When to replace equity with right-tail strategies

Recorded amid the noise and pulse of the RMC conference in Munich, this episode of U Got Options follows a market learning to see itself anew. Cem Karsan speaks with Keith DeCarlucci on the return of macro discipline through EM carry and the quiet yield of volatility. Patrick Kazley traces the fault lines of diversification, where beta, convexity, and policy now intersect. And Hari Krishnan confronts the uneasy coexistence of human intuition and machine logic in risk. Together, they chart the tension between structure and surprise - a world still trading on old instincts, but guided by new intelligence.

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Episode TimeStamps:

00:00 - Opening and introductions

01:29 - Overview of guests and themes: EM, volatility, and AI

03:10 - Keith DeCarlucci on EM FX, commodities, and volatility trades

14:13 - Relative value in equity vol and tail-hedging strategies

21:20 - Patrick Casley on portfolio construction and convexity

32:24 - Reassessing 60/40, nominal illusion, and macro correlations

39:44 - The new regime: long assets vs limited diversifiers

44:39 - Hari Krishnan on AI, options, and the future of volatility

56:06 - Upside skew, real assets, and structural market shifts

01:05:21 - Closing remarks and disclaimers

Copyright © 2025 – CMC AG – All Rights Reserved

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