Anniversary Episode: Reflections on the Podcast

Since 2018, Dean Curnutt has been hosting discussions with market professionals, focused on topics such as portfolio construction, hedging, monetary policy and the impact of financial products on markets.  Central to these conversations has been the exploration of an expert’s risk framework and how he or she goes about looking for opportunities. A little more than 6 years after its launch, the Alpha Exchange is celebrating its 200th episode. Along the way, Dean has been privileged to engage with hedge fund founders, investment strategists, fintech entrepreneurs, policymakers and even authors. A wonderful community of sophisticated listeners has emerged in the process. In this special conversation, Arthur Kaz asks Dean to reflect on the podcast and how it is a part of his own pursuit of a better understanding of asset price dynamics. Viewing the study of markets as quite humbling, Dean aims to have the Alpha Exchange contribute to the financial community’s collective understanding of risk. Asked about what’s on his mind with respect to today’s risk landscape, Dean argues that both gold and bitcoin have unique, option-like characteristics that might prove valuable should confidence in the US fiscal outlook further erode. What’s next for the podcast?  Dean shares some exciting ideas for expansion, including both short and long form video as well as working with university finance departments to deliver case studies that students can use to bolster their knowledge of real-world market events. Lastly, Arthur asks about MacroMinds, the charity that Dean founded in 2020 to bring the investment industry together to support student education. At the 5-year anniversary of MacroMinds, he says that it’s time to say “thanks” – to the donors, to the speakers and to those that have come together to help the initiative raise more than $1.3 million for students. We hope you enjoy this special 200th anniversary episode of the Alpha Exchange, a conversation with Dean Curnutt.  Thank you for listening.

Om Podcasten

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.