

Alpha Exchange
Dean Curnutt
The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.
Episodes
Mentioned books

Mar 13, 2026 • 53min
Kris Abdelmessih, Co-Founder, Moontower.ai
Kris Abdelmessih, founder of an options analytics firm and author of the Moontower Substack, breaks down option pricing, volatility regimes, and trader mental math. He discusses rapid repricing of crude and silver skews, how skew alters vertical spreads and implied move probabilities, when spot moves lift volatility, and quick heuristics for converting vol to prices. He also shares his work teaching compounding to young investors.

Mar 9, 2026 • 45min
Zach Buchwald, Chairman and CEO, Russell Investments
Zach Buchwald, Chairman and CEO of Russell Investments who oversees hundreds of billions and leads its open-architecture portfolio approach. He discusses portfolio construction using best-of-breed managers. He talks about retirement’s shift from pensions to 401(k)s and how defaults, glidepaths and income solutions can help. He also covers OCIO services, manager selection, private markets, and using technology to improve investing.

Mar 4, 2026 • 52min
Alberto Gallo, Founder and Chief Investment Officer, Andromeda Capital Management
Alberto Gallo, founder and CIO of Andromeda Capital Management and veteran credit investor, discusses the long effects of extended QE on markets and inequality. He explores Andromeda’s asymmetric credit strategies, the rapid rise and risks of private credit, and positioning toward hard assets, convertibles, and shorting richly priced paper.

14 snips
Feb 19, 2026 • 49min
Michael Contopoulos, Deputy Chief Investment Officer, Richard Bernstein Advisors
Michael Contopoulos, Deputy CIO at Richard Bernstein Advisors and former sell‑side credit strategist, joins to discuss portfolio construction amid extreme US equity concentration. He explains underweighting mega‑caps, overweighting international markets, and applying a Merton framework to credit. He raises concerns about 40–50 year hyperscaler debt tied to AI infrastructure and the risks for lenders.

41 snips
Feb 4, 2026 • 52min
Louis Vincent Gave, Founding Partner & Chief Executive Officer, Gavekal Research
Louis Vincent Gave, founding partner and CEO of Gavekal Research, is a long-time macro commentator on China and global markets. He discusses China’s past role as a deflationary force, the shift from real estate to industrial investment, and the renminbi’s undervaluation and recent strengthening. He explores how that currency shift could reshape capital flows, asset prices, and saver incentives.

5 snips
Jan 30, 2026 • 50min
Libby Cantrill, Head of Public Policy, PIMCO
Libby Cantrill, Head of Public Policy at a global asset manager advising on U.S. fiscal, trade, and geopolitical policy. She discusses policy volatility driving markets today. Topics include tariffs and legal risks, U.S.-Europe tensions and Greenland intrigue, entitlement shortfalls and fiscal pressures, and implications for yields, reserve currency dynamics, and Fed independence.

Jan 27, 2026 • 23min
GME 5 Years Later…Lessons and Threats
A five-year look back at the wild GameStop run and the market forces that fed it. Discussion of how pandemic-era stimulus, zero rates, and retail platforms fueled massive call buying. A deep dive into option math, implied-vol spikes, hedging failures, and how dealer flows amplified the squeeze. Coverage of broker trading halts, index distortions, and the rapid unwind that followed.

6 snips
Jan 26, 2026 • 50min
Alex Urdea, Founder and CIO, Deep Ocean Partners
Alex Urdea, Founder and CIO of Deep Ocean Partners, built an asset-backed private credit platform after careers in credit derivatives and distressed investing. He discusses why downside protection and liquidation value drive underwriting. He contrasts compressed public credit spreads with niche private opportunities. He explains using data connectivity and real-time monitoring to spot issues early and manage portfolio concentration and macro risks.

9 snips
Jan 15, 2026 • 57min
Andrew Lapthorne, Global Head of Quantitative Research, Societe Generale
Andrew Lapthorne, Global Head of Quantitative Research at Société Générale, dives into today's extraordinary market dynamics. He reveals how a handful of mega-cap stocks dominate profits and raises alarms about valuation bubbles. Andrew highlights that while major indices seem stable, the average stock is pricier than during past bubbles. He critiques the impact of passive investing on market behavior, arguing it amplifies concentration risks. Their conversation also touches on the limitations of AI in trading and potential triggers for market shifts.

Dec 31, 2025 • 33min
Closing Thoughts on 2025
Discover the thrilling market dynamics of 2025, highlighted by a wild VIX day, a dramatic surge in Oracle, and a chaotic gold meltdown. Delve into the emerging 'stock up, vol up' phenomenon, where rising stocks lead to increased implied volatility, driven by fears of missing out. Explore the unsettling low correlation among stocks that may mask true market risks, and gain insights on the implications of these trends for 2026. The discussion uncovers how AI market concentration may introduce systemic vulnerabilities ahead.


