
Free Daily Podcast Summary
by RCM Alternatives
Welcome to The Derivative, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.
The most recent episodes — sign up to get AI-powered summaries of each one.
Jeff sits down with Gavin Filmore of Tidal for a deep dive into why, even after three decades, the ETF industry is still, potentially only in the “second or third inning.” Gavin walks through the evolution from simple, passive equity ETFs to today’s surge in active and derivatives-based products, explaining how his experience running an oil ETN through the negative-oil shock convinced him of the importance of flexibility over rigid index rules. They break down how market makers and regulation (like 6c-11 and the derivatives rule) have reshaped the landscape, why semi-transparent ETFs fizzled, and how white-label platforms like Tidal have ridden this innovation wave to roughly $80 billion across hundreds of largely active funds. Jeff and Gavin also get tactical on what it really takes to launch and grow an ETF now, from differentiated “white space” ideas and realistic AUM milestones, to operating capital, distribution strategy, and the contrasting roles of grassroots retail demand versus platform-driven institutional flows, before looking ahead to areas like prediction markets and single-stock futures as the next potential frontiers.Chapters:00:00-01:12=Intro01:13-3:51=Early Innings: Gavin’s New York Roots and ETF Growth Setup3:52–13:30 = Active ETFs, Derivatives, and Why the ETF Boom Is Still Early13:31–21:48 = Why Derivatives Need Active ETFs: Oil Going Negative, Flexibility, and Hidden ETF Plumbing21:49–32:57 = Market Makers, Liquidity Myths, and the Hidden Frictions of ETF Trading32:58–44:13 = Building Tidal: Inside a White-Label ETF Platform Built on Active and Derivatives44:14–01:02:12 = How to Launch an ETF: Capital, Distribution, Retail vs. Institutional, and Platform Hurdles01:02:13-01:13:40 = Prediction Markets, Single-Stock Futures, and the Next Frontiers for ETFs01:13:41-01:19:16 = ETF Inning Count, Industry Outlook, and Parting ShotsFollow along with Gavin and Tidal on LinkedIn and be sure to check out tidalfinancialgroup.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, visitwww.rcmalternatives.com/disclaimer
This week on The Derivative, Jeff Malec sits down with Burnt Island Ventures founder Tom Ferguson to explore why water might be the most underappreciated investment theme on the planet. Tom walks through the $1.6 trillion annual capex flowing into water, why our pipes and treatment systems are effectively “Victorian tech” in a digital world, and how that creates a massive opening for early-stage innovation. He explains what “freshwater stewardship” really means, why utilities aren’t as slow or dumb as they’re often portrayed, and how consulting engineers act as quiet gatekeepers for change. Jeff and Tom dig into subsea desalination, digital water, leak detection, pricing politics, and the uncomfortable reality that we’re simultaneously over‑abstracting groundwater and underinvesting in infrastructure. They also compare AI hype to hard infrastructure needs, unpack how venture models need to adapt in water, and show how investors can target mid‑20s IRRs while actually improving the most basic layer of human and economic life.Chapters:00:00-01:27=Intro01:28-014:14=Water, Venture, and the Bay Area DNA: Tom Ferguson’s Origin Story14:15–26:25 = Inside the $1.6 Trillion Water Market: Infrastructure, Intervention, and Opportunity26:26–39:37 = Running Out of “Invisible” Water: Groundwater, Desalination, and Sea-Level Surprises39:38–49:20 = AI, Data Centers, and Who Really “Steals” the Water49:21–1:01:14 = Rethinking Venture in Water: Returns, Risks, and the Anti–Unicorn Model1:01:15–01:11:19 = Profits, Impact, and Water Movies: Why This Sector Deserves Top Billing01:11:20-01:17:35 = From Hookworm to Hollywood: Why Water Still Gets IgnoredFollow along with Tom on LinkedIn , on X , and be sure to check out burntislandventures.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, visitwww.rcmalternatives.com/disclaimer
