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Alpha Exchange

Dean Curnutt
Risk Management
Volatility
VIX
S&P 500
Inflation
Bitcoin
Options Trading
Gold
Monetary Policy
Central Banks
Derivatives
Investment Strategies
Financial Markets
Market Volatility
Financial Crisis
Exchange-Traded Funds
Equity Derivatives
Federal Reserve
Market Risk
Covid-19

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 fr... more

PublishesTwice weeklyEpisodes254Founded7 years ago
Number of ListenersCategories
ManagementBusinessInvesting

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Artwork for Alpha Exchange

Latest Episodes

It was a pleasure to host a conversation with Hari Krishnan, Head of Volatility Strategies at SCT Capital, on the changing nature of volatility markets, portfolio hedging, and why commodities may offer increasingly valuable diversification in today’s... more

It was a pleasure to welcome Rob Kaplan, Vice Chairman of Goldman Sachs, and former President of the Dallas Fed, to the Alpha Exchange.

We begin with Rob’s reflections on his time at the helm of the Dallas Fed from 2015 to 2021, a period spanning ra... more

It was a pleasure to welcome Wayne Dahl, Co-Portfolio Manager of Global Credit Strategy at Oaktree Capital Management, to the Alpa Exchange.

We begin with Wayne’s path through convertible arbitrage, structured credit, and multi-asset investing, and ... more

Welcome to Episode 250 of the Alpha Exchange. To celebrate the milestone, I asked my dear friend, Jon Kalikow, to host the conversation, switching seats and having me as the guest.

I launched the podcast in 2018 with a simple idea: to create space ... more

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Recent Guests

Hari Krishnan
Head of Volatility Strategies at SCT Capital
SCT Capital
Episode: Hari Krishnan, Head of Volatility Strategies at SCT Capital Management
Rob Kaplan
Vice Chairman of Goldman Sachs; former President of the Dallas Fed
Goldman Sachs
Episode: Robert Kaplan, Vice Chairman of Goldman Sachs, and former President of the Dallas Fed
Wayne Dahl
Co-Portfolio Manager, Global Credit Strategy at Oaktree Capital Management
Oaktree Capital Management
Episode: Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management
Dean Curnutt
Founder and host of the Alpha Exchange, sitting in the hot seat as guest for retrospective
Alpha Exchange
Episode: Alpha Exchange 250th Episode: A Retrospective
Libby Cantrill
Head of Public Policy
Piper Sandler (or mentioned in context; ensure exact affiliation if known)
Episode: The Shock Heard ‘Round the World: US Government Bonds
Ken Rogoff
Professor of Economics
Harvard University
Episode: The Shock Heard ‘Round the World: US Government Bonds
Mark Rosenberg
Founder
GeoQuant
Episode: The Shock Heard ‘Round the World: US Government Bonds
Kris Abdelmessih
Author of the MoonTower Substack and founder of MoonTower.AI
MoonTower.AI; MoonTower Substack
Episode: Kris Abdelmessih, Co-Founder, Moontower.ai
Zach Buchwald
CEO and Chairman of Russell Investments
Russell Investments
Episode: Zach Buchwald, Chairman and CEO, Russell Investments

Host

Dean Curnutt
Host of The Alpha Exchange

Reviews

4.8 out of 5 stars from 196 ratings
  • Excellent

    Excellent podcast. Informative. I came across it while looking for Mandy Xu interviews— I like her vix analysis — wound up here and I’m hooked.

    Apple Podcasts
    5
    sp312_IOMT
    United States5 months ago
  • Nice Vol Review

    Nice Vol Review

    Apple Podcasts
    5
    san_prod
    Switzerland3 years ago
  • Glad I found it

    Thanks so much for creating it public

    Apple Podcasts
    5
    Collar John
    United States3 years ago
  • Love it!

    It’s definitely worth your time if you are trying to stay informed.

