The Derivative

If a replicant in the 1980s sci-fi classic Blade Runner was a genetically engineered, bio-enhanced person with para-physical capabilities, "composed entirely of organic substance," created for slave labor – what does that make Corey Hoffstein and his takes on replicating?  On this episode of The Derivative, we're joined by the model flirting, possible replicant, Corey Hoffstein, who takes us through the intricacies of replication strategies, comparing different approaches and digging deep into the pros and cons of indices vs strategies vs replication. Learn about the challenges faced by replicators in the hedge fund industry, the importance of benchmarks, and the complexities of dispersion in managed futures.  Corey and Jeff provide insights into the factors that drive trend-following performance in different markets, explore the potential of alternative markets for managers, and delve into the replication of Warren Buffett's strategy, decoding its secrets. Plus, Corey discusses risk weighting, the role of market makers in the ETF ecosystem, and the integration of AI in various domains. This conversation goes beyond robots writing catchy descriptions. Get ready to become a replicant — SEND IT! Chapters: 00:00-02:04= Intro 02:05-04:13= Babies are easy 04:14-22:20= Efforts in Replication & Leveraged equity 22:21-33:14= When did CTAs, MFs, and Trend Following, become synonymous? Explaining Dispersion 33:15-41:52= Two ways to replicate a strategy, first up: Top Down 41:53-56:07= Replicating a Strategy: Bottom Up 56:08-01:04:29= The immaculate rebalance & not everything needs to be in an ETF 01:04:30-01:10:09= Chat GPT – Good, bad, or ugly? 01:10:10-01:19:21= Word association Follow along with Corey on Twitter @choffstein and for more information on Newfound Research visit thinknewfound.com. Also make sure to check out Corey's podcasts Flirting with Models & Pirates of Finance! Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠⁠, or ⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠ , and ⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠⁠⁠⁠⁠sign-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, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

Didn’t get the chance to head to Vegas for the Global EQD conference. No worries. We’ve got you covered. We're teaming up with the one and only Jason Buck of Mutiny Funds, he of many volatility-focused podcasts and manager of a long vol fund of funds. Together, Jeff and Jason walk through their notes from attending the annual equity derivatives-focused conference put on by the good folks at EQD. Make sure to head over to www.eqderivatives.com and signup for their official notes. Meanwhile, they go deep on many topics, from accessing commodity markets and traders in China, addressing liquidity concerns on execution desks, and exploring the nuances between variable annuities and index-linked annuity products.  Jason and Jeff delve into alternative correlated hedges with cheaper volatility, examine volatility strategies in ETFs, and analyze the role of leverage in finance. Jason also shares his hot takes on various topics, including the allure of Las Vegas to the fascinating world of greenflation and energy, where wind farms and Dr. Copper play a significant role. No EQD stone is left unturned — SEND IT! P.S. Mark your calendars for Part 2, dropping over on Jason’s Mutiny Investing podcast, where Jeff and Jason will take you even deeper into the fascinating world of finance, energy, and investments.  Chapters: 00:00-02:04= Intro  02:05-7:20= Vegas Hot takes: $200 mins = inflation, 6 to 5<> 3 to 2 07:21-21:21= Greenflation/Energy: Windfarms, Dr. Copper, Commodities, & trouble areas 21:22-40:57= Institutional Hedgers, Insurance hedging, the sticky nature of assets & finding alts with cheaper vol 40:57-59:29= Volatility in ETF Wrappers: Not all strategies are created equal with ETFs, Too small/too big, & branding matters From the episode: Check out Jason on the Mutiny podcast and make sure to subscribe to catch Part II of this episode premiering soon! Follow along on Twitter with Jason @jasoncbuck and @MutinyFunds for all updates and also check out the website mutinyfund.com for more information. Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠⁠, or ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ , and ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠⁠⁠⁠sign-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, visit ⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

We’re back! Hitting first up with the question of where the current state of Commercial Real Estate is at since COVID. Is the market coming back? Were the hits too hard with everyone out of the office? We’re looking at all the aftermath with Matt Lasky of Equity Velocity Funds, where the pain points are, who kept afloat, and how the market has changed since the vacancy or ‘phantom occupancy’ of Commercial buildings. In this episode, we talk with Matt about the commercial real estate bubble bursting, inflation & debt cliff, leverage factors, new lending standards, the difference between debt and equity & the challenges of bringing on new supply in real estate. Were there any success stories in all of this mess? Find out as we dive in with Matt as he gives us a closer look at just what is going on in the current state of Commercial real estate. SEND IT! Chapters: 00:00-02:40=Intro 02:41-10:32= Commercial real estate services/wellness, growth markets & did Red States during COVID save businesses? 10:33-24:21= Big Trouble? Real estate Armageddon viewpoint: Where’s the pain? Cost of Cap, Loss of Value & Phantom occupancy 24:22-39:37= Equities getting hammered, Leverage factors, short-term living spaces & the move to SOFR 39:38-50:26= Dead funds “loan to own”, Private Credit, Yield alternatives & bringing new supply to real estate 50:27-01:06:18= Leaders in real estate, Conversions, Diversification with Managed futures & Healthcare locations 01:06:19-01:11:07= Real Estate Market Outlook Follow along with Matt on Twitter ⁠@MattLasky & check out equity.net for more information! Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠⁠⁠, or ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ , and ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠⁠⁠sign-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, visit ⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