Former CME floor trader and RCM co-founder Bobby “Yogi” Schwartz joins Jeff to close out our Chicago month and walks through a wild career arc: from generational hog pit roots to dominating the Nasdaq futures pit during the dot-com bubble, then building prop firms, arbing minis vs. big contracts, and eventually stepping into Hollywood film finance before returning to launch RCM. Bobby shares vivid floor stories: badges, hand signals, full-contact fights, and multi-million-dollar errors, while explaining how open outcry actually worked, why Chicago produced so many elite prop traders, and how the e‑mini revolution rewired the futures landscape. He breaks down building and backing 100+ traders, deploying early “gray box” tech, and structuring option and index arb trades that bridged futures, ETFs, and cash baskets.The conversation then shifts to what RCM does today: multi-FCM clearing, outsourced trading, ETF and mutual fund infrastructure, ag and global trade finance, and navigating the explosion of new DCMs, prediction markets, and perps. Along the way, Bobby drops Hollywood war stories, Chicago steakhouse lore, and a candid look at where derivatives trading is headed next.Chapters:00:00-01:12=Intro01:13-10:06=From Yogi’s Jacket to a Generational Life on the CME Floor10:07–20:20 = Inside the Nasdaq Pit: Dot‑Com Vol, E‑Mini Arbs, and Human Algos20:21–31:36 = From Floor to Screens: Building Prop Firms and Hollywood Film Arbs31:37–41:42 = Hollywood Trades: Indie Film, Oscar Winners, and Risk Like a Trader41:43–58:06 = Building RCM: Clearing, Outsourced Trading, ETFs, Ag, and China58:07–01:10:47 = Chicago War Stories: Pit Fights, Steakhouse Nights, and Trader Royalty01:10:48-01:17:51 = Life After the Pit: Chicago NightsCheck out previous Chicago episodes from this month:How Chicago Became the World’s Options, Vol, and Derivatives Capital (with Cboe’s Rob Hocking & Mandy Xu)Inside $2B of Chicago Real Estate: Tommy Choi on Housing, Migration, and Millennialsrcmalternatives.comDon't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, visitwww.rcmalternatives.com/disclaimer
On this episode of The Derivative, Jeff Malec continues Chicago Month with a deep dive into the past, present, and future of derivatives and volatility at Cboe with two of its stars. First up, Cboe Global Head of Derivatives Rob Hocking traces Chicago’s rise as the world’s derivatives hub, from the Board of Trade’s agricultural hedging roots to SPX and VIX becoming the center of global risk transfer. Rob walks through life in the OEX and SPX pits, the culture of open outcry, the evolution from Hull and DRW to “the dark side” at the exchange, and how today’s liquidity, zero‑DTE flows, and concentrated market‑making still hold up under stress. He and Jeff dig into whether the derivative can ever outgrow the underlying, why S&P 500 remains the benchmark despite megacap concentration and global basis risk, and how Cboe balances the floor’s high‑touch block business with a mostly electronic market.Then Mandy Xu, Head of Derivatives Market Intelligence at Cboe, joins to break down the current volatility regime. She explains what VIX really measures (and why “fear gauge” is often wrong), how Cboe decomposes VIX into bullish vs bearish positioning, and why today’s record call‑chasing and low skew feel uncomfortably close to meme‑stock and late‑’90s territory. Mandy covers the rise of zero‑DTE, option‑income and buffered ETFs, the breakdown of stock–bond correlation, the AI‑driven dispersion trade, and whether vol selling is truly “artificially” suppressing risk. The trio also find time for some Chicago vs New York banter—pizza, skylines, seasons, and sports—and a look at what’s next from Cboe, from binaries on XSP to trading KPI‑style “valuation chain” products tied to names like Tesla and Cboe itself.00:00-01:43=Intro01:44–05:36 = From Corn Contracts to Options Hub05:37–20:42 = Pit Sheets to $5 Trillion a Day: Inside the S&P Options Machine20:43–30:29 = Game Within the Game30:30–35:36 = Big Blocks, Complex Trades, and the Future Beyond VIX38:07-42:15 = Pork Chops at Soldier Field42:16–51:09 = Retail Flows and the New Vol Regime51:10–1:02:57 = Is VIX Still the Fear Gauge? What’s Really Driving Risk1:02:58-1:07:18 = AI Winners, Dispersion, and the 60/40 Shift1:07:19-1:13:16 = Building Better Hedges1:13:16-1:17:34 = Chicago vs. New York: Pizza, Seasons, Sports, & Final WhistleFrom the Episode:How Futures saved Stocks RCM VIX WhitepaperBlog Post - VIXmaggaeddon Follow along with Rob Hocking, Mandy Xu, and the Cboe on LinkedIn and be sure to visit cboe.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, commod
