My guest is Devin Anderson, co-founder of Convexitas.
The theme of this episode, as you can likely guess from the title, is strategy versus structure. While we often focus on strategy specifics on this podcast, Devin hosts a masterclass as to why the structure you wrap your strategy in can ultimately determine the type of strategy you can deliver.
Specifically, we discuss option-based tail hedging and the types of strategies that can be delivered in hedge fund, mutual fund, ETF, and separate account wrappers.
In the back half of the conversation, we dive into how Convexitas implements their risk mitigating strategies. Specifically, Devin explains why Convexitas focuses on convexity with respect to the S&P 500 and actually refuses to customize this mandate, despite having the ability to do so at scale.
Finally, we end the conversation on a bit of a spicier note, where Devin explains why most market pundits overstate the influence large, scheduled derivative rolls might have on the underlying market.
Please enjoy my conversation with Devin Anderson.
Hari Krishnan - Market Tremors & Tail Hedging (S5E11)
Harel Jacobson - Trading FX Volatility (S5E10)
Andrew Beer - Replicating Hedge Fund Beta (S5E9)
Antti Ilmanen - Unexpected Returns (S5E8)
Ralph Smith - Scientific Investing in Fixed Income (S5E7)
Kai Wu - Mining Unstructured Data for the Intangible (S5E6)
David Sun - Expectancy Hacking (S5E5)
Aneet Chachra - Surfing Flow for Fun and Profit (S5E4)
Moritz Seibert & Moritz Heiden - From CTA to web3 (S5E3)
LightSpringFox - Crypto Market Making (S5E2)
Michael Green - The Active Impact of Passive Investing (S5E1)
David Berns - How do you build a portfolio for a human being? (S4E16)
Russell Korgaonkar - Optimizing the Research Process (S4E15)
Andrew Lapthorne - Thematic Baskets and Strong Balance Sheets (S4E13)
Greg Obenshain - Quantitative Credit (S4E12)
Roxton McNeal - Liability-Driven Investing (S4E11)
Vivek Viswanathan - Quant Equity in China (S4E10)
Tobias Carlisle - Realism Over Idealism in Value (S4E9)
Sam Trabucco - Perpetual Swaps, Liquidation Cascades, and the USD-BTC-YEN Triangle Trade (S4E8)
Dennis Davitt - Markets Models (S4E7)
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