

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

Oct 9, 2026 • 52min
Chris Hentemann, Founder and CIO, 400 Capital Management
Chris Hentemann, founder and CIO of 400 Capital Management, built an $8 billion asset-based credit firm after launching it during the 2008 crisis. He revisits the leverage and incentives behind the financial crisis, explores significant risk transfer through a mortgage deal with OceanFirst, and discusses financing AI infrastructure through power equipment and turbines. He also weighs circular credit risks, competition, dry powder, and the value of patience.

19 snips
Oct 6, 2026 • 50min
Harley Bassman, The Convexity Maven
Harley Bassman, the fixed-income specialist who created the MOVE Index, explores why rising long-term Treasury yields may signal a trust crisis rather than an inflation shock. He examines fiscal deficits, Treasury supply, AI-driven borrowing, housing strains, and the Fed’s fading influence. He also explains rate volatility, passive equity flows, forward curves, and what could finally make higher rates hurt stocks.

Oct 1, 2026 • 50min
Brij Khurana, Fixed Income Portfolio Manager, Wellington
Brij Khurana, a Wellington fixed-income portfolio manager specializing in global rates and macro strategy, explores one of bond markets’ biggest repricings in decades. They discuss how low rates fueled financialization, why wealth effects are sustaining services inflation, and how AI’s borrowing boom could reshape yields and credit markets. The conversation spans opportunities in UK bonds, inflation-linked debt, emerging-market currencies, China, and Japan.

47 snips
Sep 23, 2026 • 50min
Amanda Lynam, Chief Credit Strategist in Global Investment Research, Goldman Sachs
Amanda Lynam, Goldman Sachs’ Chief Credit Strategist, returns to explore resilient corporate credit markets and the debt-fueled AI investment boom. She examines hyperscaler financing, data centers, hidden AI concentration, foreign demand for U.S. credit, and the growing role of private markets. The conversation also covers rates volatility, high-yield’s evolution, software refinancing risks, and diversification through real assets.

20 snips
Sep 8, 2026 • 55min
Kimberly Gallant, Global Head of QIS Structuring, CIBC
Kimberly Gallant, CIBC’s Global Head of QIS Structuring and a former JPMorgan leader, explores how quantitative investment strategies evolved into a cross-asset risk-transfer business. They discuss carry as financial-market insurance, transparent volatility strategies, commodity risks, crowding and leveraged unwinds, regime-dependent correlations, backtesting discipline, and the search for lower-cost hedges in a changing macro landscape.

49 snips
Sep 4, 2026 • 43min
The Case for Tail Hedging
A deep dive into a potential “fourth” risk-off regime: a Treasury market crisis driven by fading confidence in U.S. fiscal stability. The discussion also explores how concentrated AI capital spending has become a pillar of both markets and the economy, and why cheap options may offer compelling protection against shocks across bonds, equities, and growth.

6 snips
Sep 1, 2026 • 54min
Ulrike Hoffmann-Burchardi, Chief Investment Officer Americas and Head of Global Equities, Wealth Management, UBS
Ulrike Hoffmann-Burchardi, UBS’s CIO for the Americas and Global Head of Equities, draws on nearly 25 years at Tudor Investment Corporation. She discusses trend discipline, liquidity, and portfolio construction through macro, fundamentals, and structural themes. The conversation explores AI’s sprawling supply chain, power and grid bottlenecks, hidden portfolio correlations, and the risks of an AI-driven investment boom.

25 snips
Aug 21, 2026 • 49min
Tobias Adrian, Director of the Monetary and Capital Markets Department, IMF
Tobias Adrian, Financial Counsellor at the IMF who leads the Global Financial Stability Report, joins to discuss the framework for spotting vulnerabilities in markets. He talks about shifts from low inflation to new shocks. He explores AI’s investment and financial links, sovereign debt and rising term premiums, and plumbing risks like hedge fund leverage, Treasury basis strains, and derivatives opacity.

Aug 13, 2026 • 1h
Jon Havice, Founder and CIO, DGV Solutions
Jon Havice, Founder and CIO of DGV Solutions, is a former currency options trader and hedge fund manager who builds liquid, systematic strategies for institutions. He discusses volatility risk premia and a collateralized put-write approach. He explains applying carry, value, momentum and trend across asset classes, and why stress testing, conservative leverage and disciplined sizing matter in portfolio construction.

19 snips
Jul 31, 2026 • 44min
The Market Disregards Correlation
A solo take on a rare market regime where stocks move independently and index volatility stays low. A look at why some rising names see options get pricier at the same time. A case for buying cheap cross-asset insurance before a shock arrives.