Jeff Malec kicks off “Chicago Month” on The Derivative with Chicago real estate powerhouse Tommy Choi of Weinberg Choi. Tommy lays out what really makes Chicago compelling as a place to live and invest—world-class food, underrated beaches, iconic bungalows, and relative affordability, while tackling the tough stuff around crime headlines, taxes, and politics. He breaks down post-pandemic migration, why inventory is so tight, how boomers with 2–3% mortgages and “Bank of Mom and Dad” shape the market, and why millennials are choosing flexibility and crypto over owning. Jeff and Tommy hit on stubbornly high rates, surging rents, condo special assessments, aging buildings, the limits of Loop office-to-resi conversions, and how AI and blockchain might (and might not) change the game. They wrap with a very Chicago detour into best burgers, dive bars, Wrigley in summer, and a few local hacks for seeing the city like a native. If you care about real estate as an asset class, Chicago as a case study in big-city risk and reward, or just want some elite burger intel, this one’s for you.Chapters:00:00-01:00=Intro01:01–03:47 = Selling Chicago: Food, Beaches, Weather, Taxes, and Crime Headlines03:48–15:57 = Inventory Squeeze: Boomers, Millennials, Rates, and the Battle to Buy or Rent15:58–30:54 = Life as a Top Realtor: Relationships, Weekends, and the Business Behind the Billion30:55–43:32 = AI, Search, and the Future Home Hunt: How Tech Is Rewiring Real Estate43:33–59:19 = Commissions, Class Actions, and Blockchain: Cleaning Up the Real Estate Game59:20–1:07:10 = The NAR Shake-Up1:07:11–1:22:19 = Chicago Like a Local: Best Burgers, True Dive Bars, Wrigley, Cherry Blossoms, and City HacksFollow along with Tommy Choi on LinkedIn and X and be sure to check out his website at weinbergchoi.com!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, visitwww.rcmalternatives.com/disclaimer
Copper steps out of the shadow of gold and silver in this wide‑ranging conversation with StoneX’s Natalie Scott Gray and SummerHaven’s Kurt Nelson. Jeff digs into why “Dr. Copper” sits at the heart of electrification, AI data centers, EVs, and defense, and how underinvestment in mines, fragile supply chains from Chile to the DRC, and China’s smelting dominance are setting the stage for structural shortages. Natalie breaks down the real fundamentals: tariffs, sulfuric acid bottlenecks, strategic stockpiling, and the difference between visible and hidden inventories, while Kurt connects it all to macro, inflation, and why investors may be underestimating copper versus the miners. Along the way, they hit on rare earths, environmental trade‑offs, and what rising retail interest in copper bars might signal about the next phase of the metals trade. SEND IT!Chapters:00:00-01:16=Intro01:17–04:58 = Natalie & Kurt: From Chemistry Labs to Copper Markets04:59–14:09 = What Makes “Dr. Copper” Special? Conductivity, AI, EVs & the Grid14:10–26:41 = Inside the Copper Supply Machine: Mines, Smelters & China’s Grip26:42–39:34 = Tariffs, Trade Wars & Regional Shortages: How Policy Moves Copper39:35–56:19 = Structural Deficits, Sulfur Shocks & the Coming Copper Crunch56:20–1:03:09 = Investing in Copper: Futures vs. Miners, Inflation & Retail FOMO1:03:10–1:08:43 = Copper Bars, Lab-Grown Diamonds & Restaurant RecsBlog Post: The Hardest Trade Is Holding the Thing That Doesn’t Hug You BackPodcast episode: Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHavenFollow along on LinkedIn with Kurt Nelson & Natalie Scott-Gray and be sure to check out summerhavenindex.com and stonex.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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, visitwww.rcmalternatives.com/disclaimer
In this episode, Jeff Malec sits down with Dr. Patrick Welton to trace his remarkable path from Wisconsin kid to Stanford oncologist to veteran futures trader and founder of Welton Investment Partners. Patrick shares how trading pork bellies and interest rate futures in the late 1970s to pay tuition evolved into a decades-long career shaped by mentors at Commodities Corp, relationships with legends like Paul Tudor Jones and John Henry, and a unique “outside inside trader” role that let him keep practicing medicine at Stanford while managing money. He explains how his medical background and scientific training influence his approach to risk, uncertainty, and decision-making, and breaks down Welton’s strategy mix across trend following, macro, short-term flow trading, and equity selloff protection. Along the way, Patrick