Alternative Investments
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The $18 Billion of Capped Investors Cursing this Rally
We wanted to have the title be: why $18 B of investors missed out on the Tayvis wedding. But maybe…
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Asset Class Scoreboard: June 2026
June 2026 closed out the second quarter with a mixed picture across asset classes. Commodities fell -10.49% for the month,…
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The Doctor who Traded Pork Bellies: Patrick Welton’s Journey from Stanford Oncologist to one of Trend Following’s Quiet Legends
In this episode, Jeff Malec sits down with Dr. Patrick Welton to trace his remarkable path from Wisconsin kid to…
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Leverage Is Bad. Except When It Isn’t. Morningstar Just Made the Distinction Official.
We’ve all heard the lectures. Leverage caused the GFC. Leverage blew up Long-Term Capital Management in ’98. Leverage cratered Amaranth…
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Painting Corners to Protecting Portfolios: Former MLB pitcher Scott Karl on How Athletes Blow the Money, Alts, the Mental Side of Performance, and the NIL Era
In this episode, former Milwaukee Brewers left-hander Scott Karl traces his journey from Carlsbad baseball standout to big league starter…
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Crisis Alpha, Cocoa Trends, and Correlated Trendlessness: Inside Aspect Capital’s Strategy with Christopher Reeve
Jeff Malec sits down with Christopher Reeve, Chief Investment Officer of Aspect Capital, one of the original managed futures shops…
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Drone Wars, Space Intelligence, and AI-powered Defense Tech Investing with Ian Winer of Center15 Capital
In this episode of The Derivative, Jeff Malec sits down with Ian Winer, West Point grad and founder of Center…


