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The Derivative

RCM Alternatives
Risk Management
Investment Strategies
Managed Futures
Etfs
Volatility
Return Stacking
Options Trading
Hedge Funds
Bonds
Trend Following
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.

PublishesWeeklyEpisodes227Founded6 years ago
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Latest Episodes

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

Jeff Malec sits down with Christopher Reeve, Chief Investment Officer of Aspect Capital, one of the original managed futures shops with roots tracing back to the "L" in AHL. Chris shares his path from chemistry and early-2000s AI at Oxford to 22 year... more

Recorded live in Puerto Rico, this special episode of The Derivative features host Jeff Malec with guests Brent Johnson, Jason Buck, and Mark Tower exploring how alternative investments are behaving in a world shifting from globalization to de‑global... more

Join Jeff Malec for another solo Six Pack episode of The Derivative, where he riffs on everything from the post-COVID conference circuit to bond markets, AI, and yes… public restrooms. Jeff contrasts the buttoned-up energy of iConnections with the be... more

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Recent Guests

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 ?
Joel Gratz
Founder of OpenSnow app (powder forecasting and weather data for skiers)
OpenSnow
Episode: OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are Faceshots. Send It!
Ian Winer
Graduate of West Point, founder of Center15 Capital
Center15 Capital
Episode: Drone Wars, Space Intelligence, and AI-powered Defense Tech Investing with Ian Winer of Center15 Capital
Patrick Kazley
President, Head of Solutions at OneRiver
OneRiver
Episode: SuperCars, Salad, and Sumo Wrestlers: Inside OneRiver’s Systematic Risk Mitigation Playbook with Patrick Kazley
Bruce Sinclair
Founder/CEO of Brent Trading, grain trader
Brent Trading (South Africa)
Episode: Carry, Calendar Spreads, and Climate: Bruce Sinclair on the Future of Grain Markets

Host

Jeff Malec
Host of The Derivative with a focus on alternative investments and risk management.

Reviews

4.7 out of 5 stars from 113 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.

Interviews are insightful; a few notes on pacing and staying concise would help.
Guest list is strong and varied, with practical insights.
Great resource for those seeking depth in volatility and risk management.
Guests are top-tier; the host could benefit from smoother transitions.
Consistently valuable content for alternative investing enthusiasts.

Chart Rankings

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

Apple Podcasts
#148
United Kingdom/Business/Investing
Apple Podcasts
#188
France/Business/Investing
Apple Podcasts
#208
Germany/Business/Investing
Apple Podcasts
#215
Sweden/Business/Investing
Apple Podcasts
#217
India/Business/Investing
Apple Podcasts
#244
Norway/Business/Investing

Talking Points

Recent interactions between the hosts and their guests.

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.

Audience Metrics

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

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Frequently Asked Questions About The Derivative

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

Listeners tune in to explore how alternative investment strategies are constructed and risk managed, with in-depth conversations featuring hedge fund managers, commodity traders, and institutional investors. Episodes often center on systematic risk mitigation, long volatility, trend following, and quantitative approaches, alongside real-world trading anecdotes and practical implementation notes for institutions and high-net-worth portfolios. A standout trait is the mix of rigorous, model-based discussions with accessible storytelling, plus a willingness to cover niche markets like grains, uranium, and maritime trade. This fusion of cutting-edge strategies and domain-specific insights makes it a strong fit for finance professionals seeking a... 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. The Meb Faber Show - Better Investing
4. Macro Hive Conversations With Bilal Hafeez
5. The Macro Trading Floor

How many episodes of The Derivative are there?

The Derivative launched 6 years ago and published 227 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. Christopher Reeve
2. Jason Buck
3. Brent Johnson
4. Mark Tower
5. Scott Alford
6. Joel Gratz
7. Ian Winer
8. Patrick Kazley

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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