The Derivative

Kick off the first episode of 2026 with a fun, draft-style market showdown as host Jeff Malec is joined by David Dziekanski and Zed Francis on The Derivative. Using funky categories and plenty of hot takes, the trio drafts everything from “wait, that’s still a thing” trades to market overreactions, false idols, and narratives that didn’t survive the year. Along the way, they break down crypto cycles, volatility, cash, and derivatives, mixing sharp insight with dry humor and real debate. It’s a loose, fast-paced way to start the year, packed with strong opinions, laughs, and a few bold predictions. SEND IT!Chapters:00:00-02:35= Intro02:36-12:50 = New year reflections, Market Trends and Predictions, Crypto Cycles and The Diminishing importance of Jobs12:51-20:55= Unsophisticated Investment Strategies, Market overactions and consequences & Correlations in the market20:56-35:52= Desensitized to Major Events, Future outlooks, Market Indicators, Volatility Trends & Dogs that didn’t Bark - Inflations/Tariffs35:53-43:28= Are We Sure this is Good? The Affordability Crisis and The A.I. Paradox43:29-48:03= Best Meals & Entertainment of 202548:04-59:41= Looking forward: Predictions for 2026From the episode:David on the Derivative: Stacking Assets: Bitcoin, Gold, and the Future of Portfolio Diversification with David Dziekanski of Quantify FundsZed on the Derivative: Protecting the Portfolio not with Long Vol, but with Long Gamma, with ConvexitasThe Polymath Pod: Jason Buck and Zed Francis talk rates, vol, and cheeseburgers?!WTF is LDI, and What’s working in Vol Trading with Zed Francis of ConvexitasFollow along on LinkedIn with David and Zed and be sure to check out their websites quantifyfunds.com and convexitas.com for more information!Don't forget to subscribe to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, or⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, and⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-up for our blog digest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

Jeff Malec wraps up the season with a lively look back at the year's market highlights, including tariff turmoil and rate fluctuations. He reflects on memorable conversations with guests like maritime expert Sal Mercongliano, discussing the tragic story of the Edmund Fitzgerald. Notable insights from trading legends Harold DeBoer and Grant Jafarian add depth to the recap. Jeff also shares the challenges of solo podcasting and hints at exciting new episodes returning in January.

Tom Holliday, founder and CIO of HIP Investments, shares his extensive background in commodities, from Refco to working with George Soros. He discusses the evolution of investment strategies, transitioning from fund-of-funds to multi-strategies tailored for commodities. Holliday highlights the critical role of active management in this asset class and the importance of risk management. He explains innovative incentive structures for traders and why institutions may be under-allocated to commodities. The conversation delves into current market trends and the future of the commodity landscape.

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.