

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

Mar 3, 2025 • 15min
GeoVolitics, Implied Correlation and Option Pricing
The podcast dives into the overlap between geopolitics and market volatility, coining the term 'GeoVolitics.' It discusses how rising geopolitical risks influence pricing and lead to higher risk premiums. There's also a focus on gold as a key asset during times of uncertainty and its psychological appeal. Additionally, the conversation explores current trends in credit spreads and implied volatility, emphasizing how crucial these metrics are for effective investment strategies. Overall, it offers valuable insights for navigating turbulent market conditions.

Feb 10, 2025 • 21min
Is There a Plumbing Problem in Equity Correlation?
Recent fluctuations in stocks have sparked a discussion on the current state of equity correlation. The podcast explores whether the market's low correlation phase can last, and the risks of recency bias influencing investor behavior. Unique investment assets like gold and Bitcoin are highlighted for their potential to provide stability and growth amidst economic uncertainties. The significance of diversifying assets and using market-based insurance strategies is emphasized as a proactive approach to navigating potential future market volatility.

Jan 30, 2025 • 46min
Eric Balchunas, Senior ETF Analyst, Bloomberg Intelligence
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence, dives into the explosive growth of the ETF market, highlighting a record $1.1 trillion in inflows in 2024. He discusses how ETFs enhance liquidity and drive down fees, a shift largely credited to Vanguard's John Bogle. Innovations in leveraged ETFs and cryptocurrency exposure are explored, with a keen eye on the forthcoming Bitcoin ETF and others like XRP and Solana. Eric’s insights bridge the gap between traditional investments and emerging trends in the investing landscape.

Jan 23, 2025 • 48min
Anniversary Episode: Reflections on the Podcast
In this special reflection, Arthur Kaz interviews Dean Curnutt, the host who has shaped conversations with market experts since 2018. They discuss the podcast's evolution from risk frameworks to portfolio strategies as they celebrate 200 episodes. Dean shares insights on gold and bitcoin, highlighting their unique roles in today's uncertain fiscal landscape. Exciting future plans include engaging university finance students and creating content in various formats, aiming to enhance financial literacy within the community.

6 snips
Jan 11, 2025 • 19min
Digital Gold and Actual Gold
Dive into the world of portfolio diversification as the conversation highlights strategies to manage market volatility. Discover how options-based protection can shield investments from potential losses. The intriguing comparison between gold and Bitcoin reveals their unique roles during market shocks. Historical performance and correlations with the S&P 500 shed light on how these assets act in uncertain times, especially against the backdrop of skepticism towards traditional fiat currencies.

Dec 18, 2024 • 21min
IBIT…the Hottest Option on the Planet
Dive into the thrilling launch of options on IBIT, the bitcoin ETF, and the game-changing potential it holds. Discover how the unique volatility characteristics of bitcoin could revolutionize risk management in the financial industry. With bitcoin's high volatility and intriguing patterns of price fluctuations, the podcast explores exciting new investment opportunities and the promising future of IBIT options. Get ready to understand why these options might soon become essential for traders navigating the crypto landscape!

15 snips
Dec 17, 2024 • 52min
Ali Samadi, Managing Director, Equity Derivatives, Nomura Securities
Ali Samadi, Managing Director of Equity Derivatives at Nomura Securities, brings a wealth of expertise in equity options and a passion for developing young talent in finance. He discusses the critical role of understanding client objectives and enhancing relationships in high-stakes trading. The conversation highlights the challenges of market volatility and negative selection while addressing the complexities of equity derivatives. Ali emphasizes the importance of mentorship and diverse skill sets for junior professionals to navigate the rapidly changing landscape of finance.

29 snips
Dec 10, 2024 • 55min
Michael Green, CFA, Portfolio Manager, Chief Strategist, Simplify Asset Management
Michael Green, Chief Strategist at Simplify Asset Management, dives into the intricate world of leveraged ETFs and their market impact. He explains how leveraged products interact with underlying assets, particularly focusing on Bitcoin and MicroStrategy. Green highlights the potential for volatility feedback loops due to the unique nature of these leveraged products. The discussion also touches on the historical context of financial products and the challenges posed by market volatility, providing insights into risk and strategy in today’s investing landscape.

6 snips
Dec 7, 2024 • 23min
Bitcoin, Price / Vol Spirals and MSTR
Dive into the fascinating world of market dynamics, exploring the impact of price volatility spirals on trading strategies. Discover the contrasting scenarios of 'meltdown' and 'melt-up' phenomena, examining how they influence investor behavior. The discussion turns to MSTR, the bitcoin purchasing powerhouse, and the unique risks involved with its leverage. The relationship between Bitcoin's price movements and investor psychology reveals powerful feedback loops worth understanding. It's a captivating look at the chaos of financial markets!

18 snips
Dec 7, 2024 • 56min
Victor Haghani, Founder and CIO, Elm Partners
Victor Haghani, the Founder and CIO of Elm Partners, dives deep into the volatile world of leveraged ETFs, particularly those tied to MicroStrategy and Bitcoin. He discusses the staggering risk investors face with products like MSTU and MSTX, detailing scenarios of potential massive losses. The conversation also explores the intricate relationship between MicroStrategy’s premium and Bitcoin prices. Haghani touches on new financial products targeting innovative strategies, making a compelling case for careful consideration in today’s high-risk trading landscape.


