The 2025 market review draft, talking Bears, Crypto Cycles & AI Paradoxes with David Dziekanski & Zed Francis

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 cycles, volatility, cash, and derivatives, mixing sharp insight with dry humor and real debate. It’s a loose, fast-paced way to start the year, packed with strong opinions, laughs, and a few bold predictions. SEND IT!

Chapters:

00:00-02:35= Intro

02:36-12:50 = New year reflections, Market Trends and Predictions, Crypto Cycles and The Diminishing importance of Jobs

12:51-20:55= Unsophisticated Investment Strategies, Market overactions and consequences & Correlations in the market

20:56-35:52= Desensitized to Major Events, Future outlooks, Market Indicators, Volatility Trends & Dogs that didn’t Bark - Inflations/Tariffs

35:53-43:28= Are We Sure this is Good? The Affordability Crisis and The A.I. Paradox

43:29-48:03= Best Meals & Entertainment of 2025

48:04-59:41= Looking forward: Predictions for 2026

From the episode:

David on the Derivative: 

• Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify Funds

Zed on the Derivative: 

• Protecting the Portfolio not with Long Vol, but with Long Gamma, with Convexitas

• The Polymath Pod: Jason Buck and Zed Francis talk rates, vol, and cheeseburgers?!

• WTF is LDI, and What’s working in Vol Trading with Zed Francis of Convexitas

Follow along on LinkedIn with David and Zed and be sure to check out their websites quantifyfunds.com and convexitas.com for more information!

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