The Derivative

On this episode of The Derivative, Jeff Malec continues Chicago Month with a deep dive into the past, present, and future of derivatives and volatility at Cboe with two of its stars. 
First up, Cboe Global Head of Derivatives Rob Hocking traces Chicago’s rise as the world’s derivatives hub, from the Board of Trade’s agricultural hedging roots to SPX and VIX becoming the center of global risk transfer. Rob walks through life in the OEX and SPX pits, the culture of open outcry, the evolution from Hull and DRW to “the dark side” at the exchange, and how today’s liquidity, zero‑DTE flows, and concentrated market‑making still hold up under stress. He and Jeff dig into whether the derivative can ever outgrow the underlying, why S&P 500 remains the benchmark despite megacap concentration and global basis risk, and how Cboe balances the floor’s high‑touch block business with a mostly electronic market.
Then Mandy Xu, Head of Derivatives Market Intelligence at Cboe, joins to break down the current volatility regime. She explains what VIX really measures (and why “fear gauge” is often wrong), how Cboe decomposes VIX into bullish vs bearish positioning, and why today’s record call‑chasing and low skew feel uncomfortably close to meme‑stock and late‑’90s territory. Mandy covers the rise of zero‑DTE, option‑income and buffered ETFs, the breakdown of stock–bond correlation, the AI‑driven dispersion trade, and whether vol selling is truly “artificially” suppressing risk. The trio also find time for some Chicago vs New York banter—pizza, skylines, seasons, and sports—and a look at what’s next from Cboe, from binaries on XSP to trading KPI‑style “valuation chain” products tied to names like Tesla and Cboe itself.

00:00-01:43=Intro
01:44–05:36 = From Corn Contracts to Options Hub
05:37–20:42 = Pit Sheets to $5 Trillion a Day: Inside the S&P Options Machine
20:43–30:29 = Game Within the Game
30:30–35:36 = Big Blocks, Complex Trades, and the Future Beyond VIX38:07-42:15 =  Pork Chops at Soldier Field
42:16–51:09 = Retail Flows and the New Vol Regime
51:10–1:02:57 = Is VIX Still the Fear Gauge? What’s Really Driving Risk
1:02:58-1:07:18 =  AI Winners, Dispersion, and the 60/40 Shift1:07:19-1:13:16 =  Building Better Hedges
1:13:16-1:17:34 =  Chicago vs. New York: Pizza, Seasons, Sports, & Final Whistle

From the Episode:How Futures saved Stocks
RCM VIX Whitepaper
Blog Post - VIXmaggaeddon

Follow along with Rob Hocking, Mandy Xu, and the Cboe on LinkedIn and be sure to visit cboe.com for more information!
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Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

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 bungalows, and relative affordability, while tackling the tough stuff around crime headlines, taxes, and politics. He breaks down post-pandemic migration, why inventory is so tight, how boomers with 2–3% mortgages and “Bank of Mom and Dad” shape the market, and why millennials are choosing flexibility and crypto over owning. Jeff and Tommy hit on stubbornly high rates, surging rents, condo special assessments, aging buildings, the limits of Loop office-to-resi conversions, and how AI and blockchain might (and might not) change the game. They wrap with a very Chicago detour into best burgers, dive bars, Wrigley in summer, and a few local hacks for seeing the city like a native. If you care about real estate as an asset class, Chicago as a case study in big-city risk and reward, or just want some elite burger intel, this one’s for you.
Chapters:
00:00-01:00=Intro
01:01–03:47 = Selling Chicago: Food, Beaches, Weather, Taxes, and Crime Headlines
03:48–15:57 = Inventory Squeeze: Boomers, Millennials, Rates, and the Battle to Buy or Rent
15:58–30:54 = Life as a Top Realtor: Relationships, Weekends, and the Business Behind the Billion
30:55–43:32 = AI, Search, and the Future Home Hunt: How Tech Is Rewiring Real Estate
43:33–59:19 = Commissions, Class Actions, and Blockchain: Cleaning Up the Real Estate Game
59:20–1:07:10 =  The NAR Shake-Up
1:07:11–1:22:19 =  Chicago Like a Local: Best Burgers, True Dive Bars, Wrigley, Cherry Blossoms, and City Hacks
Follow along with Tommy Choi on LinkedIn and X and be sure to check out his website at weinbergchoi.com!
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Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

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 defense, and how underinvestment in mines, fragile supply chains from Chile to the DRC, and China’s smelting dominance are setting the stage for structural shortages. Natalie breaks down the real fundamentals: tariffs, sulfuric acid bottlenecks, strategic stockpiling, and the difference between visible and hidden inventories, while Kurt connects it all to macro, inflation, and why investors may be underestimating copper versus the miners. Along the way, they hit on rare earths, environmental trade‑offs, and what rising retail interest in copper bars might signal about the next phase of the metals trade. SEND IT!
Chapters:
00:00-01:16=Intro
01:17–04:58 = Natalie & Kurt: From Chemistry Labs to Copper Markets
04:59–14:09 = What Makes “Dr. Copper” Special? Conductivity, AI, EVs & the Grid
14:10–26:41 = Inside the Copper Supply Machine: Mines, Smelters & China’s Grip
26:42–39:34 = Tariffs, Trade Wars & Regional Shortages: How Policy Moves Copper
39:35–56:19 = Structural Deficits, Sulfur Shocks & the Coming Copper Crunch
56:20–1:03:09 = Investing in Copper: Futures vs. Miners, Inflation & Retail FOMO
1:03:10–1:08:43 = Copper Bars, Lab-Grown Diamonds & Restaurant Recs

