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The Derivative

RCM Alternatives
Risk Management
Investment Strategies
Managed Futures
Etfs
Volatility
Trend Following
Return Stacking
Options Trading
Hedge Funds
Bonds
Alternative Investments
Commodity Trading
Stocks
Interest Rates
Diversification
Zero DTE Options
Equities
Inflation
Commodities
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.

PublishesWeeklyEpisodes230Founded6 years ago
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Latest Episodes

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 bun... more

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 defens... more

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 inte... more

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 ... more

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Recent Guests

Natalie Scott Gray
Senior Metals Demand Analyst
StoneX
Episode: “Dr. Copper”: From Chilean Mines to Chinese Smelters to AI Data Centers in the US - with Kurt Nelson & Natalie Scott-Gray
Patrick Welton
Founder of Welton Investment Partners, physician-turned-trader
Welton Investment Partners
Episode: The Doctor who Traded Pork Bellies: Patrick Welton's Journey from Stanford Oncologist to one of Trend Following's Quiet Legends
Scott Karl
Former MLB pitcher and wealth advisor
Wealth advisor; formerly Brewers and other teams
Episode: Painting Corners to Protecting Portfolios: Former MLB pitcher Scott Karl on How Athletes Blow the Money, Alts, the Mental Side of Performance, and the NIL Era
Christopher Reeve
CIO at Aspect Capital
Aspect Capital
Episode: Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Jason Buck
Founder and CIO of Mutiny Funds
Mutiny Funds
Episode: Status of Alternatives - A Live Recording from Uncorrelated Puerto Rico
Brent Johnson
CEO of Santiago Capital
Santiago Capital
Episode: Status of Alternatives - A Live Recording from Uncorrelated Puerto Rico
Mark Tower
Executive Director and Head of Business Development at Asset Management One USA
Asset Management One USA
Episode: Status of Alternatives - A Live Recording from Uncorrelated Puerto Rico
Scott Alford
Co-founder (Oraclum Capital)
Oraclum Capital
Episode: The Hedge Fund that Polls Regular People Where Markets Are Going ?
Brent Belote
Oil trader and energy markets expert
Cayler Capital
Episode: Oil, War, and the Strait of Hormuz: What current events look like through the eyes of an energy trader

Host

Jeff Malec
Host of The Derivative; Managing Partner at RCM Alternatives; prominent voice in alternative investments and macro strategy discussions.

Reviews

4.7 out of 5 stars from 114 ratings
  • Amazing

    Whoever gave this podcast two stars should have their head examined. 5 stars! Too many amazing guests to name. Keep it up Jeff

    Apple Podcasts
    5
    sota_trading
    Canada3 years ago
  • Great volatility group of speakers

    The only problem was in backing up 15 seconds to hear a statement repeated, I was taken to a totally different part of the podcast.

    Minutes separate one push of the 10 second forward control. Tens of minutes on the 15 seconds back control. When the end of the countdown to podcast length came, it kept playing for 24 minutes material already covered.

    This never happens on this cast, and it isn’t my Apple podcast’s problem.

    Apple Podcasts
    4
    TheLoneComic
    United States3 years ago
  • Awesome podcast!

    This podcast is a great resource for anyone looking to learn more about the world of investing to enhance their market strategies! Jeff is very knowledgeable and each of his conversations with guests uncovers valuable information.

    Apple Podcasts
    5
    maddie@podcastingyou
    United States4 years ago
  • Great Guests + Interviewer needs improvement

    The guests brought on are incredible and I am grateful overall for the podcast! My suggestion for the interviewer is to not interject so much and talk over the guests. They are intelligent and clearly articulate their points. Let them finish speaking and then follow up. Many Thanks!

    Apple Podcasts
    4
    Matt8363891)3
    United States5 years ago
  • Benn Eifert was great / but host needs to cut the small talk!!

    I like this podcast overall and they have had some great guests. Benn Eifert is one of the most knowledgeable guys in the vol space and it was a great interview.

    One piece of advice to the host => PLEASE cut the small talk at the start of your interviews! In the Benn Eifert interview the first 15mins was small talk about SF vs LA and all sorts of other stuff. People want to get to Benn’s expertise on vol / convexity and not listed to 15mins of chit chat. Please get to the point faster....

    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.

High-quality guests with deep domain expertise across macro, commodities, and alternative strategies.
Host is knowledgeable and pushes for practical takeaways, though some listeners want less intro banter.
Very credible guests and timely topics in volatility and risk management.

Chart Rankings

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Talking Points

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Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Q: How has the strategy evolved from single-model trend following to a multi-model approach?
Aspect has always used multi-timeframe diversification. Over time they added modulators—non-trend models that capture orthogonal effects—to smooth returns and improve the portfolio's risk-adjusted profile. The flagship program still centers on trend following but with a broader, more diversified model set to reduce risk and enhance stability.
Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Q: What is Aspect's backstory and how did the founders come together?
The founders studied physics at Oxford, founded AHL, then formed Aspect in 1997 after some years apart. Two of the original AHL founders remained at Aspect, helping sustain the continuity of the firm while others retired. The network lineage from AHL and Man Group underpins Aspect's DNA.
Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Q: Give us the background. How did you get into the space and end up at Aspect?
I started as a junior risk analyst at Aspect, which was the first role I had in the space about 22 years ago. My background was chemistry, and AI in chemistry gave me a grounding for quantitative finance. I joined Aspect after graduating and progressed from risk and research toward leading the investment part of the business.
From Venezuelan Oil to Nuclear Frontiers: Navigating Resource Markets with Robert Mullin
Q: What were your first thoughts on the U.S. grabbing Venezuelan oil?
The idea of us leaning into what's going on in Venezuela has been pretty well telegraphed for a while, but the swiftness with which it was achieved was surprising.
The Endowment Playbook: Balancing Long-Term Goals with Current Market Volatility
Q: How do you foresee market volatility impacting your endowment strategies?
Market volatility requires us to be proactive in asset allocation, avoiding excessive risk and remaining flexible for future opportunities.

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Frequently Asked Questions About The Derivative

What is The Derivative about and what kind of topics does it cover?

A consistently evidence-driven show that centers on alternative investments, macro strategies, and the practical realities of asset management. Episodes frequently feature traders, fund managers, and researchers exploring trend following, long volatility, private credit, and global macro, with frequent forays into energy, commodities, and risk management. Notable is the willingness to host a wide range of industry experts—from quant funds and asset managers to defense tech and energy traders—delivering actionable insights for practitioners, portfolio builders, and sponsors alike. The format tends to blend strategic frameworks with real-world anecdotes, making it helpful for listeners who want to understand how complex investment ideas trans... more

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Which podcasts are similar to The Derivative?

These podcasts share a similar audience with The Derivative:

1. Top Traders Unplugged
2. Excess Returns
3. Macro Hive Conversations With Bilal Hafeez
4. The Meb Faber Show - Better Investing
5. Monetary Matters with Jack Farley

How many episodes of The Derivative are there?

The Derivative launched 6 years ago and published 230 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 The Derivative?

Recent guests on The Derivative include:

1. Natalie Scott Gray
2. Patrick Welton
3. Scott Karl
4. Christopher Reeve
5. Jason Buck
6. Brent Johnson
7. Mark Tower
8. Scott Alford

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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