As part of the founding team, I took on several key roles throughout the design, implementation, and growth phases. These roles included asset raising, portfolio management, risk management, quantitative researcher and developer, and research analyst.Our goal was to create a short-term discretionary macro CTA that prioritized the maximization of return per unit of risk taken. With our combined trading acumen and laser focus on risk management, our target was to operate somewhere between the signal and the noise—an area that historically plagues traditional macro strategies. The robust systematic capital allocation and risk management framework I created served as a foundation for an unrivaled Sharpe ratio and our outperformance of the BarclayHedge CTA index four years in a row, earning us a nomination for the 2018 Pinnacle Award for Best Discretionary CTA 3 Year Return.By delivering and maintaining a fully transparent line of communication regarding our philosophy, core competitive advantage, and entire investment process with current and prospective investors, I played a key role in growing our assets from one $3M account to 30+ accounts totaling over $250M in notional AUM.As a portfolio manager, I strategically planned around all data releases and relevant central bank events, using a quantitative approach to identify assets most likely to be impacted by relevant changes in data, given market positioning and sentiment.Additionally, as a researcher, analyst, and trade developer, I created countless spreadsheets to synthesize and distill data. The ideas for research were always rooted in patterns observed through firsthand experience in the markets. While many ideas were explored, only a select few passed our rigorous vetting process and made it into a gray or black box strategy.

I was recruited to the commodity and interest rate options group for my technical knowledge and trading experience in ETF options. My role focused on growing the commodity ETF and interest rate ETF options segment of the groupWith a deep understanding of the mechanics of commodity and interest rate ETFs, I created and implemented a cross-exchange option volatility strategy based on index correlation and dispersion principles. The strategy, designed with painstaking attention to detail, was as close to pure volatility arbitrage as possibleOne of the obstacles in pioneering that project was the lack of software to accurately synthesize the positions of such portfolios. I automated a customized framework to compile positions from over a dozen products across multiple exchanges and platforms. This provided operations, risk management, and managing partners with a unified and concise view of my derivative risk exposure.Through that risk management tool I was able to keep a strict adherence to my signature conservative risk/reward return profile while becoming one of the largest liquidity providers in the commodity option ETF space. After establishing myself at the company I was asked to collaborate with the Macroeconomic Group to incorporate options strategies and quantitative risk-taking, enhancing the precision and scale of their process.

With a reputation for being trustworthy, self-motivated, and consistently profitable, I was recruited to help grow a newly launched trading group.In addition to specializing in hard-to-borrows, takeovers, and FDA announcements, my first project was a deep dive into index and ETF options.Through research, I developed methods to manage index option risk and built rudimentary risk management dashboards that provided a comprehensive view of my portfolio risk. I focused on the intricate mechanics of domestic and foreign ETFs, including creation/redemptions, foreign currency exposure, and dividend payment methodology.The index dispersion strategy converted volatility exposure into correlation exposure, capping downside risk and reducing margin requirements by 80%. The effect was so powerful that I posted a career-best year while maintaining a short volatility profile with positive carry throughout the 2008 financial crisis.As part of our growth strategy, I expanded our presence to Chicago, where I was responsible for hiring, onboarding, mentoring, and managing new traders.

Three things that I carry with me from my experience here are a valued appreciation for theoretical knowledge, a keen ability to efficiently spread off risk, and a love for mentoring and coaching others.I was recruited into the trader trainee program which focused heavily on option theory and practical risk management. As a trainee, I supported the QQQ index team during the day, while studying and attending theory and mock trading sessions at night. Out of 20 trainees in the program I was 2nd of only 7 to be promoted to Trader and entrusted with a proprietary account. This experience provided a deep understanding of options that became the foundation for managing complex portfolios across various market scenarios.As an options market maker, you are constantly trading with potentially more informed participants, which taught me to stay vigilant about risk. Being fully responsible for managing my own risk, this instilled a constant watchful eye for what scenarios could be problematic for my portfolio and finding ways to most efficiently lay off my risk. Mentoring the next group of trainees was so rewarding that I’ve continued in mentorship roles ever since.