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PODCAST

Alpha Exchange

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,

business investing

All Episodes

00:52:04

Chris Hentemann, Founder and CIO, 400 Capital Management

Alpha Exchange ·

2026/10/09

Chris Hentemann launched 400 Capital Management in October of 2008, in the teeth of the Global Financial Crisis, with roughly $2.5 million of friends, family and mostly his own capital. Today, 400 Capital manages approximately $8 billion, focused on asset-based and securitized credit.We begin with Chris’s early career at First Boston, Salomon Brothers and Bank of America, where he developed expertise across mortgages and structured products. Chris reflects on the extraordinary expansion of bank

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00:50:05

Harley Bassman, The Convexity Maven

Alpha Exchange ·

2026/10/06

My guest today on the Alpha Exchange is the Convexity Maven, Harley Bassman. Harley joins me at a particularly interesting moment for markets, with long-end Treasury yields backing up, rate volatility elevated and the traditional relationship between stocks and bonds looking increasingly unsettled.We begin with Harley’s argument that the rise in long-term yields is less an inflation story than a trust story. With large fiscal deficits, growing interest expense and an enormous amount of Treasury

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00:50:18

Brij Khurana, Fixed Income Portfolio Manager, Wellington

Alpha Exchange ·

2026/10/01

With one of the largest repricings in fixed income in decades underway, Brij joins me for a wide-ranging conversation on monetary policy, inflation, the wealth effect and where he sees opportunity across global bond markets.We begin with a provocative question: what if interest rates have become more effective at influencing financial markets than the real economy? Here, Brij argues that the traditional relationship between rates and business investment has weakened considerably. Ultra-low and

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00:49:52

Amanda Lynam, Chief Credit Strategist in Global...

Alpha Exchange ·

2026/09/23

It was a pleasure to welcome Amanda Lynam, Chief Credit Strategist in Global Investment Research at Goldman Sachs, back to the podcast. Nearly three years after our first conversation, much has changed! With the extraordinary capital expenditure cycle underway in artificial intelligence, there is no shortage of questions about how the corporate credit market will finance it and what the growing supply of debt means for investors.We begin with Amanda’s assessment of the broader credit landscape. She

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00:54:55

Kimberly Gallant, Global Head of QIS Structuring, CIBC

Alpha Exchange ·

2026/09/08

Kimberly Gallant, the Global Head of QIS Structuring at CIBC, has spent nearly two decades working across quantitative investment strategies, derivatives and structuring. Our conversation is a deep dive into the evolution of QIS and the economic rationale behind these increasingly important systematic investment strategies.We begin by exploring the origins of QIS and how ideas from academia, pension funds, commodity markets and bank trading desks ultimately converged into a cross-asset business

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00:43:09

The Case for Tail Hedging

Alpha Exchange ·

2026/09/04

In this discussion, I make the case for tail hedging. I communicate two main ideas. First, I lay out the concept of the “fourth type of risk off”, an episode that features instability in the back end of the US bond market. As I’ve said, nothing can really work in markets if the Treasury market does not. Count me as worried that the US fiscal issues are incredibly difficult to solve – we wouldn’t be here otherwise – and that the timeline to address them has shortened.Second, I argue that the US

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00:54:14

Ulrike Hoffmann-Burchardi, Chief Investment Officer...

Alpha Exchange ·

2026/09/01

I really enjoyed hosting this Alpha Exchange discussion with Ulrike Hoffmann-Burchardi, CIO for the Americas and Global Head of Equities at UBS Global Wealth Management. Ulrike has had a long career in markets, having spent nearly 25 years at Tudor Investment Corporation working across quantitative macro and global tactical asset allocation before joining UBS. We begin with Ulrike’s academic background in economics, political science and financial econometrics and the path that ultimately brought

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00:49:02

Tobias Adrian, Director of the Monetary and Capital...

Alpha Exchange ·

2026/08/21

The IMF’s Global Financial Stability Report is a twice yearly, must read. Leading the excellent research done here is Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department at the IMF. It was a pleasure to welcome Tobias to the podcast to explore the IMF’s financial stability framework, vulnerabilities in global markets, and the evolving risks shaping the financial system.We begin with Tobias’ role and the evolution of the GFSR, which combines market

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01:00:08

Jon Havice, Founder and CIO, DGV Solutions

Alpha Exchange ·

2026/08/13

It was a pleasure to welcome Jon Havice, Founder and CIO of DGV Solutions, back to the Alpha Exchange. Our conversation explores systematic investing, volatility risk premia, and portfolio construction for institutional investors.We begin with Jon's path from trading currency options and derivatives at O'Connor and UBS through hedge fund management and investment consulting before founding DGV Solutions. He reflects on advising endowments, foundations, and healthcare systems, and explains how

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00:44:02

The Market Disregards Correlation

Alpha Exchange ·

2026/07/31

It's been a busy year for the Alpha Exchange podcast — 25 episodes so far and an exciting fall schedule ahead. Today I'm going solo, assessing a backdrop for market risk that has proven quite unique this year. In the discussion that follows, I want to share what's on my mind with respect to the prices we all stare at every day, and tie together three crosscurrents that look separate on the surface but are really one story. These themes are low correlation, spot up vol up dynamics, and the cheapness

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01:10:34

Alec Litowitz, Founder of Magnetar Capital and QStar...

