Finding Truth and Profits in a Volatile World

Published on
August 31st, 2018
Duration
66 minutes

Finding Truth and Profits in a Volatile World

The Interview ·
Featuring Paul Britton

Published on: August 31st, 2018 • Duration: 66 minutes

It’s been a turbulent, exhilarating and highly rewarding road for Paul Britton, who currently manages $6 billion as founder of Capstone Investment Advisors. In this interview, Dean Curnutt, CEO of Macro Risk Advisors, sits down with Paul to embark upon a fascinating journey through the world of options that ranges from surviving in the pits of Amsterdam to praying in New York’s historic Trinity Church during the crisis of 2008/2009. The two veteran investors also discuss the challenges of trading the VIX, the future of bitcoin and Trump’s true impact on the economy. Filmed on August 23, 2018 in New York.

Comments

  • LT
    Lucas T.
    24 September 2018 @ 16:51
    Wasn't this guy a henchman in the original die hard?
  • IO
    Igor O.
    4 September 2018 @ 13:20
    I'd sell volatility in bitcoin through options.
  • YB
    Yuriy B.
    4 September 2018 @ 00:28
    The "what I got wrong" portion of this alone is highly valuable. Great job Real Vision!
  • MB
    Matthias B.
    3 September 2018 @ 10:13
    I truly liked Dean Curnutt as interviewer as he was well prepared, calm but still lead the interview well - pls bring him back. I liked the content as well although it sometimes just scratched the surface thus could have gone deeper. I do concur with others commenting here that this interview together with the one with Nancy Davies lays a good base to build upon.
  • AM
    Artur M.
    2 September 2018 @ 21:50
    I really enjoyed that interview! Geat Job!
  • VS
    Victor S. | Contributor
    2 September 2018 @ 19:23
    Very well done- a consummate professional.
  • MS
    Mark S.
    2 September 2018 @ 12:37
    Here's another interview on options, where the trader did not give me any education on how they manage their greeks or a trade. Any option trader knows that options are complex and misleading. One can learn something very basic about options and THINK they understand options. They can then be exposed to something a little deeper and THINK they understand options. Options like an onion can go deeper and deeper and deeper layer after layer. I feel like none of the onion was exposed nor any detail about the market, where is Dean is seeing tail risk, or mispriced options or when long vol, how does he pay for the vega or whatever. Not a great education here.
    • MK
      Michael K.
      2 September 2018 @ 17:15
      How do you distill decades into a shortcut?
    • V!
      Volatimothy !.
      3 September 2018 @ 00:57
      Michael, you keep suggesting people looking for some understanding are looking for a shortcut. I’m sure you can find better use of your time.
    • my
      markettaker y.
      3 September 2018 @ 02:46
      agree. Milton, next time you get an options trader in here, please get them to dig deep and make it a highly technical discussion. We're done with the generalities.
    • MK
      Michael K.
      4 September 2018 @ 02:07
      Perhaps I am wasting my time and injecting ego and feel self satisfied in a trolling way, I apologize. But you’ll note I am actively contributing to the RV community note my comment below which gives honest and tangible and not entirely well known resources for actually learning what you’re asking for.
    • IO
      Igor O.
      4 September 2018 @ 13:24
      I'd suggest again that RV make series on options.
  • NE
    Neil E.
    1 September 2018 @ 15:39
    It’s funny how at the beginning he called it the great financial crisis, just like people used to call WWI the Great War.
  • AP
    A P.
    1 September 2018 @ 12:45
    Amazing guy
  • SS
    Sam S.
    31 August 2018 @ 20:38
    Totally professional by both Mr. Britton & Mr. Curnutt. Really enjoyed this piece and ask for more from both of them. Well done!
  • PA
    Pascal A.
    31 August 2018 @ 17:22
    "I don't want to go too much into technical details....". Please do! It's oftentimes hard to get some expert opinion and having enough detailed information to know exactly what they are talking about. I really enjoyed that interview! Just great stuff.
    • DR
      David R.
      31 August 2018 @ 20:20
      Yep, fundamentals barely matter. Technical analysis beats it almost every time.
    • MK
      Michael K.
      31 August 2018 @ 22:20
      Find the JPM guide on variance swaps, Hull’s textbook, option trading by Sinclair (my favorite), trading volatility by Bennett (extremely practical), and a classic text with great Greeks charts, the old school original from Natenberg, and taleb’s secret weapon of dynamic hedging. A masters degree in quant finance helps but an internship with a broker is probably better if you want to take risk vs build models. And prepare for 5-10 years of painful education in humility, discipline, and perseverance.
  • TH
    Truman H.
    31 August 2018 @ 16:17
    Britton reminds me of the old quote from Peanuts, Linus: "Until it is demonstrated, one forgets the very great difference between the merely competent amateur and the very expert professional." Anyone trading in front of a glowing screen at home might benefit by realizing that they're competing directly with intellects of this magnitude. A great lesson in humility, & a really useful interview. Bravo, Real Vision!
  • MM
    Mike M.
    31 August 2018 @ 15:18
    Really amazing conversation when there is no mention of the 800 lb gorilla everyone is trading against aka Federal Reserve/Central banks? Maybe, we are closer to the end game? Can we get someone to interview Bernie Madoof to learn what his take on all of this is?
    • AL
      Andrew L.
      1 September 2018 @ 11:41
      As ridiculous as that sounds I would love to hear some sober assessments from the likes of Madoff.
    • CM
      C M.
      3 September 2018 @ 21:45
      The jailhouse interview! Don't believe it would add to much to the macro picture.
  • V!
    Volatimothy !.
    31 August 2018 @ 13:17
    I feel like this interview was done just for me. Thanks RV, very relevant!
  • Nv
    Nick v.
    31 August 2018 @ 13:01
    Very interesting. Thank you Capstone website has a good white paper on volatility strategies