

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

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.

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.

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.

10 snips
Dec 8, 2023 • 1h 10min
Anthony Morris, Global Head of Quantitative Strategies, Nomura International
Guest Anthony Morris, Global Head of Quantitative Strategies at Nomura International, discusses the vol risk premium in the equity market and credit spreads, as well as the credit risk premium. He also talks about the work his team is doing at Nomura in the Quantitative Investment Strategies business, highlighting the importance of considering strategy interactions and hidden co-movement in portfolio construction.

Nov 16, 2023 • 37min
Retrospective Episode: Reflections on Women in Finance
Exploring efforts to empower women in finance, this retrospective podcast highlights female guests who discuss topics such as volatility, hedging, portfolio construction, and the impact of technology on work. It reflects on progress, mentorship, and sponsorship, and expresses optimism about the future of gender equality in finance.

Nov 3, 2023 • 56min
Dennis DeBusschere, Co-Founder and Chief Market Strategist, 22V Research
Dennis DeBusschere, Chief Market Strategist at 22V Research, discusses the interaction between the economy, inflation, and the Fed's reaction function. He explores linkages between equity factors and macro variables like the yield curve. He also talks about hedging in an environment of unfriendly stock/bond correlation levels.

Oct 27, 2023 • 57min
Darrell Duffie, The Adams Distinguished Professor of Management and Professor of Finance, Stanford University
Renowned finance professor Darrell Duffie discusses his vast research contributions and recent focus on the US Treasury market. They explore the bond market meltdown in 2020, yield volatility, liquidity breakdown, and policy implications. They also delve into topics like cross currency basis swaps, transitioning from LIBOR to risk-free overnight rate, and the importance of the base asset in pricing.

Oct 25, 2023 • 1h 3min
Amanda Lynam, Head of Macro Credit Research, Portfolio Management Group, Private Markets, BlackRock
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.

Oct 20, 2023 • 58min
Anastasia Amoroso, Chief Investment Strategist, iCapital
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.

Oct 16, 2023 • 1h
Torsten Slok, Partner and Chief Economist, Apollo Global Management
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.