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
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