MEDIA

From Mutiny Fund:

After his successful trading career, Cem decided to leverage his volatility arbitrage expertise by improving upon many of the flawed strategies he had witnessed during his tenure as a market maker. To that end, Kai Volatility Advisors has created a non-correlated and scalable investment vehicle that takes advantage of the structural mispricing inherent in option indices worldwide, while offering the superior transparency and liquidity that today’s investors demand. We talk about Cem’s experience as a market maker and how that affects how he thinks about trade flows. We dive into the 3 components to his strategy: 30 day skew, dispersion, and VVIX. We also discuss how dealer hedging can affect Vanna and Charm, which can pin the index or exacerbate moves depending on their hedge positioning.\

From Med Faber Podcast:

In today’s episode, we’re getting deep into the weeds of market volatility. We hear from Cem about cutting his teeth in market making and S&P 500 equity options and eventually launching a strategy focused on long-volatility. We get into structural inefficiencies around market vol that tend to increase during times of market stress. We talk about what the year has looked like so far from his perspective, and the feedback loop and risks associated with liquidity, compressed risk premia, and a low-yield environment. We chat about what he sees markets pricing in and risk perceptions around the election, and some trade ideas to potentially take advantage of what he believes is mispriced volatility in the December to January period.

From Flirting with Models Podcast:

Cem began his career in the pits, and so we begin our conversation with a discussion by comparing and contrasting today’s market versus days gone by. It was in the pits that Cem began to understand and develop his intuition for markets and what would become the colorful cast of characters he uses to describe what’s driving flow: Gary the Gorilla, Vanna, and Charm the Sloth. How these characters cooperate or fight amongst themselves provides Cem with a forecast as to how markets should behave. It seems like these are new and growing forces, but Cem argues they’re as old as time: they are fundamental forces of markets. We end our conversation with a discussion of how these flows can have profound impacts for equity factor performance and what this all means for stock pickers.

From Market Huddle:

In this episode, Patrick Ceresna and Kevin Muir welcome back to the show, the godfather of options positioning, Cem Karsan. They have a terrific discussion about why regular folk should care about dealer inventories and why traders might think about pulling a Costanza when it comes to their summer positioning. Then we have the good fortune to have Edwin Dorsey from the Bear Cave Newsletter join to talk about his new letter focusing on short selling.

From TD Ameritrade:

Cem Karsan, Senior managing Partner at Aegea Capital Management LLC, discusses how the markets are under pressure following Monday’s gains. He also assesses trends in options activity, highlighting CBOE Market Volatility Index (VIX). He then monitors implied volatility trends in options. Tune in to find out more.

From Volatility Views:

This episode from 12/17/2021 includes

VOLATILITY REVIEW

• MARKETS RED TO END THE WEEK
• TOP TRADES OF THE WEEK IN VIX, SPIKES, VXX AND UVXY
• LOOKING AT OMICRON VOLATILITY AND ITS IMPACT ON THE MARKETS
• SPIKES FUTURES VOLUME CONTINUES TO GROW

CRYSTAL BALL

• WHERE WILL VIX/SPIKES BE IN TWO WEEKS

From Volatility Views:

Included in this episode from 8/2/2021

VOLATILITY REVIEW

• MARKETS GREEN TO END THE WEEK
• TOP TRADES OF THE WEEK IN VIX, SPIKES, VXX AND UVXY
• LONG VOL IS NOT THE ONLY WAY TO PROFIT FROM A MARKET DECLINE

VOLATILITY VOICE MAIL

• ANSWERING YOUR QUESTION ABOUT THE VARIANCE SWAP MARKET

CRYSTAL BALL

• WHERE WILL VIX/SPIKES BE NEXT WEEK

From TD Ameritrade:

Cem Karsan joins Oliver Renick to discuss the recent market trends that have played a role in September's weakness. He also dives into volatility and how investors can navigate the options market. He says that the "skew continues to be high and term structure steep, which ironically makes it easy to hedge

From Real Vision:

Pressures in the volatility market have been mounting for months, as it anticipates the upcoming U.S. Presidential election. But once that fateful event actually happens, what will the market structure in the derivatives space look like? Jason Buck, CIO of Mutiny Fund, welcomes Cem Karsan, founder and senior managing partner of Aegea Capital Management, and Kris Sidial, co-CIO of The Ambrus Group, to explore this very question. Karsan reveals his insights on how the outcome of the election will impact variables such as kurtosis and vanna flows, and he describes several ways to play these outcomes via option straddles as well as the dispersion between implied and realized volatility. Sidial shares how chaos theory and fractals shape his market framework and discloses several prudent trades such as calendar spreads on the VIX and capturing the spread between index volatility and the volatility of single name equities.

From TD Ameritrade:

Market on Close: Cem Karsan's description of volatility dynamics last week was a scary-good prediction of Monday's rally.

From Derivative by RCM Alternatives:

Today’s pod is all about word play playing into alternative investment. How does Jam Croissant relate to Cem Karsan? What about Vanna Charm and options definitions? Or the forever popular “there’s no such thing as a free lunch” evolving to “nothing is ever risk free”? To get together the definitions, explanations, and educated facts on all these nuances, we have FinTwit VIP & Founder and Senior Managing Partner of Aegea Capital Management, Cem Karsan. On top of alternative investment word witticism we’re also talking with Cem about vanna informing trend following, buying options, twitter debates, active to passive moves, the election, how nothing is ever risk free, winner takes all mentality for market makers, market down/vol down market up/vol up, volatility retail call buying growth versus value, and all of the Greek/options definitions.

From TD Amertrade:

Cem Karsan says that bulling seasonal flows are accentuating already bullish seasonal flows, leading to a grind higher. Volatility is occurring despite historic retail overextension and very bullish street positioning.