The Derivative

Maritime historian Sal Mercogliano, known for his dual career as a merchant mariner and an academic, dives into the haunting tale of the Edmund Fitzgerald. He discusses the ship's tragic sinking, the myths that surround it, and the vital iron ore trade that shaped its legacy. Sal also explores the current challenges in maritime shipping, including environmental concerns and the evolving economics of the industry. With insights into Great Lakes navigation and modern shipping practices, listeners gain a deeper appreciation for the maritime world.

Brian Stutland, Portfolio Manager at Equity Armor Investments with a rich background in trading, shares captivating insights into the world of market volatility and the current AI boom. He explains the VIX as a heartbeat of market sentiment, draws parallels between today's tech landscape and the 1990s, and discusses strategies for trading options and mitigating risk. Stutland highlights the hidden costs of popular option-selling strategies and emphasizes the importance of diversification in tech investments. His unique perspectives make complex financial concepts both engaging and accessible.

Join Eric Leake, founder of Altus Private Capital and a former music major turned quantitative portfolio manager, as he dives into the art of combining long-term equity trends with short-term volatility management. He discusses how to smooth returns and manage risk by linking musical patterns to market behavior. Eric reveals unique strategies for exploiting market extremes and emphasizes tactical exposure management. Learn how to harness volatility for alpha and navigate turbulent markets like a pro!

Join a thrilling exploration into the world of portable alpha and return stacking, where industry leaders unveil innovative strategies for modern portfolio construction. Discover how Delta's pension is being revitalized through diversified hedge funds and leverage. Gain insights into volatility trends and their impact on compounding. RIA advisors share practical advice on tax efficiency and client psychology, while discussions on institutional challenges reveal the complexities of large pension strategies. Networking at this symposium was a treasure trove of ideas, bridging theory and practice.

In this engaging discussion, Brad Giaimo, a seasoned trading-floor expert and co-founder of Q3 Asset Management, and Bruce Greig, a quantitative portfolio manager with a solid math background, delve into tactical investing. They share insights from their unique paths, including Brad's time with Paul Tudor Jones and Bruce's shift to systematic strategies. Learn about Q3's innovative risk management techniques, their transparent model development, and how they challenge traditional buy-and-hold approaches. Plus, get a glimpse of their upcoming tactical ETFs!

In a captivating discussion, Kevin Davitt, Nasdaq’s Head of Index Option Sales, and Nicholas Smith, an Index Options Specialist, delve into the exciting evolution of the NASDAQ 100. They explore why this index is garnering attention from younger investors and its unique volatility traits. The pair dissect the rise of zero-day options and the influence of AI on market dynamics. With insights into tail risk hedging and global demand for NDX products, this conversation serves as a dynamic guide to the future of investing and option strategies.

Bob Elliott, co-founder and CEO of Unlimited Funds, shares his remarkable journey from working in botany to becoming a key player at Bridgewater Associates. He dives into how he systematizes hedge fund strategies into accessible ETFs, critiquing the traditional 2&20 fee structure. Bob discusses his macro views on the economy and the Fed’s dynamics, emphasizing the balance between systematic and discretionary insights. He also explores unique topics like live cattle markets and risk diversification, making complex investment strategies relatable to everyday investors.

Jeff dives into a challenging trend following drawdown, revealing how different this one feels after 25 years in the market. He honors Waldo Wiens, a key figure in managed futures, while reflecting on lessons from Hurricane Katrina. The discussion shifts to AI's role in finance and education, questioning its potential downsides. He champions strategic leverage for diversification, reshaping misconceptions about risk. To top it off, Jeff shares personal rants on everything from wind turbines to highway manners, leaving listeners entertained and engaged.

Mike Stendler, Managing Director of O'Brien Investment Group, shares insights on blending traditional trend-following strategies with innovative machine learning techniques. They explore the O'Brien family's century-long legacy in trading, the shift from stock markets to futures, and the evolution of investment strategies. Stendler discusses a new short-term machine learning program, enhancing portfolio diversity, and navigating risks, particularly in the cryptocurrency market. Their conversation highlights adaptability in an increasingly complex financial landscape.

In this engaging discussion, Jeff Apel, a principal at Wharton Capital Management with extensive experience in cattle trading, dives into the current surging beef prices. He explains how drought conditions, herd sizes, and consumer demand are reshaping the market landscape. Apel also reflects on his trading floor memories and shares insights on navigating modern cattle contracts. The conversation covers the beef supply chain's complexities and the rising popularity of plant-based alternatives, showcasing the beef market's resilience amid changing consumer preferences.