Exploring trend following strategies, spread data, and options trading. Debating market opinions, portfolio diversification, and painful trade entries. Discussing exotic risks, structured products, and the value of trend following in trading. Sharing insights on optimizing crude oil contracts, managing risks with options, and navigating trading psychology. Exploring the benefits of trend following in portfolio management and discussing ski resort experiences.

How fast is the fast moving world of AI moving after the launch of Chat GPT and crazy pace of new apps and tools. It turns out…. Really Fast!  There’s AI tools that can write blog posts, create images, act like a hedge fund lawyer, review a disclosure document, and more. All of it brings up many questions. Are we living in a world where these AI machines take over our jobs? Can we expect better market research, analytics, trading signals, and alpha?  Can humans and AI coexist in the finance industry? On this episode of The Derivative, Jeff Malec sits down with Adam Butler of Resolve Asset Mgmt and Taylor Pearson from Mutiny Funds to discuss all that’s happened and is happening in the AI space lately.   From machine learning to natural language processing, the conversation covers various topics related to AI's role in finance, including its impact on job opportunities, ethical considerations, and the potential for innovation. Pearson and Butler also share their insights into how AI can help improve everything from day to day tasks to investment strategies. Take a listen to learn more about AI's influence on the finance industry and whether it's a friend or foe to finance professionals on this episode of The Derivative - SEND IT! Chapters: 00:00-02:00= Intro 2:01-15:15= A low adoption to ChatGPT, RHLF Tuned sophisticated models & A.I. emerging from our input 15:16-27:50= Theory of Mind: Replicants? Content advancements that are changing the world 27:51-40:29= Exploring the tools of ChatGPT, is A.I. getting too much of our info? We’ve just scratched the surface 40:30-54:02= Is ChatGPT use stretching morality? A better understanding of how to correctly use ChatGPT in moderation 54:03-01:05:51= Has ChatGPT helped with machine learning? Creating conditions for A.I. to thrive / Opening Pandora’s box 01:05:52-01:18:04= The Multi-Polar trap, proof of personhood & who owns the training data? 01:18:05-01:25:33= How ChatGPT affects the hedge fund world? Is Big Tech holding back? & the human component 01:25:34-01:30:50= Last thoughts – Good, bad? Who will run this tech? Living in the Dystopia we deserve Follow along with Adam Butler @GestaltU and Taylor Pearson @TaylorPearsonMe on Twitter and also make sure to check out their websites Resolve Asset Management & Mutiny Funds for more information! Don't forget to subscribe to ⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠⁠, or ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ , and ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠sign-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, visit ⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

How do you get a job at a top quant shop?  With a little love from grandma?! How do you navigate a systematic strategy in the fast-moving world of digital assets? On this episode of The Derivative, Sarah Schroeder of Coinbase Asset Management (formerly One River Digital) covers a range of topics related to crypt/digital assets, including the formation and vision of One River Digital, its purchase by Coinbase, the importance of counterparty risk management, trend-following and directional strategies, allocation to digital assets, central bank digital currencies, and the role of women in the hedge fund space.  Schroeder shares insights into her experience working at AQR as a portfolio valuer and discusses the unique alpha models for different tokens, investment strategies, and fundamentals in the digital space. The conversation also touches on the potential for significant directional shifts in digital assets, the barrier to entry into the space, the personal and professional use of crypto, and the role of central banks launching their own coins. Shroeder closes the episode with advice for young women getting into the hedge fund space and the importance of having good mentors in one's career — SEND IT! Chapters: 00:00-01:42=Intro 01:43-13:13= Go Grandma! Playing chicken with Goldman & AQR 13:14-24:08= Alt Market Trend Following @AQR to Crypto Curiosity 24:09-35:15= One River Digital bought by Coinbase / Asset Mgmt for Institutional investors 35:16-45:27= FTX Crisis, counterparty risk,  an urgency to trade & choosing your vessel for choppy seas 45:28-01:00:18= A unique model to Trend Following, shifting risks, monetizing trends & driven by retail 01:00:19-01:14:30= Directional Strategies, going short with digital & finding liquidity in the tokens 01:14:30-01:26:26= Trend allocators in long token exposure, mixed connotations about “Crypto” & having a slice of digital in your portfolio 01:26:27-01:34:38= A coin for everyone: Central banks & digital currencies – Does privacy go away or is it a social good? 01:34:39-01:44:58= Women in the hedge fund space: Curing periods, credibility & good counsel Visit oneriveram.com, coinbase.com and the coinbase blog for more information Don't forget to subscribe to ⁠⁠⁠⁠The Derivative⁠⁠⁠⁠, follow us on Twitter at ⁠⁠⁠⁠@rcmAlts⁠⁠⁠⁠ and our host Jeff at ⁠⁠⁠⁠@AttainCap2⁠⁠⁠⁠, or ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ , and ⁠⁠⁠⁠Facebook⁠⁠⁠⁠, and ⁠⁠⁠⁠sign-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, visit ⁠⁠⁠⁠www.rcmalternatives.com/disclaimer

