UGO08: The Coming Hunger Games for Global Savings ft. David Dredge
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 19 November 2025
⏱️ 64 minutes
🧾️ Download transcript
Summary
Recorded live from the Cboe RMC floor in Munich, Cem Karsan sits down with volatility veteran David Dredge for a deep exploration of what truly drives risk. From the crash of 1987 to today’s era of correlation, Dredge reframes volatility not as fear, but freedom. Through his F1 “brakes” analogy, he reveals why protection enables performance, and how convexity builds resilience in an uncertain world. Together, they trace the arc from structured-product flows to demographics, fiscal repression, and the coming global “Hunger Games” for savings. A masterclass in compounding through uncertainty.
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Episode TimeStamps:
00:01:29 – Cem introduces David Dredge live from Munich.
00:03:28 – Dredge recalls arriving in Asia before the 1987 crash.
00:05:06 – The F1 brakes analogy—why protection enables speed.
00:07:45 – The “preserve and enhance” portfolio that defied 65/35.
00:10:57 – Rethinking 60/40 and the illusion of diversification.
00:14:33 – Cem on $500 trillion of correlated assets.
00:17:22 – Why covered calls lose to convexity over time.
00:19:14 – Misreading 2022: correlation, not equities, was the risk.
00:21:20 – When diversification fails, only convexity endures.
00:27:13 – Value investing in volatility—buying what others suppress.
00:37:48 – Euro FX vol: the paradox of cheap risk.
00:44:07 – Demographics and the quiet mathematics of decline.
00:47:46 – The “Hunger Games” for global savings begins.
00:52:57 – Lessons from 1997: FX and gold vol as survival trades.
00:56:11 – The anti-fiat portfolio—Bitcoin, gold, and long vol.
01:01:13 – Closing reflection on resilience as freedom.
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. |
| 1:33.8 | Today, David Dredge and I finally meet halfway between Singapore and Chicago and Munich, Germany, |
| 1:40.8 | at the Sibo RMC Conference. |
| 1:42.3 | It's the one a lot of you guys have been waiting for. |
| 1:44.8 | David and I cover a wide-ranging set of different issues |
| 1:48.3 | from brakes in an F-1 race car |
... |
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