Markets & Macro Commentary
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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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MEGA to SEGA: Why Seoul beating Saxony shows just how hard it is to Diversify
Here’s the thing about volatile markets: when things are getting hit, you look at home first. It’s reflexive. Your newsfeed…
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Asset Class Scoreboard: April 2026
April 2026 brought a broad recovery across asset classes, reversing much of March’s losses. U.S. Stocks led the month at…
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Trend Following’s Bond Problem
Our own Jeff Malec went solo on the Derivative last week, dishing on all sorts of topics from ski races…
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Asset Class Scoreboard: March 2026
March 2026 brought a broad pullback across most asset classes to close out the first quarter. World Stocks fell -8.03%…
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OpenSnow’s Joel Gratz built a Pod Shop for Powder Days: the PMs are Meteorologists and the Returns are Faceshots. Send It!
What happens when a data-obsessed mind that could have been optimizing portfolios decides to optimize powder days instead? This episode…


