Looking for Trends: One River Asset Management’s Eric Peters

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Dec 22, 2025

Eric Peters, leader of One River Asset Management and Coinbase Asset Management, dives into the intricacies of risk mitigation and trend following in finance. He shares his early trading lessons from the Chicago corn pit and discusses the significance of dynamic hedging and discretionary exits in investing. Eric also highlights global debt expansion as a major macro trend and delves into Bitcoin's evolving role as collateral. Finally, he envisions the future of asset management with a shift towards younger investors and the blending of DeFi with traditional markets.

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ADVICE

Hedge To Create Dry Powder

Use hedges integrated with your portfolio so they generate cash during crises instead of forcing big de-risks.
That cash lets you meet liabilities or buy cheap assets rather than panic-selling.

ADVICE

Avoid Static Hedges When Vol Is Cheap

Be dynamic with hedges rather than locking in strikes when volatility is cheap.
Adjust hedges to preserve convexity across potential rallies before a crash.

INSIGHT

Two Paths To Capture Trends

Trend following can be discretionary (high conviction) or systematic (diversified, emotional-free).
Systematic trend across many markets captures dislocations investors miss and protects against correlation breakdowns.

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Eric Peters, who leads both One River Asset Management and Coinbase Asset Management, shares his views on risk management, trend following, and the future of finance.

This episode was recorded on December 17, 2025.

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