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.
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Michele Aghassi - Unintended Bets Everywhere (S6E7)
Jason Josephiac - Portable Alpha and Risk Mitigating Strategies (S6E6)
Macrocephalopod - Managing a Mid-Frequency Crypto Prop Desk (S6E5)
Roni Israelov – High Frequency Factors, the Volatility Risk Premium, and Re-Thinking Financial Planning (S6E4)
Doug Colkitt - High Frequency Trading, MEV Strategies, and CrocSwap (S6E3)
Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Jason Buck - Designing the Cockroach Portfolio (S6E1)
Machine learning isn't the edge; it enhances the edge you’ve developed
What does a full-stack quant research platform and process look like?
What would Cliff Asness ask St. Peter at the pearly gates?
A data-driven approach to picking growth stocks and thematic baskets
How quants have changed equity markets and how discretionary managers can use this information to sharpen their edge
Replacing linear factors with a non-linear, characteristic approach in quant equity
Options, volatility, and the things we don't know we don't know (ARCHIVES S3E3)
Formulating the machine learning problem, how research questions should be asked, and the trade-off of complexity versus accuracy (ARCHIVES S1E7)
Giuliana Bordigoni - Alternative Markets & Specialist Strategies (S5E14)
Adam Butler - Questioning the Quant Orthodoxy (S5E13)
Kevin Cole - Systematic Multi-Strategy from 100+ Models (S5E12)
Hari Krishnan - Market Tremors & Tail Hedging (S5E11)
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