    Apple Podcasts
    5
    Mariann!!
    United States4 years ago
  • Colin Lancaster interview was great

    Alpha Exchange is one of my favorite podcasts. Really smart discussions around global macro, volatility, convexity. Great guests and Dean is a fantastic interviewer

    Apple Podcasts
    5
    Derivatives Trader
    United States5 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Listeners praise the depth and sophistication of macro and quantitative discussions.
The show is commended for avoiding partisan politics while delivering rigorous market analysis.
Guests consistently bring high-level expertise, yielding practical risk-management ideas.
Insightful and authoritative host with a strong track record in extracting actionable takeaways.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Apple Podcasts
#210
Italy/Business/Investing
Apple Podcasts
#57
India/Business/Investing
Apple Podcasts
#133
Switzerland/Business/Investing
Apple Podcasts
#139
Chile/Business/Investing
Apple Podcasts
#176
Hong Kong/Business/Investing
Apple Podcasts
#178
South Korea/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

Hari Krishnan, Head of Volatility Strategies at SCT Capital Management
Q: Tell us a little bit about how you came to write the book and then the big picture thrust of what's in there.
Hari Krishnan describes stumbling into tail risk hedging around 2007, aiming to provide practical protections that respond to worsening market conditions. He outlines how the book presents a framework for hedging that can be efficient and scalable, detailing how tails are fatter on short horizons and how strategies like short-dated gamma hedges and long-dated calls can capture convexity while managing costs.
Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management
Q: What does your current portfolio construction look like given macro uncertainty and the desire to balance yield and risk?
The approach emphasizes diversifying across liquid credit markets, strategic use of RMBS and shorter-duration high-income instruments, and a disciplined reaction to rate moves, aiming to preserve capital while capturing attractive yields without taking on excessive duration or concentration risk.
Wayne Dahl, Co-Portfolio Manager, Oaktree Capital Management
Q: Take us a little bit through your career history.
Dahl describes starting in convertible arbitrage in the 90s, moving through Canyon Capital Advisors and Prosiris with a focus on risk management, and eventually returning to California to work on Oaktree's global credit strategy, synthesizing those experiences into a cohesive framework for managing risk across rates, credit, and equity exposures.
Robert Kaplan, Vice Chairman of Goldman Sachs, and former President of the Dallas Fed
Q: Tell us just a little bit about, as you sort of think back on your six years running the Dallas Fed.
Rob Kaplan reflects on the balance between structural drivers and cyclical data, discusses the balance of risk and the Fed's stance during major policy shifts, and notes how fiscal policy and regulation shape outcomes alongside monetary policy.
Zach Buchwald, Chairman and CEO, Russell Investments
Q: You'd love to learn a little bit more about how Russell has incorporated privates and private markets into client portfolios; how do you approach that within your framework?
He explains the mix of private markets within Russell's portfolio offerings, the range of client risk tolerances, liquidity considerations, and how private assets are integrated alongside public markets to enhance diversification and outcomes.

Audience Metrics

Listeners, social reach, demographics and more for this podcast.

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Frequently Asked Questions About Alpha Exchange

What is Alpha Exchange about and what kind of topics does it cover?

This program consistently draws deep-discussion conversations with senior professionals in macro, credit, and quantitative investing. Episodes center on risk pricing, monetary policy dynamics, volatility, and the evolving roles of private credit, AI-driven capex, and geopolitical risk in asset allocation. Guests are often practitioners from leading firms who share actionable frameworks for risk management, portfolio construction, and navigating regime changes in markets. A standout trait is its willingness to tackle complex concepts—like volatility risk premia, liquidity dynamics, and political risk—through rigorous, data-driven dialogue, making it a strong fit for listeners who want practical insights from top-tier market operators without... more

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Which podcasts are similar to Alpha Exchange?

These podcasts share a similar audience with Alpha Exchange:

1. Top Traders Unplugged
2. Monetary Matters with Jack Farley
3. The Market Huddle
4. Macro Hive Conversations With Bilal Hafeez
5. Forward Guidance

How many episodes of Alpha Exchange are there?

Alpha Exchange launched 7 years ago and published 254 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on Alpha Exchange?

Recent guests on Alpha Exchange include:

1. Hari Krishnan
2. Rob Kaplan
3. Wayne Dahl
4. Dean Curnutt
5. Libby Cantrill
6. Ken Rogoff
7. Mark Rosenberg
8. Kris Abdelmessih

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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