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"I think the idea is that the math of quantitative easing really matters. It's all about the shift at the margin." - Dan Stone (Tweet) Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group and the Managed Funds Association. On today's episode, which took place at the MFA's Network 2019 conference in Miami, guest host Chris Solarz speaks with Chris Cole, founder and CIO of Artemis Capital Management, Matthew Sargaison, co-CEO at AHL at Man Investments, and Dan Stone, co-founder of Ionic Capital. With these three world class volatility experts on the show, we'll be going deep into the current state of volatility, the ramifications of United States quantitative easing, as well as the economic effects on the market of various social movements around the world. Subscribe on: In This Episode, You'll Learn: How our guests got interested in the financial industry and data analytics The state of the market now and where it is headed in the future Why Dan sees the Quantitative Easing and its effect on market changes hurting long-term volatility "I think this period where we've had excessively low volatility driven by central bank quantitative easing and expansion of the monetary base has resulted in a build up in many of these strategies, and presents both an opportunity and a risk to the system." - Matthew Sargaison (Tweet) The hidden risks to the markets from the rise of populism Dan's "top five longball macro themes" and what we can learn from them Where Matthew sees opportunities in volatility today "What's the biggest risk to markets? It's if markets get the sense that central banks have lost control." - Dan Stone (Tweet) What it has been like as a long-vol trader for the last ten years, when you are up against the World's Central Banks Why you don't have to put your "end-of-the-world" hat on...just yet This episode was sponsored by CME Group and Managed Funds Association:   Connect with our guests: Learn more about Chris Cole and Artemis Capital Management Learn more about Matthew Sargaison and Man AHL Learn more about Dan Stone and Ionic Capital "You do not create 15 trillion dollars out of thin air supporting the longest bull market in history and expect to wind that back without some disruption in risk assets. That is the dominant macro theme going forward." - Chris Cole (Tweet) Full Transcript The following is a full detailed transcript of this conversion. Click here to subscribe to our mailing list, and get full access to our library of downloadable eBook transcripts! Niels Welcome back to another edition of Top Traders Round Table, a podcast series on managed futures. My name is Niels Kaastrup-Larsen, and I’m delighted to welcome you to today’s conversation with industry leaders and pioneers in managed futures brought to you by CME Group.  Today’s conversation is taking place at one of the most important events of the year, namely the MFA Network 2019 Conference in Miami. It’s a great event where hundreds of investors and managers meet in a wonderful setting that allows for some very productive conversations.   Your guest host today is Chris Solarz, Managing Director of global macro hedge fund strategies at Cliffwater. He’s joined by three very interesting guests to discuss global macroeconomic market risks, volatility trading, and tale risk hedging. So, without further ado, here is Chris.  Chris S Well, thank you, Niels, for the opportunity to be the guest host of the Top Traders Unplugged podcast. My name is Chris Solarz, and I’m honored to be here, today in the studio with three expert volatility traders: Dan Stone of Ionic Capital; Chris Cole of Artemis Capital, and Matthew Sargaison of Man AHL. Hi Guys.  (Chorus of hellos)  Chris S Welcome, thank you.  Before I introduce the guests today, I want to give you an overview of our plan for the discussion. We’re going to divide this talk into three parts. The very first part is going to be a top-down discussion of...