Welcome to Macro Voices

Erik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss:

• Risks in share buybacks
• Defining the short volatility trade
• Explicit vs implicit short vol positions
• Risk parity, VAR control, Risk Premia and CTAs
• Considerations on the unwind of the short VIX trade
• History of correlations on stocks and bonds
• The scenario where we can have another 1987 market drop again
• Consideration on the growing trend to passive investing
• Potential catalysis for market triggers

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Christopher R. Cole, CFA is the founder of Artemis Capital Management LP and the CIO of the Artemis Vega Fund LP and Artemis Callisto LP. Mr. Cole’s core focus is systematic, quantitative, and behavioral based trading of exchange-traded volatility futures and options. His decision to form a fund came after achieving verified proprietary returns during the 2008 financial crash trading volatility futures. Mr. Cole's research letters and volatility commentaries were influential in derivatives circles and thereafter widely referenced and quoted by the mainstream financial media, academic, and institutional asset management communities.   He has been widely quoted by publications such as the Wall Street Journal, Financial Times, Bloomberg, The Economist (Economic Intelligence Unit), DROBNY, 13D, Grant's Interest Rate Observer, International Financing Review, CFA Magazine, and Forbes. He previously worked in capital markets and investment banking at Merrill Lynch. During his career in investment banking and pension consulting he structured over $10 billion in derivatives and debt transactions for many high profile issuers. Mr. Cole holds the Chartered Financial Analyst designation, is an associate member of the NFA, and graduated Magna Cum Laude from the University of Southern California.