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The Derivative: Daily Summaries Delivered
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.
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- 3 days ago1h 20m
RE-RELEASE: Texas Trend Following with Salem Abraham
Some episodes are worth bringing back. This is one of them. Salem Abraham is a bit of a legend in the trend following and managed futures world. With 30+ years in the business, he’s got the experience, the war stories, and, thankfully, the willingness to tell them. We originally sat down with Salem a few years ago, and the conversation was too good to leave in the archives. In this re-release, we cover tiny Canadian, Texas; why you need noodles and red sauce if you’re competing to make the best spaghetti; the Turtle Traders; a tourist boat capsizing in front of the nude beach; just how low oil can go; hanging out with Boone Pickens; honeybees; sending the first computer-generated orders electronically to the CME; trend following, naturally; why an apple salad is not a fruit salad; bonds at zero; and pecan and apple orchards. You know, the usual. Salem is the founder of Abraham Trading Company, a research-driven investment management firm that has managed alternative asset portfolios since 1988 for families, individuals, foundations, endowments, and institutions. Today, the firm runs the Fortress Fund for endowments and institutional investors.So whether you caught this one the first time around or somehow missed it, we're digging it back out of the archives. - SEND IT!Chapters:00:00-01:20= Intro02:20-13:14=Canadian, Texas: Orchards, Eight Kids, and Community Capital13:15-34:45=From 1987 Crash Kid to Panhandle Prop Trader: Lessons, Oil Busts, and Early HFT34:46–38:45 = When Everyone’s on One Side of the Boat: Crowded Trades, Crashes, and Naked Risk38:46–58:38 = Building a Hurricane‑Proof Portfolio: Bonds Are Broken, Alternatives Step In58:39–1:09:59 = From Crashes to Coronavirus: Rethinking 60/40 and Birth of the Fortress Fund1:10:00–1:19:49 = Salem’s Lightning Round: Favorite Things, Real Assets, and Star WarsFrom the Episode:T. Boone Book: The First Billion Is The HardestCheck out our Trend Following Guide!Follow along with Salem and Abraham Trading Co. on LinkedIn, and be sure to check out abrahamtrading.com to learn more about what they are up to.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<
- 1 weeks ago1h 5m
Zigs, Zags, and Finding Micro Cap Winners with Ian Cassel
Ian Cassel, founder of MicroCapClub and author of Stock Picker, joins Jeff Malec to walk through the underfollowed world of micro cap stocks, tiny, illiquid public companies where most 10x winners are born. He shares his journey from blowing up a dot‑com era portfolio to rebuilding it with XM Satellite Radio, explains why structural inefficiencies and lack of institutional capital create opportunity, and breaks down how he evaluates management, survives volatility, and finds small, profitable businesses that can self-fund growth. Along the way, they compare micro caps to private equity and venture, discuss global markets from Canada to Australia, and explore why serious stock pickers and small business owners are increasingly drawn to this overlooked corner of public markets. SEND IT!Chapters:00:00-01:06= Intro01:07-04:22= Hometown Roots and Micro Cap 10104:23-19:14= From Penny Stock Stigma to Informational Edge: Ian’s Micro Cap Origin Story19:15-38:15= Illiquidity Edge: Why Owning Every Micro Cap Fails (and Stock Picking Wins)38:16–50:49 = Betting on People: Management Upgrades, Tailwinds, and 10x Setups50:50–1:01:33 = Living Off Your Portfolio: The Psychology, Pain, and Payoff of Being a Stock Picker01:01:34-01:05:02 = Philly Sports, Risk, and Wrapping Up with ‘Stock Picker’From the Episode:Stock Picker (Book): Amazon | MicroCapClubRoadrunner Podcast episode Follow along with Ian and MicroCapClub on LinkedIn, and be sure to check out microcapclub.com to learn more about what they are up to.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
- 2 weeks ago54 min
From Quarterback to CIO: John McArthur on Alts, AI, and the Future of Wealth at Krilogy
In this episode, Jeff Malec sits down with John McArthur of Krilogy to trace his path from backup quarterback at Mizzou and Northwestern to CIO of a nearly $6 billion independent wealth management firm. John talks about how college football shaped his views on timing, opportunity, and accountability, then connects those lessons to building a planning-first advisory culture outside the wirehouse world of AG Edwards and Morgan Stanley. The conversation dives into how Krilogy builds portfolios using a mix of active and passive tools, daily-liquid alts, private markets, and fixed income, with a particular focus on left-tail risk, crisis alpha, and why diversification still matters in a market dominated by mega-cap tech and AI narratives. John explains how the firm thinks about private equity, private credit, secondaries, and interval funds, emphasizing liquidity trade-offs, client education, and realistic expectations around distributions in a higher-rate world. Jeff and John also tackle the economic and market implications of AI, both as a powerful productivity engine and a potential source of labor disruption and how that overlays with client fears about geopolitics, inflation, interest rates, and elections. They wrap by getting practical on college savings strategy when markets are at all-time highs, the behavioral side of advising (part therapist, part portfolio architect), and close on a lighter note with John’s football roots and his personal Mount Rushmore of gridiron stories, including a nod to Bo Jackson’s legendary 30 for 30. SEND IT!Chapters:00:00-01:20= Intro01:21-05:25= NIL Millions, Teenagers, and the Trouble With “New Money”05:26-14:26= From Backup Quarterback to CIO: Building Krilogy and Planning for the Next Left-Tail Shock14:27–24:47 = Beyond “Alts”: Private Markets, Secondaries, and Whether AI Fuels Boom or Bust24:48–33:08 = Buffered Notes, Interval Funds, and De-Risking College at Market Highs33:09–43:17 = Fear, Euphoria, and the CIO as Therapist: Coaching Clients Through the Next Shock43:18–51:45 = Bo, Ball, and Balancing Risk: From Two-Sport Legends to Two-Sided Portfolios51:46–54:32 = Bo, Bars, and Bill Simmons: McArthur’s Mount Rushmore of Football FlicksFrom the Episode:PODCAST: Scott Karl episode: Painting Corners to Protecting PortfoliosRCM Golf Clinic Sept 25th Sign-upFollow along with John and Krilogy on LinkedIn, and be sure to check out krilogy.com to learn more about what they are up to.Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-up for our blog digest.Disclaimer: This
- Aug 20, 20261h 9m
Why Oil Didn't Go to $300, plus Chinese gold bugs, Copper Squeezes & Uranium Alpha with Josh Blanchfield (Avos Capital)
Jeff Malec sits down with Josh Blanchfield of Avos to trace his path from physics at Harvard, poker pro, and 11 years at Bridgewater (including co-heading the trading desk during Lehman) to running a concentrated, risk-aware commodities and macro shop. Josh explains why China is “ground zero” for global commodities, detailing how its import cuts, stockpiling, and scrap policies have shaped oil, copper, gold, and uranium, and why understanding flows and participant behavior matters more than neat top-down supply-demand models. He breaks down how Avos blends macro with very granular micro, like Chinese spec flows around Lunar New Year, refinery outages, crack spreads, and uranium’s inelastic buyers, to build convex, options-heavy trades that aim to capture upside tails while avoiding the classic commodity-fund blowup. Along the way, they dig into the realities of radical transparency at Bridgewater, the limits and promise of AI as a “research team we never hired,” the risks of an AI-driven labor shock, the true drivers of the dollar’s dominance and petrodollar fears, why he’s skeptical on small modular reactors but bullish nuclear, and how his Substack and broader investment philosophy challenge received wisdom on everything from munis to equity valuations. - SEND IT!Chapters:00:00-01:19= Intro01:20-09:01= From Boulder Trails to China’s Oil Trap: Josh’s Origin Story and DB Cooper Commodities09:02-19:27=China’s Dollar Dilemma, Gold Grab, and the Real Story Behind Commodity Power19:28–30:36 = From Poker Tables to Lehman’s Collapse: Josh’s Bridgewater Baptism by Fire30:37–37:57 = AI, Jobs, and Impossible Growth: Rethinking the Macro Behind the Magnificent Seven38:38–49:04 = Gold Flows, Burning Refineries, and the Uranium Edge49:05–56:26 = Capacity, Convexity, and Why Small Nuclear Isn’t So Small56:27–01:09:15 = Munis, Myths, and Moneyball: Josh’s Skeptical Playbook and Pop-Culture LensFrom the Episode:PODCAST:“Dr. Copper”: From Chilean Mines to Chinese Smelters to AI Data Centers in the US – with Kurt Nelson & Natalie Scott-GrayPODCAST:Going Nuclear: How Uranium is Powering Portfolios with Trevor Hall & Justin HuhnPODCAST:OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are FaceshotsBLOG:The Definitive List of the Best Investing MoviesFollow along with Josh and Avos on LinkedIn and Substack, and be sure to check out avos.co to learn more about what they are up to.Don't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-up for our blog digest.<
- Aug 6, 202651 min
Trading 80 Synthetic Markets with Trend, Carry & Skew: Jiro Fujisawa, Asset Management One USA
*This podcast is provided for informational and educational purposed only and should not be considered investment advice or a recommendation of any specific security, strategy or investment product. The views expressed in this recording are the personal views of the participants as of the date of this podcast, are subject to change, and do not necessarily reflect the views of Asset Management One USA Inc. itself. Any discussion of investment strategies, market conditions, or portfolio construction is intended to illustrate general investment concepts and may not be appropriate or eligible for every investor. There is no guarantee that any investment strategy will achieve its objectives. All investments involve risks including the possibility losses as well as profits. Nothing discussed in the podcast constitutes an offer to sell or a solicitation of an offer to buy any security or investment advisory service. Listeners should consult their own financial, legal and tax advisers before making any investment decisions.Jeff Malec sits down with Jiro Fujisawa of Asset Management One USA to unpack one of the more unique quant approaches in the space: a cross-asset factor alpha (CAFA) strategy built on 80 synthetic markets. Jiro walks through his path from mechanical engineering to quant finance, the differences between engineering-style experimentation and market reality, and how AMO USA thinks about risk premia, implementation details, and factor design. The conversation dives into decomposing futures markets into orthogonal risk factors, running trend, carry, and skew models on top of synthetic price series, and why the real edge often lies in construction and risk management rather than “new” factors. They wrap with where quant fits in today’s equity-dominated world, how investors are using risk premia alongside multi-strats, and why systematic absolute return strategies still matter when the macro regime turns.Chapters:00:00-01:33=Intro01:34-13:37=Jiro’s Global Journey: From Mechanical Engineer to Quant Investor13:48–21:50=Building Risk Premia: Factors, Liquidity Imbalance, and Precision in Implementation21:51–32:12=Unbundling Risk Premia: Custom Menus, Multi-Strats, and DIY Limits32:13–48:20=Inside CAFA: 80 Synthetic Markets, Trend/Carry/Skew, & Orthogonal Bets48:21–51:24=Quant’s Comeback and Absolute Return in an Equity-Driven WorldFollow along with Jiro and Asset Mangement One USA on LinkedIn and be sure to check out am-one-usa.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
- Jul 30, 20261h 6m
The 6-Year Test 10,000 Tickers Failed: with Eric Crittenden of Standpoint Funds
In this episode of The Derivative, host Jeff Malec welcomes back Standpoint Asset Management founder and CIO Eric Crittenden for his third appearance, diving into what’s happened since Standpoint launched in 2019 and why their approach has remained unchanged. Eric explains why he resists the industry’s obsession with “constant innovation,” favoring disciplined stability in his trend-following and multi-asset process, and how the past six years, from COVID to fast crashes and energy shocks, have stress-tested both his risk management and investor behavior.Jeff and Eric dig into the “abandonment problem” in advisor portfolios: why investors love managed futures when they’re hot but struggle to stick with them, and how combining global equity beta with trend-following in one vehicle can make diversification more holdable. Eric outlines three simple metrics advisors say they want, beat a 60/40, lower volatility, and low equity beta, and reveals how few of the 11,000+ funds available at launch delivered on that promise.The conversation also covers replication, capacity and market selection, correlation myths, and why Eric prefers trend plus cap-weighted equities over bonds for long-term compounding. They close with thoughts on AI, product structures, and how categorization and reporting frameworks can work against good investor outcomes.Chapters:00:00-01:12=Intro01:13-11:41=Stable Strategy in a Chaotic Market: Standpoint’s Six-Year Stress Test11:42–17:33 = Replicators vs Originals: The Trade‑Offs of Cloning Managed Futures17:34–31:13 = When Trend and Stocks Both Hurt: Correlation, Drawdowns, and Knowing When It’s Broken31:13–49:46 = Beating 60/40 and the Bucket Problem: Why True Diversifiers Are So Rare49:47–57:34 = Buckets, Burritos, and the Sausage Problem: Making Diversification Holdable57:35–01:06:41 = Where Standpoint Fits: Liquid Alts, Multi-Asset Overlay, and Rethinking BondsFrom the episode:Liquid Alternatives - RCM AlternativesPrevious episodes with StandpointBLNDX[ing] Trend Following and Global Equity with Standpoint’s Eric Crittenden on The DerivativeTrends, Inflation Protection, & Getting Investors to the Finish Line with Eric Crittenden of StandpointDon'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.
- Jul 16, 20261h 19m
So You Want to Start an ETF? With Gavin Filmore of Tidal
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
- Jul 9, 20261h 17m
Too Basic to Notice, Too Big to Ignore: Tom Ferguson on the VC Opportunity in Water Tech
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
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About The Derivative
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.
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