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Episode TimeStamps:
00:23 - Moritz opens the show and introduces Nick
01:16 - Nick’s quick life update and setting the tone
02:45 - Market resilience vs. fragility in 2025
04:18 - Performance rundown: CTAs, trend, equities, bonds
06:10 - October reversals: metals and livestock giveback
07:32 - What’s working: equities, gold, copper; sugar shorts
08:58 - Trend speed, April V-shape, and dispersion
10:40 - Position exits, re-entries, and neutral zones
11:55 - How QIS differs and why it’s opaque from the outside
14:40 - How big is QIS? Asset class split and caveats
18:05 - Who uses QIS: from asset owners to hedge funds
21:30 - What QIS really provides: rules, access, and efficiency
28:05 - The four pillars of product design (research, clients, tech, markets)
30:20 - Why thousands of indices exist (customization, wrappers)
33:22 - Delta-1 vs. options on indices: when each makes sense
36:58 - Vol targeting trade-offs for optionality and recovery
38:55 - Built for scale, but with capacity discipline
42:00 - Innovating without data-mining traps
47:12 - Crowding: congestion, vol carry, and trend mechanics
56:35 - Wrap-up and what to expect next week