Alpha Exchange ·

2026/07/28

It was a pleasure to welcome Alec Litowitz, the Founder of Magnetar Capital and QStar Capital, to the Alpha Exchange. Central to our discussion is an exploration of the ideas in Alec’s new book, The Adaptability Quotient. Here, he draws on more than thirty years of investing across multiple market regimes.We begin with Alec’s three decades in financial markets, from his early years at Citadel through the founding of Magnetar. Looking back across multiple market cycles, he argues that long-term

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00:58:57

Franklin Parlamis, Founder & CIO, Aequim Alternative...

Alpha Exchange ·

2026/07/21

It was a pleasure to host an Alpha Exchange discussion with Franklin Parlamis, the Founder and CIO of Aequim Alternative Investments.Franklin brings a distinctive perspective shaped by two decades in capital structure and convertible bond arbitrage. His career spans the Russian debt restructuring of 1998—where he witnessed firsthand how broken correlations can unwind hedges—through the convertible market collapse of 2008, when leverage amplified systemic stress and "the machine broke." Our

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00:52:26

David Silber, Head of Institutional Equity...

Alpha Exchange ·

2026/07/10

It was a pleasure to welcome David Silber, Head of Institutional Equity Derivatives at Citadel Securities, to the Alpha Exchange to discuss the evolution of listed options markets, institutional liquidity, and the technology reshaping modern derivatives trading. We begin with Dave’s early career on the floor of the Chicago Board Options Exchange during the transition to multi-listed options, where market making, open outcry, and physical proximity to order flow defined liquidity provision. He

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00:23:40

The Three Types of Risk-Off

Alpha Exchange ·

2026/07/02

What causes significant risk-off events? Can they be anticipated to any degree? Understanding the how and why of these episodes is critical for investors seeking to avoid drawdowns. In this short podcast, I share how I think about episodes of risk-off, with particular attention to the interaction between stock and bond prices — before, during, and after market vol events. I outline three type of risk-off: the classic, the taper, and the liquidation, and provide examples of each. I also propose a

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01:01:58

Aaron Brown, Wall Street Quant and Author: Wrong Number

Alpha Exchange ·

2026/06/30

Aaron Brown is a Wall Street quant, risk manager, and trader. He’s also a professor and the author of the recent book Wrong Number—on probability, reasoning, and the role of skepticism in markets and beyond. We begin with Aaron’s unconventional path into finance, from identifying betting opportunities in horse racing and playing professional poker to studying under pioneers including Fischer Black before spending decades on Wall Street. The conversation explores how concepts from poker—including

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01:04:18

David Dredge, Founder and CIO, Convex Strategies

Alpha Exchange ·

2026/06/25

David Dredge, Founder and CIO of Convex Strategies, has spent his career in derivatives markets, on the long side of optionality and seeking value in convexity. It was great to learn more about the role he plays in fortifying client portfolios with insurance and to have him reflect on how periods of market stress expose limitations in traditional risk methodologies. Our conversation focuses on volatility supply and the structural forces that generate it. Here, David discusses the growth of

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00:47:57

Samir Patel, Global Head of Global Market Sales,...

Alpha Exchange ·

2026/06/22

It was a pleasure to host a discussion with Samir Patel, Global Head of Global Market Sales at Nomura Securities International, on leadership, client strategy, and the evolution of institutional markets businesses in an environment defined by constant change. The conversation emphasizes how institutional client relationships have evolved over time. Samir explains why clients increasingly seek counterparties with differentiated strengths rather than broad-based coverage across every product area

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00:56:29

Colin Lancaster, Global Co-Head of Discretionary...

Alpha Exchange ·

2026/06/12

It was a pleasure to welcome Colin Lancaster, Global Co-Head of Discretionary Macro and Fixed Income at Schonfeld Strategic Advisors, back to the Alpha Exchange. Our discussion focuses on the evolution of the multi-manager model, portfolio construction, and the challenges of navigating today’s macro environment.Colin discusses the importance of systems, data, and risk infrastructure, and why scale has increasingly become a competitive advantage. We explore how firms differentiate themselves

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00:59:22

Ronnie Wexler, Global Head of Equities Distribution,...

Alpha Exchange ·

2026/06/02

It was a pleasure to host a discussion with Ronnie Wexler, Global Head of Equities Distribution at Barclays, and solicit his insights on change – in markets, in client relationships and in the growing role of technology across the financial ecosystem.We begin with Ronnie’s early years at Goldman Sachs during the final stages of the technology bubble and the sharp market reversal that followed. He reflects on how periods of market stress, from the post-dot-com bear market to the GFC, have shaped

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01:01:43

Robert Flatley, Founder & CEO TS Imagine

Alpha Exchange ·

2026/05/11

I was excited to host this conversation with Rob Flatley, Founder and CEO of TS Imagine, on prediction markets, AI-driven workflows, and the structural changes reshaping financial market infrastructure.We begin with Rob’s path from software engineering into capital markets, including leadership roles at Bank of America and Deutsche Bank during the rise of electronic trading and through the Global Financial Crisis. That experience informs a broader perspective on how market infrastructure evolves

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