

Alpha Exchange
Dean Curnutt
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.
Episodes
Mentioned books

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.

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.

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.

13 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.

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.

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.

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.

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.

Jun 13, 2025 • 1h 5min
Dan Villalon, Global Co-Head of Portfolio Solutions, AQR Capital Management
Dan Villalon, Global Co-Head of Portfolio Solutions at AQR Capital Management, dives into the complexities of option-based strategies in risk management. He reveals that while many funds aim to provide downside protection, most actually underperform benchmarks. Dan discusses the unique challenges faced during market turbulence like the COVID-19 crash and the inflation-driven downturn in 2022. He also critiques buffered funds, exploring their trade-offs and misconceptions surrounding their effectiveness. Tune in for insights into navigating the intricate world of ETFs and mutual funds.

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.