Chris Cole: The ‘BIG ONE’ Hasn’t Happened Yet – But It’s Coming

Macro Voices, Released on 1/11/19

Christopher R. Cole, CFA is the founder of Artemis Capital Management LP and the CIO of the Artemis Vega Fund LP. Mr. Cole’s core focus is systematic, quantitative, and behavioral based trading of volatility and derivatives. His objective is to profit from turbulence in markets and regime shifts in volatility without the substantial negative bleed associated with traditional hedging products. His decision to form a fund came after achieving significant proprietary returns during the 2008 financial crash trading volatility futures and options (verified by independent auditor).

Mr. Cole’s volatility research was deemed influential in derivatives circles and thereafter widely quoted by the mainstream financial press. His 2012 research paper entitled, “Volatility at World’s End” argued the equity options market was mis-pricing and hedging the wrong tail (left as opposed to right). The paper was credited with re-pricing long-dated volatility, and named one of the best macro-economic thought pieces of the last decade. His 2017 paper “Volatility and the Alchemy of Risk” warns about self-reflexivity in the $2 trillion global short volatility trade and has been widely referenced.

Mr. Cole is a frequent speaker at industry conferences and in the media including Grant’s Rate Observer, WSJ, Financial Times, and RealVision. He previously worked in capital markets at Merrill Lynch and structured over $10 billion in derivatives and debt transactions.

Mr. Cole holds the CFA designation and graduated Magna Cum Laude from the University of Southern California.

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Well worth a listen.