Market Volatility | Cem Karson ICW Rajeev Suri

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Earlier this week, had a chance to catch up with Cem Karsan of Kai Volatility Advisors. Cem is a citizen of the world; he's spent time in London, Turkey, Texas, and is now based in Chicago. He's also an expert in trading market volatility and exploiting skews to generate Alpha. Previously, he's worked with renowned Wall Street investor John Mulheren at Bear Wagner Specialists. Cem believes that the markets move on flows, not on fundamentals, and that flows determine volatility which is what Cem plays on. During the '08 recession, Cem was doing almost 13% of the S&P market options volume.

In this conversation, we touch on multiple themes within the larger space of market volatility, with timestamps listed below. Hope you enjoy this as much as we did!

Linkedin: https://www.linkedin.com/in/rajeevsuri
Twitter: https://twitter.com/rajeevsuri

TIME STAMPS:
00:00 --- Introduction
04:28 --- The macro-environment we live in
06:50 --- The rise of passive flows
08:55 --- Hedging in a liquidity bubble
12:18 --- Volatility arbitrage opportunities
13:38 --- Opportunity #1: Structural mispricings in the volatility market
20:45 --- Opportunity #2: The predictive power of dealer positioning
28:21 --- Dealer positioning & the 2020 Trump election
32:42 --- Structural mispricings & the average investor
36:02 --- Dealer positioning & the rise of meme stocks
39:37 --- Commodity markets: wrong dealer positioning or fundamentals?
45:17 --- Regime change & its effects
48:58 --- How liquid is the long term vol market?
51:26 --- Passive investing & the volatility market
53:59 --- Are there limits to volatility arbitrage opportunities?
56:56 --- Cem Karsan & his Twitter code.
59:07 --- Conversation close.
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