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22 March 2024 Monetary Policy & Inflation

Ep. 208: David Dredge on Inflation, Underpriced Risks and Sharpe Ratio Flaws

Bilal Hafeez

David Dredge is the Chief Investment Officer of Convex Strategies, which is an agnostic value investor in volatility. David has over 30 years experience managing risk across global markets. Prior to launching Convex Strategies, David served as a Managing Director and Portfolio Manager at Artradis Fund Management in Singapore, where he was responsible for the fixed income aspects of their volatility strategy. Earlier in his career, David built and ran Asian and Global EM trading businesses for RBS (ABN AMRO Group), Bankers Trust, and Bank of America. He currently sits on the Monetary Authority of Singapore Markets Committee (SFEMC). This podcast covers:

The problem with BoJ’s timid hike
Fiscal dominance and need for bond buyers
How central banks have shifted goalposts on inflation
Problem with Sharpe ratio
Nassim Taleb and importance of owning convexity
Why banks make money
Compound vs arithmetic returns
Pension funds do not take enough risk!
VIX and convexity
How to find value in option markets
Books mentioned: The Misbehavior of Markets (Mandelbrot), Incerto (Taleb), Fractals, Chaos, Power Laws (Schroeder), and The Price of Time (Chancellor)

You can follow David here.

Make sure to subscribe to the show on Apple, Spotify, YouTube, or wherever you go for your podcasts. You can follow us on Twitter and LinkedIn.

(The commentary contained in the above article does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.)

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