new methods of trend, including building new “markets” with calendar spread data and trying to reduce the infamous trend open trade give backs with some option trades. Not to mention some talk on how investors have gone soft in their desire for low vol.   Jeff sits down with Mori...

How fast is the fast moving world of AI moving after the launch of Chat GPT and crazy pace of new apps and tools. It turns out…. Really Fast!  There’s AI tools that can write blog posts, create images, act like a hedge fund lawyer, review a disclosure document, and more. All of it brings up many questions. Are we living in a world where these AI machines take over our jobs? Can we expect better ma...

How do you get a job at a top quant shop?  With a little love from grandma?! How do you navigate a systematic strategy in the fast-moving world of digital assets? On this episode of The Derivative, Sarah Schroeder of Coinbase Asset Management (formerly One River Digital) covers a range of topics related to crypt/digital assets, including the formation and vision of One River Digital, its purchase...

Have you ever wondered how successful traders make their fortunes in the markets? In this episode of The Derivative Podcast, we explore the world of trend following with a master in the field, Andrew Strasman. Here first-hand about his journey as a trend follower, from his early days in the trading pit to his experience in the real estate market and the birth of high-frequency trading. Throughout...

Today’s episode we are passengers on Bryce Emo’s rig, as we ride along and chat about how his company Sidecar Financial assists in providing private company shareholders the knowledge and network to find what can be life-changing liquidity. Bryce explains why stock option-based employees at big tech companies need the “lending hand”, and covers all the avenues available in helping navigate their j...

What was the short-lived SVB baking crisis all about?  Has it forced the Fed’s hand?  Are we done tightening? Lots of Macro questions so who better to dig into it with than the appropriately nicknamed Macro Alf. In this episode of The Derivative, we sit down with Alfonso Peccatiello, founder of The Macro Compass and owner of the wonderful Twitter handle @MacroAlf to discuss the challenges of gener...

As investors and traders, we all strive for success in the markets. But what sets the best apart from the rest? According to Kapil Rastogi, the President and co-founder of PlusPlus Capital Management, it's all about having the right culture. Ranking among the best in the industry in RCM’s semi-annual rankings report for best risk control certainly doesn’t hurt either.   In this episode of The...

When it comes to investing, there are countless strategies to choose from, each with its own set of pros and cons. One strategy that has stood the test of time is trend following, a technique that involves analyzing market trends and making trades based on those trends. Despite its proven track record, some investors remain skeptical about trend following, perhaps because they don't fully understa...

WTF is “Gammageddon”?  What do 0DTE options have to do with it?  Should I be fearful? Should I be greedy? We’re getting into all of it in this episode where we dig into just what zero days to expiry (0DTE) options are, who’s trading these things, who’s on the other side, and why (and why not) any of it could matter to investors… to option traders…..to the VIX.  On the latest episode...

Grab your favorite trucker hat/baseball cap, and settle in for this episode where Jeff picks Meb Faber’s brain on everything from skiing to picking an investment advisor because they can get you on at Riviera Country Club.  We’ve got Meb Faber back on the show to nominally talk about trend following – but as often happens with Meb – we get into a bunch from global equity exposure, to market c...

We’re back this week bringing you the second half of our Miami event - sharing the open discussion and panel portion that focused on volatility as an asset class. The panel was quite the collective of talent, with Luke Rahbari, CEO of Equity Armor Investments, Zed Francis, CIO and co-founder of Convexitas, Rodrigo Gordillo, president of Resolve Asset Management and Jason Buck, CIO and co-founder o...

We're back with a new episode of The Derivative, and this time we're talking all things trend-following, Miami, and volatility with Kevin Davitt from Nasdaq. This episode starts by clarifying some questions about trend-following strategies and sharing some quick thoughts on volatility in 2022. It was a unique year for trend following, with different sectors showing up at different times and overla...

Despite the market being down substantially this year, bouncing around inside of bear market territory, it's been a bit of a challenging year for long-vol traders. Simply put, the Vol spikes we’ve become accustomed to getting with a down market haven’t materialized as much.  While the retracement of vol on bounces higher in stocks has remained. it's hard not to think, "What is going on?!'&nbs...

This week on the Derivative we're doing it a little differently sharing our platforms with RCM's Agriculture podcast, The Hedged Edge. The Hedged Edge is back online with a guest who could be it's podcast's most important guest of all time. At a time when inflation is running rampant through the world economy, drought conditions are drying up our rivers, and the global supply of grain is scarce. W...