and Jeff dig into the myths around trend following “dying,” why diversification and staying power matter more than narratives, how capital flows really drive short-term moves, and what it takes to survive for 30+ years in a business where most firms disappear. SEND IT!Chapters:00:00-02:03=Intro02:04-09:40=Doctor to Trader: Patrick Welton’s Origin Story, From Wauwatosa to Futures and the ER09:41-30:03= From 1987 Crash to Commodities Corp: How Patrick and Annette Turned a Side Hustle into a Trading Career30:04-43:19= Doctors, Scientists, and Traders: Embracing Uncertainty, Reflexivity, and the Real Drivers of Trend Following43:20-56:16= AI, Innovation, and the “CTA Winter”: Cycles, Flows, and the Future of Trend Following56:17-01:14:19= Building Welton’s Playbook: Diversifying Alpha, Short-Term Flows, and the Art of Surviving as an Asset Manager01:14:20-01:29:48= Alt Data, Capital Flows, and What Really Matters: Patrick Welton on Research, Edges, and the Future of Trading01:29:49-01:37:47= End-of-Month Myths, Market Microstructure, and the Limits of Short-Term EdgesFrom the Episode: Leverage Is Bad. Except When It Isn’t. Morningstar Just Made the Distinction OfficialBook: Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life Book: Market Wizards, Updated: Interviews with Top TradersJack Schwager on The DerivativeFollow along with Dr. Welton and Welton Investment Partners on LinkedIn and be sure to check out Welton's website at welton.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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 recommendation
In this episode, former Milwaukee Brewers left-hander Scott Karl traces his path from Carlsbad standout to big league starter to financial advisor. He swaps stories with Jeff about Bandon Dunes and his move from California to Lake Norman, then dives into his career, getting a last-minute shot after the ’94 strike, surviving as a finesse pitcher in a power era, facing legends like Randy Johnson, Greg Maddux, and Sammy Sosa, and taking the mound during the 1998 home run chase. Scott shares how he lost roughly 70% of his portfolio in the dot-com bust while still playing, what it taught him about risk and advisors, and how it pushed him into wealth management. He explains why many athletes blow through life-changing money, how he builds portfolios with buffered ETFs, structured notes, and private credit, and how he manages expectations around upside, downside, and liquidity. The conversation widens to NIL, parents effectively betting travel-ball costs on scholarships, and the risk of turning college sports into a money race. Scott also talks about raising two Division I volleyball players, the mental side of high performance, and how those lessons carry into investing, before closing with his favorite baseball cities and parks, from Wrigley day games to the old Jake in Cleveland and nostalgic nights at Dodger Stadium. SEND IT!Chapters:00:00-02:21=Intro02:22-09:59= Private Jets, Bandon Dunes, and the Road from Carlsbad to the Big Leagues10:00-24:09= Facing Maddux and the Big Unit: Velocity, Wiffle Balls, and the Rise of the 100-MPH Era24:10-34:12= From Million-Dollar Contracts to Going Broke: Why Pro Athletes Struggle with Money34:13-44:17= Making a Short Career Last a Lifetime: Contracts, Risk Math, and Smoother Portfolios44:18-56:31= Buffers, Structured Notes, and Private Credit: Building Smoother Rides Through Rough Markets56:32-01:05:47= First Responders vs. Second Responders: Buffers, Managed Futures, and Protecting the Downside01:05:48-01:14:25= NIL, Transfers, and Pandora’s Box: How College Sports Turned into a Money Game01:14:26-01:22:28= From Youth Sports to Life After the Game: Parenting, Perspective, and Baseball’s Best Cities01:22:28-01:27:57= Gibsons, Wrigley Day Games, and Why Petco Might Be Baseball’s Best ParkFrom the Episode: PIVOT PODCAST (Caleb Williams podcast episode)https://open.spotify.com/episode/4qO6oXmftTn8Jl4Ru3R4Mg?si=kzx-UJ_YTe25pDr8mNHfAQ&nd=1&dlsi=4cc9da8589d542a2Follow along with Scott and Silverleaf WM on LinkedIn and be sure to check out silverleafwealth.com for more information!Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-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 mor
Free AI-powered daily recaps. Key takeaways, quotes, and mentions — in a 5-minute read.
Get Free Summaries →Free forever for up to 3 podcasts. No credit card required.
Listeners also like.

