

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 5, 2024 • 28min
25 Sayings on Vol and Risk…Part 5 of 5
Final segment of pithy principles for navigating financial markets, including George Soros' bubble strategy and the concept of anti-fragile assets. Discussion on vol, correlation, and market implosions with fascinating insights from industry experts. Exploring the impact of geopolitical uncertainties and risk management strategies. Analyzing market dynamics like volatility memory and mean reversion, ending with closing remarks on buying volatility in current market conditions.

Feb 26, 2024 • 28min
25 Sayings on Vol and Risk…Part 4 of 5
Exploring market risk philosophy through 25 sayings with references to Reagan, Kenny Bannia, Mark Hannah, James Gorman, and more. Touching on ROMO, risk-on/off assets, accident-free finance, and the importance of price as the only fundamental. Delving into compound interest insights, reflections on 2004, and GameStop's stock rise with ties to political polling in the US.

Feb 20, 2024 • 25min
25 Sayings on Vol and Risk…Part 3 of 5
Delving into sayings on volatility and risk, the podcast shares historical market events and the deceptive nature of prices. Reflecting on Mark Twain's wisdom and exploring risks in portfolios, it delivers insights with a touch of humor and pop culture references.

Feb 7, 2024 • 26min
25 Sayings on Vol and Risk…Part 2 of 5
In this episode, the podcast explores sayings on volatility and risk, discussing topics such as the correlation of securities, the relationship between equities and interest rates, the concept of things breaking in markets, and the insights of Alan Greenspan. It also delves into the intersection of high finance and entrepreneurship as well as the impact of historical events on markets.

Feb 5, 2024 • 58min
Matt King, Founder, Satori Insights, LTD
Matt King, Founder of Satori Insights, LTD, discusses the impact of central bank liquidity on asset prices and market movements. He explores the correlation between global reserves and equity markets, emphasizing the importance of considering central bank activities globally. The podcast also explores the deviation between proposed quantitative tightening and actual easing by the Federal Reserve. Additionally, King discusses the robustness of the economy in the face of higher interest rates and potential risks of US government debt on the market.

Jan 31, 2024 • 27min
25 Sayings on Vol and Risk…Part 1 of 5
In this podcast, the speaker discusses the current state of market risk and shares a list of 25 sayings on vol and risk. They explore the importance of big moves in option trading, analyze S&P movements and their impact on investor psychology, discuss long volatility vs short volatility, and examine the impact of trades on market risk.

Jan 19, 2024 • 56min
Danny Dayan, Founder and CIO, DWD Partners
Danny Dayan, Founder and CIO of DWD Partners, shares his perspective on pricing and risks in the US Government bond market. He discusses the launch of his hedge fund, key developments like the Fed SLR expiration and SVB's downfall, and options trades that generate and require premium. The distorted yield curve, government debt, and FX option trades are also discussed.

Dec 27, 2023 • 50min
Nancy Tengler, CEO and CIO, Laffer Tengler Investments
Nancy Tengler, CEO and CIO of Laffer Tengler Investments, discusses her interest in money management, the importance of taking risks in investing, and the potential benefits of cloud computing and generative AI. She shares her journey in the finance industry, the challenges of running money after the Black Monday crash, and the balance between market growth and valuation metrics. They also explore the impact of AI on productivity and potential investing opportunities.

4 snips
Dec 13, 2023 • 44min
Alpha Exchange 5 Year Anniversary Podcast, Part I
The podcast explores the origins of Alpha Exchange and its goals, focusing on risk management and identifying opportunities in financial markets. It also discusses the impact of hindsight bias on predicting future events and examines lessons from past crises. The podcast introduces a framework for categorizing uncertainty and volatility markets, and delves into the concept of the volatility risk premium and its impact on market risk events. It also explores the setup leading to the COVID crisis and the proliferation of short equity vol exposure.

Dec 13, 2023 • 41min
Alpha Exchange 5 Year Anniversary Podcast, Part II
Welcome back, as we review some of the themes and insights that have been prominent over the first 5 years of the podcast. In Part II, we discuss inflation, stock-bond correlation as well as trend strategies. We finish with a not so optimistic take on the growth of US government debt and the strains emerging on the risk-bearing capacity of the Treasury market. The late Doris Day once said that “gratitude is riches”. I am full of gratitude for having the opportunity to host the Alpha Exchange. I sincerely thank both our guests and listeners for the ongoing support. 2023 has been a year of significant growth for the podcast and I hope that 2024 will bring more of the same. Wishing you an excellent end to this year and a relaxing holiday.


