

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

Jan 30, 2026 • 50min
Libby Cantrill, Head of Public Policy, PIMCO
Libby Cantrill, Head of Public Policy at a global asset manager advising on U.S. fiscal, trade, and geopolitical policy. She discusses policy volatility driving markets today. Topics include tariffs and legal risks, U.S.-Europe tensions and Greenland intrigue, entitlement shortfalls and fiscal pressures, and implications for yields, reserve currency dynamics, and Fed independence.

Jan 27, 2026 • 23min
GME 5 Years Later…Lessons and Threats
A five-year look back at the wild GameStop run and the market forces that fed it. Discussion of how pandemic-era stimulus, zero rates, and retail platforms fueled massive call buying. A deep dive into option math, implied-vol spikes, hedging failures, and how dealer flows amplified the squeeze. Coverage of broker trading halts, index distortions, and the rapid unwind that followed.

6 snips
Jan 26, 2026 • 50min
Alex Urdea, Founder and CIO, Deep Ocean Partners
Alex Urdea, Founder and CIO of Deep Ocean Partners, built an asset-backed private credit platform after careers in credit derivatives and distressed investing. He discusses why downside protection and liquidation value drive underwriting. He contrasts compressed public credit spreads with niche private opportunities. He explains using data connectivity and real-time monitoring to spot issues early and manage portfolio concentration and macro risks.

9 snips
Jan 15, 2026 • 57min
Andrew Lapthorne, Global Head of Quantitative Research, Societe Generale
Andrew Lapthorne, Global Head of Quantitative Research at Société Générale, dives into today's extraordinary market dynamics. He reveals how a handful of mega-cap stocks dominate profits and raises alarms about valuation bubbles. Andrew highlights that while major indices seem stable, the average stock is pricier than during past bubbles. He critiques the impact of passive investing on market behavior, arguing it amplifies concentration risks. Their conversation also touches on the limitations of AI in trading and potential triggers for market shifts.

Dec 31, 2025 • 33min
Closing Thoughts on 2025
Discover the thrilling market dynamics of 2025, highlighted by a wild VIX day, a dramatic surge in Oracle, and a chaotic gold meltdown. Delve into the emerging 'stock up, vol up' phenomenon, where rising stocks lead to increased implied volatility, driven by fears of missing out. Explore the unsettling low correlation among stocks that may mask true market risks, and gain insights on the implications of these trends for 2026. The discussion uncovers how AI market concentration may introduce systemic vulnerabilities ahead.

7 snips
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.

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.

21 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.

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.

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.


