Amanda Lynam, Head of Macro Credit Research at BlackRock, discusses the current opportunity set in corporate credit and the challenges of finding value in credit markets. She highlights the impact of risk on credit spreads, the demand for capital in credit markets, and the potential effects of higher rates on corporates. She also explores the supply and demand dynamics in credit markets and the opportunities in the global private credit market. The podcast also touches on the role of women in the financial services industry.

Anastasia Amoroso, Chief Investment Strategist at iCapital discusses the current economic environment, the performance of the 6040 portfolio, and the importance of diversification. She also reflects on the progress and challenges of women's empowerment in the finance industry.

Torsten Slok, Chief Economist at Apollo Global Management, discusses the economy, inflation, and Fed policy. He explains the lagged transmission of monetary policy, the ebbing and flowing of goods versus services inflation, and the need for wage moderation to reduce overall inflation.

Cameron Dawson, an undergrad econ major, discusses lessons learned from the rapid changes in the energy sector. She reflects on the forward-looking nature of the market and the importance of taxes for low basis stock investors. The podcast also covers topics such as stock/bond correlation and portfolio construction in a low interest rate environment.

David Rogal, Managing Director at BlackRock, discusses risk management during crisis periods and his framework for thinking about inflation. He emphasizes the importance of simplifying exposures and understanding correlations. Rogal also analyzes the challenges in the treasury market and fiscal policy's impact on clearing prices. He delves into the total return of a portfolio with a fixed income focus, covering equity volatility, value across the curve, and international rates.

Karishma Kaul, Head of Systematic Fixed Income Strategies at Fidelity, discusses the role of common factors in fixed income factor investing, including value, momentum, and quality. She explores the challenges of implementation and potential return dampening due to crowding. Karishma shares her background in engineering and experiences in finance. The podcast also covers indexed-based distortions in fixed income and initiatives for women in finance.

Reflecting on the nearly unmanageable unwind of Long Term Capital 25 years ago, the podcast explores the rise and fall of LTCM, the challenges faced by the Fed chairman and Treasury Secretary in 1998, and the trading strategy and risks of LTCM. It also delves into zero DTE options, selling Vega for long-term equity volatility, and the overconfidence of LTCM's team in their mathematical models.

Kristy Akullian, Senior Investment Strategist at BlackRock, discusses the development of ETF technology, caution regarding extended positioning and futures contracts, and the path for inflation. She also shares her views on initiatives to expand opportunities for females in finance.

With more than two decades of experience trading and managing risk in sell-side and buy-side roles, Mimi Duff has learned a thing or two about high finance. In the early 1990’s she cut her teeth writing research for agency and treasury securities at Goldman Sachs. She’d later move to trading, focused on making markets in the long end utilizing a framework for the relative value of securities across the curve.We review some of the prominent risk events she’s traded through including September 11th and the reverberations of volatility in market prices that resulted. Mimi makes the point that the emotional response to an event so tragic tests a trader’s capacity to manage risk. We also explore the GFC and the front row seat that Mimi had to this event. Running the swaps trading desk at Barclays, she was responsible for the interest rate exposure that came about through the Lehman acquisition, calculating first and second order risks and then implementing a hedging program in the market.Our conversation moves to her current role at GenTrust, a sophisticated wealth advisor catering to high net worth individuals, where she runs the NY Office. For Mimi, wealth management all starts with having a plan and a suitable client benchmark. In this context, we discuss the work that GenTrust does in delivering portfolio construction, diversification and tax planning services to ultra high net individuals and investment entities. In evaluating opportunities for clients, the team is willing to consider alternative, sometimes off-the-run risk exposures. But illiquidity risk is taken on only in instances where the expected return profile and diversification outcome is especially favorable. I hope you enjoy this episode of the Alpha Exchange, my conversation with Mimi Duff.

Market prices are the outcome of a myriad of factors. Geopolitical developments, the economy, the regulatory landscape and the actions of Central Banks all matter. So, too, do market participants and the set of products they utilize to assume or reduce risk exposures. For Rocky Fishman, the founder of newly formed derivatives strategy firm Asym 500, studying complex products and the mechanical flows they often generate is critical.Our discussion is a review of market risk episodes and how risk management schemes that use volatility as a direct input can accelerate price moves in the broad equity market to both the upside and downside. In this context, we discuss the Feb'18 XIV event as well as the rapid repricing of risk in August of 2015 when China re-pegged its currency versus the dollar. Both events speak to the importance of the positioning that can become lopsided when realized volatility has been especially low.We also talk about diversification and correlation. Here, Rocky makes the point that investors must respect the degree to which an impaired market can cause economically similar securities to become severely dislocated. Lastly, we talk about zero day to expiration options. Not seeing the case for Volmaggedon 2.0 at this point, his work at Asym500 will nevertheless be focused on carefully studying short-dated option flows. I hope you enjoy this episode of the Alpha Exchange, my conversation with Rocky Fishman.