Blog Post: The Hardest Trade Is Holding the Thing That Doesn’t Hug You Back
Podcast episode: Unlocking the Commodity Risk Premium with Kurt Nelson of SummerHaven

Follow along on LinkedIn with Kurt Nelson & Natalie Scott-Gray and be sure to check out summerhavenindex.com and stonex.com for more information!
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Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

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 interest rate futures in the late 1970s to pay tuition evolved into a decades-long career shaped by mentors at Commodities Corp, relationships with legends like Paul Tudor Jones and John Henry, and a unique “outside inside trader” role that let him keep practicing medicine at Stanford while managing money. He explains how his medical background and scientific training influence his approach to risk, uncertainty, and decision-making, and breaks down Welton’s strategy mix across trend following, macro, short-term flow trading, and equity selloff protection. Along the way, Patrick and Jeff dig into the myths around trend following “dying,” why diversification and staying power matter more than narratives, how capital flows really drive short-term moves, and what it takes to survive for 30+ years in a business where most firms disappear. SEND IT!
Chapters:
00:00-02:03=Intro
02:04-09:40=Doctor to Trader: Patrick Welton’s Origin Story, From Wauwatosa to Futures and the ER
09:41-30:03= From 1987 Crash to Commodities Corp: How Patrick and Annette Turned a Side Hustle into a Trading Career
30:04-43:19= Doctors, Scientists, and Traders: Embracing Uncertainty, Reflexivity, and the Real Drivers of Trend Following
43:20-56:16= AI, Innovation, and the “CTA Winter”: Cycles, Flows, and the Future of Trend Following
56:17-01:14:19= Building Welton’s Playbook: Diversifying Alpha, Short-Term Flows, and the Art of Surviving as an Asset Manager
01:14:20-01:29:48= Alt Data, Capital Flows, and What Really Matters: Patrick Welton on Research, Edges, and the Future of Trading
01:29:49-01:37:47= End-of-Month Myths, Market Microstructure, and the Limits of Short-Term Edges

From the Episode: 
Leverage Is Bad. Except When It Isn’t. Morningstar Just Made the Distinction Official
Book: Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life

Book: Market Wizards, Updated: Interviews with Top Traders

Jack Schwager on The Derivative

Follow along with Dr. Welton and Welton Investment Partners on LinkedIn and be sure to check out Welton's website at welton.com for more information!
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Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.rcmalternatives.com/disclaimer⁠⁠⁠⁠

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 into his career, getting a last-minute shot after the ’94 strike, surviving as a finesse pitcher in a power era, facing legends like Randy Johnson, Greg Maddux, and Sammy Sosa, and taking the mound during the 1998 home run chase. Scott shares how he lost roughly 70% of his portfolio in the dot-com bust while still playing, what it taught him about risk and advisors, and how it pushed him into wealth management. He explains why many athletes blow through life-changing money, how he builds portfolios with buffered ETFs, structured notes, and private credit, and how he manages expectations around upside, downside, and liquidity. The conversation widens to NIL, parents effectively betting travel-ball costs on scholarships, and the risk of turning college sports into a money race. Scott also talks about raising two Division I volleyball players, the mental side of high performance, and how those lessons carry into investing, before closing with his favorite baseball cities and parks, from Wrigley day games to the old Jake in Cleveland and nostalgic nights at Dodger Stadium. SEND IT!
Chapters:
00:00-02:21=Intro
02:22-09:59= Private Jets, Bandon Dunes, and the Road from Carlsbad to the Big Leagues
10:00-24:09= Facing Maddux and the Big Unit: Velocity, Wiffle Balls, and the Rise of the 100-MPH Era
24:10-34:12= From Million-Dollar Contracts to Going Broke: Why Pro Athletes Struggle with Money
34:13-44:17= Making a Short Career Last a Lifetime: Contracts, Risk Math, and Smoother Portfolios
44:18-56:31= Buffers, Structured Notes, and Private Credit: Building Smoother Rides Through Rough Markets
56:32-01:05:47= First Responders vs. Second Responders: Buffers, Managed Futures, and Protecting the Downside
01:05:48-01:14:25= NIL, Transfers, and Pandora’s Box: How College Sports Turned into a Money Game
01:14:26-01:22:28= From Youth Sports to Life After the Game: Parenting, Perspective, and Baseball’s Best Cities
01:22:28-01:27:57= Gibsons, Wrigley Day Games, and Why Petco Might Be Baseball’s Best Park

From the Episode: 
PIVOT PODCAST (Caleb Williams podcast episode)
https://open.spotify.com/episode/4qO6oXmftTn8Jl4Ru3R4Mg?si=kzx-UJ_YTe25pDr8mNHfAQ&nd=1&dlsi=4cc9da8589d542a2
Follow along with ⁠Scott⁠ and ⁠Silverleaf WM⁠ on LinkedIn and be sure to check out ⁠silverleafwealth.com⁠ for more information!
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