BONUS: Cem Karsan - Derivatives Are The Underlying скачать в хорошем качестве

BONUS: Cem Karsan - Derivatives Are The Underlying

Cem Karsan stops by The Business Brew to discuss the lens he views markets through.  Cem's viewpoint is unique compared to many guests on this program because he looks at how options dealers are positioned and considers what flows may result from that positioning.  Many guests on this show view equity valuation as the present value of the discounted cash flows available to equity.  While Cem would likely agree with that, he argues in this episode that an equity's valuation is really an output derived from the options market (which expresses probabilistic views of discounted cash flows).   We hope this episode gives you something to think about! Cem is the Founder and Senior Managing Partner of KAI Volatility Advisors. He is responsible for firm-wide management, as well as its Head of Research and Risk Management. Cem triple majored in Economics, Policy Studies and English at Rice University and holds an MBA from Northwestern University’s Kellogg School of Management. Follow Cem on Twitter:   / jam_croissant   Learn more about Kai Volatility Advisors: https://www.kaivolatility.com/ This episode is brought to you by Bastiat Partners, a boutique investment banking firm.  See https://bastiatpartners.com/.  Detailed show notes below. Album art photo taken by Mike Ando. Please see www.mikeando.com. Thank you to @mathewpassy (on Twitter) for the show production. Please leave us a rating in your favorite podcast player! Detailed Show Notes: Open – Cem’s background 7:25 – How Cem thinks about what matters to capital markets 13:10 – Valuations have no predictive value, short term 14:10 – What happened in 2017 and why did the market seem to go up every day? 21:40 – The counterintuitive conclusion of buying and selling volatility 23:10 – Why equities are derivatives of “derivatives” 27:10 – Why options are potentially better instruments for expressing a view 32:45 – Gamma squeezes explained 38:25 – Cem’s thoughts on where we are from a macro perspective 46:10 – The wealth gap and why 49:40 – Why we may be in a fundamentally inflationary environment 54:50 – The impacts of monetary policy and which generations have been hurt and helped by policy 1:00:40 – Why some medicine today may end up better in the long run 1:02:10 – The tension between utopia and the current (efficient) system 1:06:40 – Evolution and iteration will hopefully lead to better incomes 1:10:55 – The coming risks may come from exported inflation to emerging markets 1:13:10 – The winners of tomorrow used easy money to plant seeds over the past years 1:15:10 – More background on Cem