About the Alpha Exchange

A leading financial market podcast that brings together industry leaders for in-depth conversations about market risk, portfolio construction, the price of optionality, and the stance of monetary policy. Hosted by Dean Curnutt, and with more than 200 episodes since its launch in 2018, the Alpha Exchange explores the frameworks developed by expert guests to navigate a dynamic range of market cycles. We prioritize thoughtful analysis of risk, equipping our listeners with knowledge and perspective on complex topics in financial products and markets.

Our Focus

Overview

The Alpha Exchange podcast series was launched by Dean Curnutt in 2018 to explore topics in financial markets, risk management and capital allocation in the alternatives industry. With more than 200 episodes produced, the show has featured hedge fund CIOs, heads of strategy efforts, monetary policymakers and fintech entrepreneurs.

Expertise

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.

Objective

We aim to learn from the perspective our guests can bring and the frameworks they use to navigate the trade-off between risk and return. We lean into the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods in markets can provide important context to present day dynamics.

Important Themes

Some – but far from all – of the most poignant recurring themes on the podcast:

Price of Risk

The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. In seeking to earn carry, is the level of compensation attractive relative to history?  What risks – including crowding and a sharp decline in market liquidity – pose threats?

Monetary Policy

Because Central Banks have played such an important role in markets, especially post the GFC, our discussions often aim to help listeners better understand the evolution of monetary policy and the manner in which the real and financial economies are impacted.

Financial Products

An especially important area of focus is on financial product innovation and product development, and how these interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the way in which portfolio insurance played a large role in the 1987 Stock Market Crash.

Our Lens

Perspective

Our approach is “top down”, with conversations that cover markets from a macro perspective. We explore risk and opportunity across asset classes.

Politics

You will be glad to hear that we do not ask our guests for their political opinions. We do, however, seek a better understanding of the market impact of regulatory change, fiscal policy, election outcomes and events of geopolitical consequence.

Predictions

This podcast isn’t about making predictions. It is about how investors make decisions and manage portfolio risk under inherent states of uncertainty.

What They’re Saying

Dean is not only a highly respected practitioner in our field but does something that many who have the technical expertise can’t do, namely he’s able to ask questions and engage the guests in a way that takes some often very complex subjects and make them understandable for listeners to follow even if they don’t share the same level of technical know-how. Alpha Exchange has become an instrumental training tool for not only the juniors on our desk but for much of Global Markets as well.

Ali Samadi

Head of Institutional Equity Derivative Sales, Nomura

With Dean’s skilled questioning approach, the time flies, leaving you that little bit more informed “I’ve been listening to the Alpha Exchange for several years now and find it to be amongst the most sophisticated markets-oriented podcast out there. As a hedge fund CIO I am focused on identifying and managing macro portfolio risks and often find the discussions Dean has with his guests thought provoking and helpful in crafting my own narrative to guide portfolio construction.

Greg Lippmann

Founder and CIO, Libremax

The Alpha Exchange is a must listen to podcast. The guests are consistently excellent and the conversations probe important components of risk management and macro investing. Dean brings his own deep understanding of derivatives and risk to the discussions and I always walk away with more to think about. There’s an appreciation for uncertainty and the way in which the conversations bring in some financial history is unique and valuable.

Jonathan Kalikow

Founder and President, Gamma Real Estate

About Dean

Dean Curnutt is Founder of Macro Risk Advisors, a Finra broker-dealer that delivers in-depth global market risk analysis and transaction execution services that help clients achieve better risk-adjusted returns. 

Dean is a recognized expert on risk management and cross-asset volatility. He appears frequently on Bloomberg TV to share his views on markets and has delivered key-note presentations at the CBOE Risk Management Conference. He was named a “Rising Star of Hedge Funds” by Institutional Investor in 2012.

Dean holds an MBA in analytical finance with highest honors from the University of Chicago where he received the Citibank Award for best performance in finance. He earned a BA, Magna Cum Laude, from St. John’s University, where he has served as an Adjunct Professor of Finance and on the Board of Governors.

He resides in Rye with his wife and 3 children. He is the founder of the MacroMinds Foundation, a registered 501c(3) organization devoted to working with organizations that provide educational support to students.

As Seen On

Letter from the Founder

I founded the Alpha Exchange in 2018 to host sophisticated conversations with market experts on matters of risk and return. More than 200 episodes later – and with the VIX as low as 11 and as high as 83 along the way – I’m more excited than ever to be engaging with market participants, exploring their frameworks and seeking to help our listeners think through the always dynamic world of investing.

Technology is advancing at breakneck speed, the geopolitical landscape is being reordered and Central Banks are experiencing great tension in fulfilling their dual mandates. It makes for an especially challenging environment for taking risk. As “alpha”, as we call it in the industry, is increasingly difficult to manufacture, interaction and mindshare become increasingly important. 

The “Alpha Exchange”, then, becomes a forum that facilitates the exchange of ideas, prioritizes learning and sharpens the lens through which the listener examines markets.

Thank you for your interest and keep the feedback coming!
Dean Curnutt

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