The Derivative

Jeff Malec sits down with Josh Blanchfield of Avos to trace his path from physics at Harvard, poker pro, and 11 years at Bridgewater (including co-heading the trading desk during Lehman) to running a concentrated, risk-aware commodities and macro shop. Josh explains why China is “ground zero” for global commodities, detailing how its import cuts, stockpiling, and scrap polici...

*This podcast is provided for informational and educational purposed only and should not be considered investment advice or a recommendation of any specific security, strategy or investment product. The views expressed in this recording are the personal views of the participants as of the date of this podcast, are subject to change, and do not necessarily reflect the view...

In this episode of The Derivative, host Jeff Malec welcomes back Standpoint Asset Management founder and CIO Eric Crittenden for his third appearance, diving into what’s happened since Standpoint launched in 2019 and why their approach has remained unchanged. Eric explains why he resists the industry’s obsession with “constant innovation,” favoring disciplined stabil...

Jeff sits down with Gavin Filmore of Tidal for a deep dive into why, even after three decades, the ETF industry is still, potentially only in the “second or third inning.” Gavin walks through the evolution from simple, passive equity ETFs to today’s surge in active and derivatives-based products, explaining how his experience running an oil ETN through the negative-oil shock ...

This week on The Derivative, Jeff Malec sits down with Burnt Island Ventures founder Tom Ferguson to explore why water might be the most underappreciated investment theme on the planet. Tom walks through the $1.6 trillion annual capex flowing into water, why our pipes and treatment systems are effectively “Victorian tech” in a digital world, and how that creates a massive ope...