Dean Curnutt - The Reflexivity of Equity Volatility (S6E16)
Corey Hoffstein and Dean Curnutt delve into Dean's career, from the 1987 stock market crash to insights from LTCM. They discuss shifts in Fed communication, market efficiency, and European banks' role in recycling correlation risk. Topics include options on variance, the Global Financial Crisis, and regulatory changes. They also explore reflexivity, meme stocks, and market dynamics like the UK systemic risk event and equity volatility. Dean shares his experience launching Macro Risk Advisors and the smart brokerage model, highlighting volatility's value in investment strategies. The episode concludes with insights from the MacroMinds foundation and a tarot card exercise.
In this episode I speak with Dean Curnutt, founder of Macro Risk Advisors and host of the Alpha Exchange podcast.
This episode is all about the nature of risk. More specifically, the endogenous risk that can manifest in markets. We discuss the crash of 1987, Long-Term Capital Management, the Financial Crisis of 2008, the XIV implosion of February 2018, and the 2020 COVID crisis.
With these crises in mind, we touches upon topics such as reflexivity, crowding, risk recycling, and the evolving role of the Fed. Dean also shares his thoughts about the nature of risk, how it is woven into the fabric of markets, and why it seems like there’s a crisis every 11 years.
For those who love to think about risk and the nature of markets, this episode is for you.
So sit back, relax, and enjoy this episode of Flirting with Models with Dean Curnutt.
Chapters
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Transcript
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