In this second episode of the Cockroach Series, Jason Buck (Mutiny CIO) and Taylor Pearson (Mutiny CEO) delve into the intricacies of sequencing risk and its profound impact on portfolio construction. They explore concepts like expected value, ergodicity, and the importance of return order on investment outcomes. Whether you're planning for retirem…

In this episode, Jason Buck (Mutiny CIO) and Taylor Pearson (Mutiny CEO) embark on the first of a series discussing the Cockroach Strategy. They are excited to share insights into the decade-long development of this strategy. Jason and Taylor explore the probabilities of loss over extended time horizons, shedding light on often overlooked aspects o…

We are excited to introduce a new addition to our suite of investment strategies - The Defense Strategy. It combines Mutiny Fund’s Volatility Strategy and Commodity Trend Strategy. The Volatility Strategy is designed to act as a so-called ‘black swan’ investment, achieving asymmetric gains in times of high volatility or tail risk (e.g. March 2020).…

In this episode, I talk with Kris Abdelmessih, Volatility Trader and also the Author of Moontower Weekly. Kris has been actively involved in options trading for 21 years. His background encompasses commencing his journey within the trading pits alongside SIG, establishing his personal market-making team, and overseeing the commodities book for a di…

In this episode, I talk with Robert Mullin from Marathon Resource Advisors. Robert is a finance professional with 25+ years of experience managing natural resource investment portfolios for individuals, family offices and institutions. We talk about: State of commodity producers Tangential investing ideas Problems in Europe Yield farming and more! …

In this episode, I have the privilege of engaging in a captivating conversation with two distinguished guests. First, we have PJ Pierre, the Vice President of Trading and Portfolio Management at Denali Asset Management. Joining us alongside PJ is Zed Francis, the esteemed co-founder and Chief Investment Officer (CIO) of Convexitas. Topics: Are any …

Didn’t get the chance to head to Vegas for the Global EQD conference. No worries. We’ve got you covered in Part II of the Global EQD ’23 Breakdown. We're teaming up with RCM Managing Partner and host of The Derivative Podcast, Jeff Malec. Together, Jeff and Jason walk through their notes from attending the annual equity derivatives-focused conferen…

In this episode I talk with writer, author, DJ, and speaker, Jared Dillian. Jared's newsletters include The Daily Dirtnap, a daily market newsletter for investment professionals, and We’re Gonna Get Those Bastards, which is about everything that is depraved, especially finance, culture and music. His books include Street Freak, All the Evil of This…

In this episode I talk with Dr. David Rhoiney, a Robotic Surgeon, Cryptologist, Cyber security specialist and the list continues! We talk about: Unconscious Greatness Strategy That Fits HENRYs Banks/RIA for the People Bad Food Takes and more! I hope you enjoyed this conversation as much as I did!

In this episode I talk with Tobias Carlisle, founder and managing director of Acquirers Funds, LLC. He serves as portfolio manager of the firm's deep value strategy. Tobias is the creator of The Acquirer’s Multiple®. He is also the author of the books The Acquirer’s Multiple (2017), Concentrated Investing (2016), Deep Value (2014), and Quantitative…

In this episode I talk with Zed Francis, CIO & Co-Founder at Convexitas. Zed is responsible for strategy design, implementation, risk management and business development. In his 15-year career in investment management, Zed has taken on leadership roles that have informed the delivery of consistent and transparent multi- asset solutions as a discret…

In this episode I talk with Tom Morgan, Director of Communications & Content at The KCP Group - Stifel. Tom spent the last 16 years on Wall Street working in the distribution of research for firms like Merrill Lynch, Bank of America, Consumer Edge, and Stifel. Tom is someone who inquisitively consumes content across a huge array of disciplines and …

We've got a special edition podcast this week! A little while back, Jason sat down with his friend Meb Faber to talk about all things investing. For those who didn't get a chance to listen to it, we thought we'd do a swapcast version so that way you could hear Meb and Jason discuss all things related to broadly diversified portfolios, different inv…

In this episode I talk with Robert Mullin, general partner and portfolio manager at Marathon Resource Advisors. Marathon Resource Advisors manages investment strategies focused on income generating natural resource equities in the energy, mining, agriculture and renewables space. We talk about: CapEx Perfect Storm ESG is New OPEC Fake vs. Real Econ…

In this episode I talk with Travis Kimmel. Our topics include: Operator Use Liberal Arts Intellectual Dojo of Twitter SAAS Treasuries Why Do We Have Bonds? And more! This is the link to Travis' favorite book on management we discussed: 12: The Elements of Great Managing Travis' best book he has read in finance: Trade Wars Are Class Wars I hope you …

In this episode I talk with Bill Brewster from The Business Brew. Bill is a private investor who tries to replicate Warren Buffett’s and Charlie Munger’s thought processes, but he is also influenced by Bill Miller III, Stan Druckenmiller, and others. The Business Brew podcast is his attempt to dig deeper into other investing and business philosophi…

In this episode I talk with Sean Wieland, Founding Principal at Tannhäuser Financial. We talk about: Deferred Sales Trusts for business exit Pre and Post sale of your business Premium financing life insurance Captive Insurance 401-H and more! Here is the online illustration tool to compare any highly appreciated asset sale (exiting a business, comm…

