UGO07: The Illusion of Safety: How Markets Became the Economy ft. Keith DeCarlucci, Patrick Kazley & Hari Krishnan
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 22 October 2025
⏱️ 67 minutes
🧾️ Download transcript
Summary
Recorded amid the noise and pulse of the RMC conference in Munich, this episode of U Got Options follows a market learning to see itself anew. Cem Karsan speaks with Keith DeCarlucci on the return of macro discipline through EM carry and the quiet yield of volatility. Patrick Kazley traces the fault lines of diversification, where beta, convexity, and policy now intersect. And Hari Krishnan confronts the uneasy coexistence of human intuition and machine logic in risk. Together, they chart the tension between structure and surprise - a world still trading on old instincts, but guided by new intelligence.
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Episode TimeStamps:
00:00 - Opening and introductions
01:29 - Overview of guests and themes: EM, volatility, and AI
03:10 - Keith DeCarlucci on EM FX, commodities, and volatility trades
14:13 - Relative value in equity vol and tail-hedging strategies
21:20 - Patrick Casley on portfolio construction and convexity
32:24 - Reassessing 60/40, nominal illusion, and macro correlations
39:44 - The new regime: long assets vs limited diversifiers
44:39 - Hari Krishnan on AI, options, and the future of volatility
56:06 - Upside skew, real assets, and structural market shifts
01:05:21 - Closing remarks and disclaimers
Copyright © 2025 – CMC AG – All Rights Reserved
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Transcript
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| 0:00.0 | You got, you got, you got, |
| 0:05.0 | You got, you bet, you bet your money just got made on sex. |
| 0:11.0 | Welcome to You Got Options, an exciting series right here on Top Traders Unplugged, |
| 0:17.0 | hosted by none other than Jim Carson, one of the sharpest minds when it comes to |
| 0:22.7 | understanding what's really driving market moves beneath the surface. In this series, |
| 0:27.8 | Gem brings his deep expertise and unique perspective honed from years of experience on the |
| 0:33.0 | trading floor to candid conversations with some of the brightest minds in the industry. Together, |
| 0:38.3 | they unpack the shifting tides and underlying forces that move markets and the opportunities they create. |
| 0:44.3 | A quick reminder before we dive in. You got options is for informational and educational purposes only. |
| 0:50.3 | None of the discussions you're about to hear should be considered investment advice. As always, please do your own research and consult with a professional advisor before making any investment decisions. |
| 1:00.0 | Now, what makes this series truly special is that it's recorded right from the heart of the action on the trading floor of the Sibo. |
| 1:07.0 | That means you might catch a little background buzz. |
| 1:09.0 | Phones ringing, trade or shouting, as Jam and his guests unpack real-world insights in real time. |
| 1:15.5 | We wouldn't have it any other way, because this is as authentic as it gets. |
| 1:19.4 | And with that, it's time to hear from those who live and breathe this complex corner of the markets. |
| 1:24.7 | Here is your host, Gem Carson. |
| 1:29.4 | Welcome back to another episode of You Got Options from the Sibo floor, brought to you by |
| 1:33.9 | Kai Media and Top Traders Unplugged. Today, we come to you from the RMC floor in Munich, Germany. |
| 1:41.8 | I get to talk to three different guests that were there for the conference. |
| 1:46.2 | We cover some amazing things from emerging markets to volatility surfaces and the role |
| 1:51.1 | of artificial intelligence. |
| 1:53.2 | First, I talked to Keith DeCarucci, the CIO of the Melkart Macro Fund, talks about all |
... |
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