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Dean Curnutt - The Reflexivity of Equity Volatility (S6E16)
Sep 11, 2023
Dean Curnutt, founder of Macro Risk Advisors, discusses the nature of risk in markets, touching on various crises, reflexivity, risk recycling, and the evolving role of the Fed. They explore the 1987 stock market crash, Long-Term Capital Management, the 2008 Financial Crisis, the XIV implosion of 2018, and the 2020 COVID crisis. This episode is a must-listen for risk-focused individuals and those interested in market dynamics.
01:18:19
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Quick takeaways
- Market crises are endogenous and influenced by risk-taking, reflexivity, crowding, risk recycling, and the evolving role of the Fed.
- Regulatory changes after the 2008 financial crisis increased risk recycling, leverage, and market fragilities.
Deep dives
The Nature of Risk and Market Crises
This podcast episode explores the nature of risk and its manifestation in market crises. It discusses historical events such as the crash of 1987, long-term capital management, the financial crisis of 2008, the XIV implosion of February 2018, and the 2020 COVID crisis. The conversation touches upon topics like reflexivity, crowding, risk recycling, and the evolving role of the Fed. It provides insights into the nature of market risks, how they are woven into the fabric of markets, and why crises seem to occur periodically.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode