by RCM Alternatives
Welcome to The Derivative by RCM Alternatives, 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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Publishing Since
1/27/2020
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April 17, 2025
<p>In this wide-ranging conversation, Jeff Malec sits down with Dave Morehead, CIO of <a href="https://www.baylor.edu/"><u>Baylor University's</u></a> $2.2 billion endowment, to explore the unique challenges and strategies of institutional portfolio management. </p><p>The discussion covers Baylor's innovative approach to portfolio construction, including their successful deployment of volatility strategies during the 2020 market crash, their current cautious stance on equity exposure, and their philosophy on private investments. Morehead explains why they're shifting away from cyclical assets in private markets and focusing on secular growth trends in healthcare, technology, and consumer sectors.</p><p>Particularly timely is their analysis of recent market volatility, bond market dynamics, and the broader implications of trade policies on institutional investment strategies. The conversation provides a rare glimpse into how a major university endowment navigates market uncertainty while maintaining its core mission of supporting education and student scholarships.</p><p>Whether you're an institutional investor, family office manager, or investment professional, this episode offers valuable perspectives on long-term portfolio management and the evolving landscape of institutional investing. From helium gas investments to long volatility strategies, learn how one of the industry's thoughtful practitioners approaches risk and return in today's complex markets.</p><p>You want to learn how institutional portfolios really work? You want to understand how endowments think about risk? You want to hear from someone who's traded it all and now manages billions? SEND IT!</p><p><br>Chapters:</p><p>00:00-00:55 = Intro</p><p>00:56-09:33 = Hedge Funds to Higher Education: Dave Morehead's Career Pivot</p><p>09:34-26:18 = Baylor's Endowment Investment Philosophy</p><p>26:19-36:20 = Beyond the S&P 500: Uncovering Unique Investment Opportunities in Helium and Niche Markets</p><p>36:21-46:30 = Hedging and Volatility: Navigating Market Uncertainty with Strategic Risk Management</p><p>46:29-53:51 = Trust and Uncertainty: The Geopolitical Challenges of Modern Investing</p><p>53:52-01:00:32 = The Long View: Endowment Investing Beyond Quarterly Returns</p><p>01:00:33-01:09:39 = A Nostalgic Journey Through 80s Rock</p><p><br>Follow along with Dave on <a href="https://www.linkedin.com/in/davidmorehead" target="_blank" rel="noopener noreferer">LinkedIn</a> and <a href="https://x.com/cio_baylor" target="_blank" rel="noopener noreferer">X</a> and also be sure to check out <a href="https://investments.web.baylor.edu/baylors-university-endowment" target="_blank" rel="noopener noreferer">Baylor's endowment</a> for more information!</p><p>Don't forget to subscribe to<a href="https://www.rcmalternatives.com/the-derivative-podcast/">The Derivative</a>, follow us on Twitter at<a href="https://twitter.com/rcmAlts">@rcmAlts</a> and our host Jeff at<a href="https://twitter.com/AttainCap2">@AttainCap2</a>, or<a href="https://www.linkedin.com/company/rcm-asset-management/">LinkedIn</a> , and<a href="https://www.facebook.com/RCMAlternatives/">Facebook</a>, and<a href="https://info.rcmalternatives.com/get-our-blog-alternatives">sign-up for our blog digest</a>.</p><p>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, visit<a href="http://www.rcmalternatives.com/disclaimer">www.rcmalternatives.com/disclaimer</a></p>
April 11, 2025
<p>In this emergency pod edition, Jeff Malec is joined by Vineer Bhansali, Founder and CIO at <a href="https://www.longtailalpha.com/" target="_blank" rel="ugc noopener noreferrer">LongTail Alpha, LLC</a>, to break down the market's wild rollercoaster ride that demanded immediate attention. When markets hit new lows only to rocket back with a stunning 10% rally, we knew it was time for another "WTF episode" – our signature emergency broadcasts reserved for the financial world's most shocking moments.</p><p>Together, Jeff and Vineer dissect the tariff chaos sending shockwaves through global markets, with Vineer providing insights on the critical liquidity crisis unfolding across stocks, bonds (especially long-term), and their derivatives. This episode delivers the expert analysis and perspective you need when markets go haywire – just like when we talked crude oil's negative plunge and the GameStop rebellion that took down a hedge fund in years past. </p><p>No scripted talking points, no scheduled interviews – just raw, unfiltered market commentary when you need it most. The world's financial markets just had a moment... and so did we. SEND IT!</p><p><strong>Chapters:</strong></p><p>00:00-00:49 = Intro</p><p>00:50-11:08 = Market Volatility and Liquidity: The New Trading Ecosystem</p><p>11:09-18:02 = Hedging Strategies in Uncertain Markets: 0DTE Options, straddles and strangles, and Tail Risk</p><p>18:03-30:56 = Global Asset Shifts: Bond duration, Basis Trades, Gold, and the Erosion of American Financial Exceptionalism</p><p>30:57-43:41 = Tail Hedging Economics: Getting out of the money</p><p>43:42-54:32 = Market Resilience and picking up steam: Is there hope for Trend Following?</p><p>From the episode:<a href="" target="_blank" rel="ugc noopener noreferrer">Relationship Between Trend-Following and Options (whitepaper) </a></p><p>Previous episode with Vineer:<a href="https://www.rcmalternatives.com/2021/03/taming-the-tails-with-longtail-alphas-vineer-bhansali-the-derivative/" target="_blank" rel="ugc noopener noreferrer">Taming the Tails with LongTail Alpha's Vineer Bhansali</a> </p><p><br></p><p>Follow along with Vineer on <a href="https://www.linkedin.com/in/vineer-bhansali-ba3527113/" target="_blank" rel="ugc noopener noreferrer">LinkedIn</a> and <a href="https://x.com/longtailalpha" target="_blank" rel="noopener noreferer">@longtailalpha</a> on X.com and be sure to check out <a href="https://www.longtailalpha.com/ " target="_blank" rel="ugc noopener noreferrer">LongTail Alpha's website</a> for more information!</p><p>Don't forget to subscribe to<a href="https://www.rcmalternatives.com/the-derivative-podcast/" target="_blank" rel="ugc noopener noreferrer">The Derivative</a>, follow us on Twitter at<a href="https://twitter.com/rcmAlts" target="_blank" rel="ugc noopener noreferrer">@rcmAlts</a> and our host Jeff at<a href="https://twitter.com/AttainCap2" target="_blank" rel="ugc noopener noreferrer">@AttainCap2</a>, or<a href="https://www.linkedin.com/company/rcm-asset-management/" target="_blank" rel="ugc noopener noreferrer">LinkedIn</a> , and<a href="https://www.facebook.com/RCMAlternatives/" target="_blank" rel="ugc noopener noreferrer">Facebook</a>, and<a href="https://info.rcmalternatives.com/get-our-blog-alternatives" target="_blank" rel="ugc noopener noreferrer">sign-up for our blog digest</a>.</p><p>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, visit<a href="http://www.rcmalternatives.com/disclaimer" target="_blank" rel="ugc noopener noreferrer">www.rcmalternatives.com/disclaimer</a></p><p><br></p>
April 3, 2025
<p>Dive into the fascinating world of trend following with Jeff Malec and one of the GOATs: Harold de Boer, a pioneering systematic trader who transformed his life path from a Dutch dairy farm into the sophisticated global investment firm Transtrend. In this episode, Harold shares insights into the evolution of trend following, discussing how understanding market trends is similar to understanding herd behavior, navigating complex market correlations, and maintaining resilience during challenging periods. Learn about the nuanced approach to trading across hundreds of markets, the importance of diversification, and why trend following remains a dynamic and adaptive investment strategy. With humor, historical perspective, and deep expertise, Harold reveals the art and science behind successful systematic trading. - Don’t miss a particular riveting segment at the end of this discussion on US cinema at its best - SEND IT!Chapters:</p><p>00:00-00:50 = Intro</p><p>00:51-03:23= Lessons from the Pasture</p><p>03:24-15:09= Rotterdam and the Netherlands: A Brief Introduction</p><p>15:10-37:13= Market Diversification and the Evolution of Trend Following</p><p>37:14-49:00=Navigating Market Complexity: Filters, Risks, and Trend Following Innovation</p><p>49:01-01:03:59= Resilience and Adaptation: Surviving Trend Following Drawdowns</p><p>01:04:00-01:10:59= Cinematic Insights: A Coen brother’s tribute</p><p><br>From the episode:</p><p><a href="https://www.amazon.com/Coffee-Trader-Ballantine-Readers-Circle/dp/0375760903/ref=asc_df_0375760903?tag=bingshoppinga-20&linkCode=df0&hvadid=80814185066028&hvnetw=o&hvqmt=e&hvbmt=be&hvdev=c&hvlocint=&hvlocphy=&hvtargid=pla-4584413739524043&psc=1"><u>The Coffee Trader (Book)</u></a></p><p>Fat tails and tall heads blog post: <a href="https://www.rcmalternatives.com/2013/02/fat-tails-and-tall-heads/"><u>https://www.rcmalternatives.com/2013/02/fat-tails-and-tall-heads/</u></a></p><p><a href="https://www.rcmalternatives.com/2024/02/advanced-hedge-fund-replication-with-the-top-down-riding-diverse-etf-modeling-flows-with-dbis-andrew-beer/"><u>Advanced Hedge Fund Replication with the Top Down – riding diverse ETF modeling flows with DBi’s Andrew Beer</u></a></p><p><a href="https://www.rcmalternatives.com/2019/07/the-definitive-list-of-the-best-investing-movies/"><u>Trading Movies blog post</u></a></p><p><br></p><p>Follow along with <a href="https://www.linkedin.com/in/harold-de-boer-27b638144/" target="_blank" rel="noopener noreferer">Harold</a> and <a href="https://www.linkedin.com/company/transtrend/" target="_blank" rel="noopener noreferer">Transtrend</a> on LinkedIn and be sure to check out their website for more information at <a href="https://www.transtrend.com/en/" target="_blank" rel="noopener noreferer">transtrend.com/en</a></p><p>Don't forget to subscribe to<a href="https://www.rcmalternatives.com/the-derivative-podcast/">The Derivative</a>, follow us on Twitter at<a href="https://twitter.com/rcmAlts">@rcmAlts</a> and our host Jeff at<a href="https://twitter.com/AttainCap2">@AttainCap2</a>, or<a href="https://www.linkedin.com/company/rcm-asset-management/">LinkedIn</a> , and<a href="https://www.facebook.com/RCMAlternatives/">Facebook</a>, and<a href="https://info.rcmalternatives.com/get-our-blog-alternatives">sign-up for our blog digest</a>.</p><p>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, visit<a href="http://www.rcmalternatives.com/disclaimer">www.rcmalternatives.com/disclaimer</a></p>
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