Alpha Exchange

Dean Curnutt
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34 snips
Sep 19, 2025 • 57min

David Puritz, Founder and Chief Investment Officer, Shaolin Capital Management

David Puritz, the Founder and CIO of Shaolin Capital Management, shares insights on convertible bonds and uncorrelated investment strategies. He emphasizes the importance of risk management, suggesting that early purchases should often be at unfavorable prices to capitalize later. David discusses the complexities of the convertible market, including risks associated with high implied volatility and the dynamics of pricing. He also highlights the importance of diversification and explores innovative investment opportunities in AI and cryptocurrency.
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49 snips
Sep 15, 2025 • 32min

RoR: Reflections on Risk

Dive into the fascinating world of volatility, where low SPX realized volatility can trick investors into underestimating risk. Discover a 5-part framework assessing the worth of market insurance and learn about proxy hedges offering great value in current markets. The GOAT portfolio shines with its mix of gold, Bitcoin, and strategic options to mitigate risks. Lastly, unravel the complexities of options trading and the critical role of market signals, cautioning against over-relying on transient asset correlations. A thought-provoking discussion awaits!
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18 snips
Sep 2, 2025 • 54min

Ken Rogoff, Professor of Economics, Harvard and Former Chief Economist, IMF

Ken Rogoff, a Harvard Economics professor and former IMF Chief Economist, dives deep into the dynamics of the U.S. dollar's dominance. He highlights the unique advantages of this status, like lower borrowing costs and sanctions power, while cautioning about the associated vulnerabilities. Rogoff shares insights from historical currency crises and warns against complacency regarding fiscal policy. He emphasizes that the future of dollar dominance hinges on maintaining central bank independence and navigating political influences on economic stability.
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25 snips
Aug 21, 2025 • 59min

Kris Kumar, Founder and CIO, Goose Hollow Capital

Kris Kumar, founder and CIO of Goose Hollow Capital, dives into the shifting economic landscape as AI takes the stage over traditional consumption models. He argues that skyrocketing AI investments signal a pivotal change requiring fresh investor perspectives. Kumar also draws intriguing parallels with past tech bubbles and discusses challenges faced by policymakers as AI reshapes labor markets. Lastly, he highlights promising opportunities in Latin America fueled by AI-driven commodity demand and attractive interest rates.
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24 snips
Aug 19, 2025 • 28min

Rainy Day Insurance Amidst the Sunshine

As summer winds down, the podcast dives into the calm but deceptive waters of market volatility. It warns investors not to get complacent despite low realized volatility and discusses the mounting risks in the economy and political landscape. The conversation highlights the crucial relationship between Federal Reserve policies and market behavior. Using historical bailouts as cautionary tales, it underscores the importance of options as a valuable insurance strategy amidst growing uncertainties.
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18 snips
Aug 13, 2025 • 49min

Ben Hunt, Co-Founder, CIO and President, Perscient

Ben Hunt, co-founder and CIO of Perscient, believes that the stories we tell shape our behavior more than we realize. With a unique outsider's perspective, he forewarned of flaws in mortgage-backed securities before the 2008 crisis. Hunt discusses how narratives illuminate risks that models miss and the role of AI in mapping market influences. He also reflects on inflation, tech stock correlations, and the potential for wage inflation, emphasizing the importance of now casting to inform investment strategies in real time.
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11 snips
Jul 18, 2025 • 22min

Distributions have Consequences

Dive into the intriguing world of financial market correlations, particularly between the S&P 500 and implied volatility. Discover the unusual 'SUVU' assets where prices and volatility move together, igniting significant options trading. Learn how these correlations impact investor strategies and monetary policy amidst shifting economic landscapes. The discussion delves deep into the complexities of volatility risks and the dynamics of asset pricing, making it essential for savvy investors.
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42 snips
Jun 30, 2025 • 51min

Benn Eifert, Founder and CIO, QVR Advisors

Benn Eifert, Founder and Managing Partner of QVR Advisors, dives into the complexities of today’s volatility markets with a data-driven perspective. He shares insights on the unintended consequences of crowded option strategies, notably how risk-managed ETFs may underperform traditional portfolios. Eifert discusses the vanishing volatility risk premium since 2012 and the impact of structural flows on expected returns. With an eye on evolving trading strategies, he highlights the need for adaptive risk management in these dynamic markets.
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31 snips
Jun 17, 2025 • 1h 1min

John Marshall, Head of Derivatives Research, Goldman Sachs

John Marshall, Head of Derivatives Research at Goldman Sachs, focuses on innovative trading strategies and the evolving landscape of options. He discusses how equity funds are reshaping index optionality through covered call ETFs and vol-selling strategies. Marshall emphasizes the importance of company fundamentals in option pricing, advocating for a fresh approach that uncovers asymmetric opportunities in the market. The conversation dives into the impact of market events on trading dynamics and the rise of catalyst-driven options as a profitable strategy.
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8 snips
Jun 14, 2025 • 21min

Sayings on Vol and Risk...A Fresh 10

Dive into insightful proverbs that illuminate market psychology and the unpredictable nature of financial shifts. Explore how erosion of confidence can lead to crashes, stressing the importance of robust risk management. Discover the transformed ETF landscape with new dynamics and the complexities of leveraged ETFs. The conversation emphasizes the need for humility amid uncertainty, urging investors to reject the pitfalls of overconfidence and stay reflective as they navigate the ever-changing financial terrain.

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