Alpha Exchange

Dean Curnutt
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Dec 19, 2025 • 55min

Ian Harnett, Co-Founder and Chief Investment Strategist, Absolute Strategy Research

Ian Harnett, Co-founder and Chief Investment Strategist at Absolute Strategy Research, discusses the shifting landscape of systemic financial risks, emphasizing the growing dominance of non-banks like private equity-backed insurers. He highlights how these entities often hold riskier assets and have lower capital buffers. Ian also explains that systemic risk can multiply through smaller critical nodes rather than large institutions, stressing the importance of cash flow in assessing vulnerability and warning about potential illiquidity in private credit markets.
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Dec 16, 2025 • 52min

Kumaran Vijayakumar, Co-Founder and CEO, DataDock Solutions

Kumaran Vijayakumar, Co-founder and CEO of DataDock Solutions, shares insights from his extensive career in equity derivatives trading. He discusses the challenges of evaluating client flow and the transformative impact of data-driven tools in risk assessment. Kumaran emphasizes that client value often emerges from analyzing trade behavior over time, rather than simple P&L metrics. He also covers the importance of collaborative metrics for traders and sales, and how emerging tools can optimize decision-making in fast-paced markets.
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9 snips
Dec 12, 2025 • 55min

Mark Rosenberg, Founder and Co-Head, Geoquant

Mark Rosenberg, Founder and Co-Head of GeoQuant and adjunct professor at UC Berkeley, dives into the realms of political risk quantification. He highlights the critical gap in existing country-risk analyses and advocates for a model-based approach to understand governance and social dynamics. Mark discusses the impact of political events on market behaviors, tracing how U.S. risks have mirrored emerging markets, especially since 2016. He also previews the potential volatility surrounding the upcoming 2026 midterms, reflecting on the evolving nexus of politics and market risk.
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31 snips
Dec 9, 2025 • 44min

Todd Rapp, CEO, Fortress Multi-Manager Group

In a compelling discussion, Todd Rapp, CEO of Fortress Multi-Manager Group and former equity options trader, delves into the critical lessons from the tech bubble of the late 90s. He connects historical market patterns to today’s differentiated correlation landscape, emphasizing the need for uncorrelated return strategies. Todd highlights the importance of optionality in managing equity risks and contrasts the traditional asset allocation approaches with modern multi-manager architectures. He also shares insights on hiring the right talent for navigating market complexities.
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31 snips
Dec 2, 2025 • 53min

Jessica Stauth, CIO, Systematic Equity, Fidelity Investments

Jessica Stauth, the CIO of Systematic Equities at Fidelity Investments, transitioned from biophysics to the realm of quant finance in 2008. She discusses how market uncertainty often exceeds what models can predict, especially following the 2007 Quant Quake. Stauth highlights the importance of diversified risk models to navigate macro shocks and avoid crowding. She also explores the evolving landscape of classic equity factors and the integration of non-traditional data, including sentiment analysis from earnings calls, into quantitative strategies.
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17 snips
Nov 25, 2025 • 21min

Price is the Only Fundamental

Recent declines in equity and crypto markets highlight the intriguing concept of price as the sole fundamental. Volatility has surged, leading to significant daily market moves. The discussion includes the implications of reflexivity, where price influences narratives and shapes investment behavior. Dean examines the vulnerability of AI stocks amid market corrections and explores Bitcoin's dramatic drawdown amid crowding concerns. He categorizes various sources of uncertainty affecting these markets, creating a compelling exploration of the current financial landscape.
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8 snips
Nov 21, 2025 • 44min

Megan Miller, Senior Portfolio Manager and Head of Options Solutions, Allspring Global Investments

Megan Miller is a Senior Portfolio Manager and Heads Options Solutions at Allspring Global Investments, with a rich background in market volatility. She shares insights on using a GARCH-like model to forecast volatility and identify mispriced options. Megan highlights the impact of technology on efficient call overwriting and discusses the rising demand for customized income-oriented solutions amid market shifts. She emphasizes the importance of education and support for clients in understanding complex options strategies.
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38 snips
Nov 18, 2025 • 56min

Jordi Visser, CEO of Visser Labs and Head of AI Macro Research at 22V

Jordi Visser, CEO of Visser Labs and Head of AI Macro Research at 22V, dives into the transformative power of AI, likening it to electricity. He argues against the 'bubble' label, emphasizing AI's role in shaping various industries and its insatiable demand for compute resources. Jordi discusses the volatility surrounding AI investments, the effects on the labor market, and why Fed policies are lagging behind technological advancements. He also touches on the potential of tokenization in increasing market liquidity and the geopolitical implications of emerging technologies.
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25 snips
Oct 28, 2025 • 51min

Alex Kazan, Partner and Geopolitical Co-Lead, Brunswick Group

In this engaging discussion, Alex Kazan, a partner at Brunswick Group, delves into the complex interplay of US politics and global economic stability. He reveals how structural issues, hyper-partisanship, and the fallout from crises like the GFC and pandemic have made the US a significant source of international risk. Alex emphasizes the growing weaponization of economic tools like tariffs, urging multinational firms to adapt their strategies. The conversation also touches on the implications of AI in workplaces and the delicate balance needed in US-China relations.
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9 snips
Oct 28, 2025 • 24min

Is US Stock Market Wealth a Reflexive Risk?

In this engaging discussion, the concentration of the S&P 500’s wealth in a small number of tech giants raises concerns about systemic risk. The interplay between rising market capitalizations and corporate spending is explored, along with its impact on consumer wealth amidst a soft labor market. Gold's volatility signals broader market risks, while prediction markets are discussed as innovative tools for real-time probability assessment. The dynamics of option trading amplify asset movements, creating a unique financial landscape.

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