In this episode I talk with Drew Knowles, managing member of XIT Ranch. XIT is long-term oriented family investment vehicle including real assets such as ranchlands, horses and cattle operations, venture capital, private equity, and hedge funds. We talk about: Never Ask a Cattleman Size of Herd, Hay shortages, Levels of ranching certifications, Car…

In this episode I talk with Wayne Himelsein, CIO of Logica Capital Advisers. Wayne is responsible for leading portfolio management and the overall implementation of the firm’s investment strategies. Beginning his career as a Proprietary Trader in 1995, and launching his first Hedge Fund in 2000, Wayne has over 25 years of industry experience. We ta…

In this episode I talk with Noel Smith, Chief Investment Officer & Founder at Convex Asset Management as well as Volatility trader, Darrin Johnson. We talk about How to Turn Pro as a Trader, How to Join a Prop Shop, How to Run a Prop Shop, The Business Side of Running a Trading Business, How to Build Relationships from Scratch and more! I hope you …

We have a special podcast for you today. We're getting the Mutiny team together. Taylor and I are doing a podcast together for the first time in a long time. We discuss Complexity Economics, Sugarscapes, Adaptive Walks vs Random Jumps, Bullwhip Effects, Spherical Cow Problem and more! Links mentioned in this show: https://mutinyfund.com/origin-of-w…

In this episode, I talk with Max Arb - @max_arbitrage. Max is anonymous on Twitter and is a doctor that has built, sold, and still runs several successful medical practices. We talk about generational wealth transfer of businesses, how to manage investment allocations, Via Negativa, balance sheet vs. income statement, and cognitive biases. I hope y…

In this episode, I talk with Devin Anderson, CEO and co-founder of Convexitas. Devin is an investment manager dedicated to delivering high performance derivative overlays for families and institutions. He is responsible for firm governance, compliance, business development, and technology. Devin and I talk about Google AI bot sentience, syntax vs. …

In this episode, I talk with Eric Crittenden, Founder and Chief Investment Officer of Standpoint, an investment firm focused on bringing all-weather portfolio solutions to US investors. Eric plays an active role in the firms’ research, portfolio management, product innovation, business strategy, environments and client facing activities. He believe…

In this episode, I talk with Volatility trader, Darrin Johnson. Darrin and I talk about all the things that traders never discuss. The dual role of being an independent trader and a family man and if balance is possible. What it's like to have your trader P&L also be your families balance sheet and what to do when you need a vacation. I hope you en…

Welcome to part two of the special edition podcast, What Happens in Vegas, where RCM's Jeff Malec @AttainCap2 and I discuss the EQ Derivatives conference that we recently attended at the Las Vegas Wynn Hotel. I highly recommend you go over to the Derivative podcast and check out part one of our discussion. I also recommend you check out EQ Derivati…

In this episode, I talk with Corey Hoffstein, co-founder of and Chief Investment Officer at Newfound Research. Newfound Research LLC is a quantitative investment and research firm dedicated to helping investors pro-actively navigate the risks of investing through thought leadership and investment acumen. At Newfound, Corey is responsible for portfo…

In this episode, I talk with PJ Pierre from Denali Asset Management. PJ and I talk about MMT as taught to him by Warren Mosler. Being an autodidact trader. How banks create money. The different forms of money as credit historically. What is the Haitian dollar. I hope you enjoy this conversation with PJ as much as I did...…

In this episode, I talk with Zed Francis, co-founder and CIO of Convexitas. Convexitas is a fiduciary that works with families and institutions to maintain balance and flexibility. Convexitas is more than a manager or a product – they provide tools that bring balance to your allocation process. When you know Convexitas will provide liquidity during…

In this episode, I talk with Kris Sidial, Co-CIO at The Ambrus Group. The Ambrus Group is a volatility arbitrage focused firm that was founded in 2020. The firm takes pride in having a math-driven ethos that specializes in leveraging an in-depth knowledge of volatility skew. Ambrus applies a discretionary twist to quantitative volatility strategies…

In this episode, we talk with Jerry Haworth, CIO and co-founder of 36 South. Jerry has over 32 years of investment experience, and is well known for his thought leadership in the volatility space. He often represents 36 South as a speaker at high profile educational and professional events, and is a frequent guest speaker and writer on volatility i…

In this episode, I talk with John Krautsack. John is the Chairman and CEO of EMC Capital Advisors. John and I talk about the history of EMC going all the way back to the unbelievable story of the Turtle Traders. We touch on how EMC has adapted their trend following models over the decades. We discuss how advancements in machine learning and artific…

In this episode, I talk with Tim Pickering. Tim is the founder, President and CIO of Auspice. Auspice Capital Advisors is a quantitative investment specialist focused on Alpha and Enhanced Beta managed futures and commodity strategies. Auspice specializes in applying innovative rules-based investment strategies across a broad range of commodity and…