The Compound and Friends
A weekly discussion on business and investing with rotating guests offering expert analysis and opinions.

How I Invest with David Weisburd
Interviews with top institutional investors about their strategies and decision-making.

Masters in Business
Barry Ritholtz interviews influential figures in markets, investing, and business.

Masters in Business
Barry Ritholtz explores the people and ideas influencing markets, investing, and business.

Odd Lots
Two financial journalists explore unusual market trends, economic quirks, and interviews with leading finance and economics thinkers.

Thoughtful Money with Adam Taggart
Expert advice on building wealth and managing money from top financial professionals.

Invest Like the Best with Patrick O'Shaughnessy
Interviews with top investors and business leaders reveal strategies and insights for smarter investing and decision-making.

The MORE Show
A real estate investor shares systems and interviews successful peers to help listeners build wealth through property investing.

Know Your Risk Podcast
A financial podcast exploring investment risk, portfolio strategies, and market insights beyond traditional Wall Street approaches.

Uncapped with Jack Altman
Discussions with admired individuals about topics of personal interest.

Animal Spirits Podcast
Discussions on markets, investing, and life through the lens of current reads, media, and financial trends.

TechSurge: Deep Tech Podcast
Explores emerging technologies, startup challenges, and investment trends through conversations with founders, investors, and tech leaders.
Welcome to The Derivative, where we dive into what makes alternative investments go, analyze the strategies of unique hedge fund managers, and chat with interesting guests from across the investment world. Hosted by RCM Managing Partner, Jeff Malec, join us to take a ride through the world of alternative investments.
AI-powered recaps with compact key takeaways, quotes, and insights.
Get key takeaways from The Derivative in a 5-minute read.
Stay current on your favorite podcasts without falling behind.
It's a free AI-powered email that summarizes new episodes of The Derivative as soon as they're published. You get the key takeaways, notable quotes, and links & mentions — all in a quick read.
When a new episode drops, our AI transcribes and analyzes it, then generates a personalized summary tailored to your interests and profession. It's delivered to your inbox every morning.
No. Podzilla is an independent service that summarizes publicly available podcast content. We're not affiliated with or endorsed by RCM Alternatives.
Absolutely! The free plan covers up to 3 podcasts. Upgrade to Pro for 15, or Premium for 50. Browse our full catalog at /podcasts.
The Derivative publishes weekly. Our AI generates a summary within hours of each new episode.
The Derivative covers topics including Business, Investing. Our AI identifies the specific themes in each episode and highlights what matters most to you.
Free forever for up to 3 podcasts. No credit card required.
Free forever for up to 3 podcasts. No credit card required.