In this episode we are joined by Kai Volatility founder Cem Karsan. Cem has led the way in educating investors about the importance of option dealer flows and the impact of hedging on the market. We discuss this issue in depth and look at how dealer positioning can have a much greater impact on markets than many believe. We also look at what that impact means for long-term investors.
In the second half of the conversation, we discuss Cem’s unique macro framework and the major secular changes the economy and markets are seeing in the wake of the pandemic. He also provides one of the most insightful answers we have had to our standard closing question so make sure to stay tuned until the end.
We hope you enjoy the discussion.
ABOUT THE PODCAST
Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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