In this episode, we talk with Jerry Parker from Chesapeake Capital. Chesapeake has always been a classic trend following CTA. "Trend Following + Nothing" is their firm motto. Over the years Jerry has focused on adding markets to their portfolio. They were one of the few CTAs to trade single stock futures. They started trading single stocks in the '…

In this episode, we talk with Aaron Larkin and Matt Laviolette, Co-Founders of Breakout Funds. Breakout Funds, LLC ("Breakout") incorporates quantitative global macro thematic views with current news events to place discretionary short term concentrated trades in futures markets. Our trading approach draws on a combined 30 years of experience in th…

In this episode I am joined by Mutiny Fund CIO Jason Buck and our close partner at RCM Alternatives, Jeff Malec. In this quarterly review, we discuss what we saw in markets in Q1 and how various volatility strategies performed. To give a bit of context, Q1 2021 saw The S&P up 6%, and the VIX down about -14.87% though it was fairly range bound. The …

In this episode, we talk with Cem Karsan, CIO and Founder of Kai Volatility Advisors (formerly Aegea). After his successful trading career, Cem decided to leverage his volatility arbitrage expertise by improving upon many of the flawed strategies he had witnessed during his tenure as a market maker. To that end, Kai Volatility Advisors has created …

In this episode, we talk with Jag Prakasam, CEO of Rotella Capital Management. Jagdeesh Prakasam oversees all aspects of the firm, including its investment, FinTech solution offerings and operations. He joined RCM in 2003 as a Researcher primarily focused on supporting the research efforts in portfolio construction, risk management, and overlay str…

In this episode, we talk with Kris Sidial, CIO and founder of Ambrus Group. The Ambrus Group is a volatility arbitrage focused firm that was founded in 2018. The firm takes pride in having a math driven ethos that specializes in leveraging an in-depth knowledge of volatility skew while applying a discretionary twist to quantitative volatility strat…

In this episode, we talk with Brett Nelson, CIO and founder of Certeza Asset Management. Certeza focuses on investments in volatility using proprietary algorithms to capture perceived mis-pricings in the VIX term structure. We talk about the start of VIX trading from VRO to modern VIX products. His background from winning math competitions, isolati…

In this episode I am joined by Mutiny Fund CIO Jason Buck and our close partner at RCM Alternatives, Jeff Malec. In this quarterly review, we discuss what we saw in volatility markets and how various volatility strategies performed in Q4 of 2020 and what we might expect to see in 2021. We go into the VIX term structure around the election, the impa…

In this episode, we talk with Benn Eifert, the managing member and CIO of QVR. He was previously co-founder and co-portfolio manager of Mariner Coria in New York and the Wells Fargo proprietary trading desk, which became Overland Advisors. He holds a PhD in Economics from UC Berkeley. We talk about the history of the derivatives markets and the mix…

In this episode, we talk with Diego Parrilla of Quadriga Asset Managers. Diego is an engineer by training and has spent 20 years in the markets. He’s spent most of that time in macro and commodities trading at firms including JP Morgan, Goldman Sachs and Merrill Lynch. He is the author of the bestselling books The Energy World is Flat and Anti-Bubb…

In this episode, we talk with Mike Green of Logica. Mike formerly ran Thiel Macro, Peter Thiel’s family office macro fund. We talked with Mike about knowing when and how to monetize your options, what he means when he says a history of markets is a history of transactions, and what he would teach in a one day seminar about the Fed. Also, be sure to…

In this episode, my partner and CIO of Mutiny Fund Jason Buck speaks with three of the most experience volatility traders alive today: Jerry Haworth of 36 South, Bastian Bolesta of Deep Field Capital, and Chris Cole of Artemis Capital. This was originally recorded in July 2020 for the financial media channel Real Vision, but contains timeless wisdo…

In this episode I am joined by our close partner at Attain Portfolio Advisors Jeff Malec and Mutiny Fund CIO Jason Buck. Now that we’ve had the Mutiny Fund’s first full quarter in the books, Q3 2020, we wanted to get on a podcast and talk through the environment as a way of helping current and potential investors better understand what we do. We’ll…

In this episode, we talk with Ernie Chan. Ernie, a physicist by training, is the founder of QTS Capital Management and author of a number of books on Quantitative and Algorithmic Trading. In today’s episode, we talk about Ernie’s tail reaper strategy at QTS which seeks to profit from down moves in the S&P. We go into how Gamma Dealer Hedging and Fo…

In this episode, we talk with Matt Rowe from Headwaters Volatility. Matt has over two decades of experience trading volatility at multibillion dollar asset managers. We talk with Matt about why the best portfolios have both long and short volatility and how investors often get the mix wrong. Matt has particularly great point on the importance of ma…

In this episode, we talk with Tim Jacobson, founding member of Pearl Capital. Before starting Pearl, Tim worked with a family office and designed Pearl to add a much-needed form of diversification to their portfolio and discovered many other investors have the same need. We talk about common mistakes investors make in evaluating their risk. We then…

This is a special episode that was recorded as a panel on Navigating Market Volatility on May 21, 2020. I wanted to publish it here on the Mutiny podcast as I think it provides an interesting and insightful look into what we saw in March 2020 and what we can learn from that about how the volatility landscape, and market landscape more generally, is…