Have you ever wondered how successful traders make their fortunes in the markets? In this episode of The Derivative Podcast, we explore the world of trend following with a master in the field, Andrew Strasman. Here first-hand about his journey as a trend follower, from his early days in the trading pit to his experience in the real estate market and the birth of high-frequency trading. Throughout the discussion, Jeff and Andrew talk about the importance of risk management, position sizing, and having a stop order in place. We'll also dive into the problem of shorting cryptocurrencies and trying to predict market winners. Uncover the significance of monitoring trades from inception to conclusion and implementing stop orders, and delve into the no-nonsense approach towards the financial crisis of 2008, the global impact of central bank digital currency, the utilization of CTA indices, the methods by which conventional trend followers generated alpha, and a plethora of other captivating topics — SEND IT! Chapters: 00:00-01:29=Intro 01:30-12:52= The turtle Quiz & Skiing creekside 12.53-36:47= First taste of Trend Following, Board of Trade shenanigans, early days of high-frequency trading 36.48-54:00= A French Trading company, DRW days & You vs. Yourself 54:01-01:19:53= Earning your stripes, 40in20out: importance of stop-orders & your pure dollar at risk 01:19:54-01:30:58= Totem: the spark between boldness & humility / Central Bank high jinx 01:30:59-01:46:26= Vol targeting: Last year’s darling is this year’s heel & Side-stepping Trend Following Check out Andrew's websites for more information at totemasset.com & 40in20out.com & follow along with Andrew on LinkedIn for all the latest news. Don't forget to subscribe to ⁠⁠⁠The Derivative⁠⁠⁠, follow us on Twitter at ⁠⁠⁠@rcmAlts⁠⁠⁠ and our host Jeff at ⁠⁠⁠@AttainCap2⁠⁠⁠, or ⁠⁠⁠LinkedIn⁠⁠⁠ , and ⁠⁠⁠Facebook⁠⁠⁠, and ⁠⁠⁠sign-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, visit ⁠⁠⁠www.rcmalternatives.com/disclaimer

Today’s episode we are passengers on Bryce Emo’s rig, as we ride along and chat about how his company Sidecar Financial assists in providing private company shareholders the knowledge and network to find what can be life-changing liquidity. Bryce explains why stock option-based employees at big tech companies need the “lending hand”, and covers all the avenues available in helping navigate their journey to success with education on the options for their options. Bryce & Jeff are climbing the wealth ladder chatting about “unicorn” tech companies, what recent layoff’s in this space did to the buy and sell side of secondary markets last year, thoughts on the advancement in A.I., and also don’t miss both of their Half-baked investing ideas that are surprisingly not too shabby. So, take a seat next to us, hear about Bryce being a leprechaun at Notre Dame, and get ready for an entertaining discussion! SEND IT! Chapters: 00:00-02:23 = Intro 02:24-06:29 = Leprechauns to Unicorns? 06:30-18:24 = Public stock vs private stock & finding liquidity 18:25-34:00 = Why aren’t companies looking for the carrot themselves? 34:01-50:44 = Equity lending, Sellers, Institutional buyers & Secondary markets 50:45-57:12 = Companies biggest pitfalls & thoughts on A.I. 57:13-01:08:09 = Half-baked Ideas – what’s a drunk elevator? For more information please visit sidecarfinance.com or follow Bryce & Sidecar Finance on LinkedIn. Don't forget to subscribe to ⁠⁠⁠The Derivative⁠⁠⁠, follow us on Twitter at ⁠⁠⁠@rcmAlts⁠⁠⁠ and our host Jeff at ⁠⁠⁠@AttainCap2⁠⁠⁠, or ⁠⁠⁠LinkedIn⁠⁠⁠ , and ⁠⁠⁠Facebook⁠⁠⁠, and ⁠⁠⁠sign-up for our blog digest⁠⁠⁠. Disclaimer: This podcast is not an offer to buy or a solicitation to sell a security the podcast is a discussion pertaining to one or more investment strategies and or asset classes and is not a discussion of any specific offering past or present of securities. As a reminder, there is no guarantee that any investment or strategy will perform as targeted. Past performance is no guarantee of future performance and any investment involves risk of the loss of some or all principal invested. The podcast contains statements intended for educational and hypothetical purposes only, and is not to be construed as a primary as a promise of performance. information presented herein reflects the opinions of the speakers and is from sources believed to be reliable that all information is subject to change. You should always speak to your finance and or tax professional prior to investing Securities offered through Emerson Equity LLC Member FINRA coppice. Only available in states where Emerson equity LLC is registered Emerson Equity LLC is not affiliated with any other entities identified in this communication.

