
Alpha Exchange
The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.
Latest episodes

8 snips
Jun 5, 2025 • 54min
Mitchell Garfin, Co-Head of Leveraged Finance, BlackRock
Mitch Garfin, Co-head of Leveraged Finance at BlackRock, brings 30 years of expertise in high yield and leveraged loans. In this discussion, he reveals how his team navigates tariff impact on sectors like autos while finding value in tech and insurance. They delve into the evolution of trading technology, emphasizing electronification and portfolio trading's role in enhancing liquidity. Mitch also shares insights on the post-COVID financial landscape and the complexities of managing credit risks amid ongoing macroeconomic uncertainties.

14 snips
Jun 4, 2025 • 19min
Sayings on Vol and Risk...A Fresh Five
This discussion dives into insightful financial sayings about volatility and risk. The speaker introduces five new proverbs that illuminate market dynamics, like the idea that 'realized vol rules the world.' The relationship between market stability and volatility is explored, emphasizing the fragility of perceptions during low volatility periods. Historical insights reveal how government policies can shape market risks, illustrated by the Mexican peso stabilization. Tune in for a blend of personal insights and practical investment wisdom!

27 snips
May 20, 2025 • 54min
Benjamin Bowler, Managing Director and Global Head of Equity Derivatives Research at Bank of America
Ben Bowler, Global Head of Equity Derivatives Research at Bank of America Merrill Lynch, dives deep into market volatility and fragility. He compares recent S&P volatility events to past crises like the GFC and Covid, highlighting today's added complexities. Ben discusses the surge in fragility among U.S. single stocks, emphasizing electronic liquidity withdrawal during stress. He also examines historical innovation's role in creating asset price bubbles and the need for a long-term investor perspective amidst these dynamics.

19 snips
Apr 30, 2025 • 1h
Corey Hoffstein, CIO, Newfound Research
Corey Hoffstein, Co-Founder and CIO of Newfound Research, is revolutionizing investment strategies for high-net-worth clients. He discusses the challenges of diversifying beyond traditional stocks and bonds, introducing innovative concepts like return stacking through ETFs. Corey compares risk characteristics of corporate bonds with merger arbitrage, revealing lower correlations with equities. He also shares insights on trend-following strategies and their defensive qualities during market downturns, shedding light on persistent risk premiums for savvy investors.

14 snips
Apr 28, 2025 • 32min
The VIXgilantes Strike Back
Financial markets are buzzing with volatility, highlighted by recent spikes in the VIX and declines in TLT, signaling investor distress. Trump's comments on the Federal Reserve add a layer of political uncertainty while gold and Bitcoin shine as potential hedges. Navigating through this turbulence, the need for clear decision-making strategies becomes crucial. The looming threat of rising long-term Treasury yields poses a risk to global stability, making the U.S. Treasury auctions a vital focal point. This chaos may reshape perceptions of value in uncertain times.

23 snips
Apr 25, 2025 • 56min
Matt King, Founder, Satori Insights
For Matt King, evaluating market risk is often about pinpointing vulnerabilities within the financial system. Over the many years he's been advising institutional investors, he's gone where the action is - in the dotcom era it was corporate balance sheets, in the pre-GFC period it was asset-backed CP and in the last decade it's been sovereigns and QE. Now the founder of Satori Insights, Matt shared his current assessment of risk on this episode of the Alpha Exchange. His materially bearish take is a function of what he views as US trade policy underpinned by both a misunderstanding of balance of payments math and a failure to appreciate the risks of chaotic implementation. On the latter, Matt worries that the US is earning itself a risk premium in the back end of its bond market, a troubling development especially set against the ever-growing pile of debt outstanding. Matt shows the spike in US real rates at a time when the VIX was also surging and the dollar falling as similar to the UK's "Liz Truss moment" in 2022, an event that forced the Bank of England to act quickly. Matt argues that while Democracy ought to be mean-reverting - where bad policy leads to bad outcomes and declining popularity, ultimately motivating a change of course, today's setup in the US is one in which bad policies impact growth and further poison our politics, reinforcing bad policy. Stepping back, he sees value in gold, noting that both gold and FX vol are still too low. I hope you enjoy this episode of the Alpha Exchange, my conversation with Matt King.

8 snips
Apr 23, 2025 • 52min
Steve Englander, Head of G10 FX and North America Macro Strategy, Standard Chartered
Steven Englander, Global Head of G10 FX Research at Standard Chartered Bank, dives into the swirling currents of the financial markets. He examines how recent U.S. tariffs have reshaped investor sentiment and economic forecasts. The conversation navigates the complex balance of payments and the factors pushing the dollar lower, including rising pessimism about the U.S. economy. Steven also discusses challenges in the bond market and the dollar's evolving role as a safe haven amidst geopolitical pressures. Tune in for valuable insights into these pressing economic themes!

58 snips
Apr 7, 2025 • 24min
The Vol Shock Heard 'Round the World
Recent market turbulence has sparked discussions around the implications of high volatility. Historical events like the Global Financial Crisis and COVID-19 provide context for understanding today's VIX levels. Insights reveal that while volatility can be daunting, it may present unique trading opportunities. The conversation emphasizes the importance of recognizing market dynamics and avoiding pitfalls that could create urgent financial crises. Ultimately, navigating this high volatility could be essential for strategic investment planning.

31 snips
Mar 31, 2025 • 37min
Campbel Harvey, Professor of Finance, Fuqua School of Business, Duke University
Campbel Harvey, a renowned Professor of Finance at Duke University and Partner at Research Affiliates, shares his insights on gold as an investment. He discusses his research on gold's performance compared to inflation, highlighting its volatility. Harvey explains the influence of ETFs and central banks on gold prices and the importance of entry price for investment returns. His work underscores gold's resilience during market downturns, making a case for its role in modern investment portfolios.

9 snips
Mar 24, 2025 • 27min
GeoVolitics and Gold
The podcast dives into the volatile landscape of the S&P 500 during the Covid crash, revealing how only volatility endured the liquidation chaos. It challenges the perception of gold as a hedge, highlighting its defensive nature and appeal to Central Banks. The discussion emphasizes gold's unique position as a trending asset that can rise alongside increased volatility, making it an interesting choice amid market turbulence. Personal anecdotes and reflections on modern education add a unique twist to the financial insights, enhancing listener engagement.