What was the short-lived SVB baking crisis all about?  Has it forced the Fed’s hand?  Are we done tightening? Lots of Macro questions so who better to dig into it with than the appropriately nicknamed Macro Alf. In this episode of The Derivative, we sit down with Alfonso Peccatiello, founder of The Macro Compass and owner of the wonderful Twitter handle @MacroAlf to discuss the challenges of generating alpha in a low-volatility environment.  Peccatiello shares his experience of working for ING Bank and managing the Treasury Department's investment portfolio, how regulatory forces have pushed the large players into what looks currently like the wrong investments. They explore the difficulty of generating more return by taking the same amount of risk, especially in a market where the last basis point of carry of risk premia available was the name of the game. Alfonso and Jeff also delve into the bond market's predictive ability (or maybe more fair to say inability) and its role in predicting the economy's future, the importance of risk management, and the blending of systematic and discretionary processes in making investment decisions. They emphasize the need to consider various factors when analyzing the bond market and interpreting its nuances, plus so much more! So sit back, relax, and get ready to learn valuable insights into investment and macro trading and the challenges faced in generating alpha in a low-volatility environment — SEND IT!  Chapters: 00:00-02:18 = Intro 02:19-14:54= It’s Alf! Regulatory schemes, Bond exposure, Macro volatility, & Quitting the bank 14:55-25:34= Real Estate: The largest asset class under pressure 25:35-35:38= The Macro Compass – Blending Risk appetite, Research & tools 35:39-50:39= The fall of SVB: regulations, funding & risk management & The Swiss Credit Suisse 50:40-01:02:48= Off the Radar: China & its reopening From the Episode: Fed Pricing chart Follow Alfonso on Twitter @MacroAlf and check out his research, podcasts, and more at ⁠TheMacroCompass.com and subscribe! Don't forget to subscribe to ⁠⁠The Derivative⁠⁠, follow us on Twitter at ⁠⁠@rcmAlts⁠⁠ and our host Jeff at ⁠⁠@AttainCap2⁠⁠, or ⁠⁠LinkedIn⁠⁠ , and ⁠⁠Facebook⁠⁠, and ⁠⁠sign-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, visit ⁠⁠www.rcmalternatives.com/disclaimer

As investors and traders, we all strive for success in the markets. But what sets the best apart from the rest? According to Kapil Rastogi, the President and co-founder of PlusPlus Capital Management, it's all about having the right culture. Ranking among the best in the industry in RCM’s semi-annual rankings report for best risk control certainly doesn’t hurt either.   In this episode of The Derivative, Kapil shares his insights on a range of topics, including his personal journey to becoming an investor and trader, how compensation structure and successful backtesting can be at odds, and his unique approach to a behavioral approach to trading. He also delves into the importance of culture versus strategy, why most investors are asking the wrong questions, and how to identify a firm with the right culture. With a focus on the two components of success, strategy, and culture, Kapil highlights the significance of hiring the right people and fostering a positive culture. Kapil and Jeff also discuss the concept of skew and how it affects risk, the importance of minimizing drawdown, and how the recent bond volatility has played out in the markets. Through his experience and expertise, Kapil offers valuable insights into what it takes to succeed in the world of risk control. Tune in to learn more about the conscientious culture behind risk control — SEND IT! Chapters: 00:00-02:14 = Intro 02:15-11:47 = Getting started with Neiderhoffer & backtesting blunders 11:48-30:49 = Meticulous Backtesting, complex behavior models & why A.I. can’t replace intuition 30:50-47:40 = Culture vs Strategy: The five types of Culture 47:41-01:04:21 = Risk control, minimizing drawdown & a simple definition of skew 01:04:22-01:19:58 = A calculated response to the SVB events 01:19:59-01:18:41 = Sports vs Hedge funds: staying above your high water mark Check out Kapil on LinkedIn and visit pluspluscapital.com for more information on PlusPlus Capital Management Don't forget to subscribe to ⁠The Derivative⁠, follow us on Twitter at ⁠@rcmAlts⁠ and our host Jeff at ⁠@AttainCap2⁠, or ⁠LinkedIn⁠ , and ⁠Facebook⁠, and ⁠sign-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, visit ⁠www.rcmalternatives.com/disclaimer