The Art and Science of Portfolio Rebalancing: A Timeless Framework for All Market Environments

Portfolio rebalancing is one of the most consistently overlooked drivers of long-term portfolio resilience. While asset allocation gets the strategic spotlight, it’s rebalancing that ensures portfolios stay aligned with their intended risk ...
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10 min read

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The Reinsurance Renaissance

Insurance‑Linked Securities (ILS) let capital‑markets investors shoulder insurance risk — most visibly through catastrophe (“cat”) bonds. In a cat bond, investors collect a floating coupon until a contractually defined disaster (for ...
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5 min read

When the Market Maker Becomes the Market

The most sophisticated trading firms in the world built their reputations on precision, discipline, and managing risk down to the millisecond. So when India's securities regulator freezes over half a billion dollars and accuses one of ...
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4 min read

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Strategic Tail-Risk Hedging: Building Antifragility into Institutional Portfolios

Severe market shocks—the far-left tails of the return distribution—threaten not only short-term performance but the long-run compounding of institutional portfolios. Traditionally, allocators treated tail-risk protection as a grudging cost ...
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8 min read

Dr. Michael Bull appointed as Senior Advisor

We are pleased to announce the appointment of Dr. Michael Bull as Senior Advisor to Resonanz Capital. With over 35 years of experience in global markets, macroeconomics, quantitative strategies, derivatives, and multi-asset portfolio ...
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2 min read

Platform vs Boutique: The Rise of “External-PM Leasing”

Two playbooks for hedge-fund alpha Over the past five years multi-strategy “pod shops” have pulled decisively ahead in assets, performance consistency and, critically, their ability to add investment franchises overnight. At the center of ...
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7 min read

ESG as a Portfolio Framework, Not an Edge Case

In 2025, Environmental, Social, and Governance (ESG) criteria have vaulted from niche concern to mainstream portfolio driver. Global ESG assets are on track to exceed $50 trillion by 2025 – more than one-third of total managed assets. Over ...
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13 min read

Basis Trade 2.0: the Re-engineered Cash-vs.-Futures Arbitrage Reshaping the U.S. Treasury Market

In March 2020 the “dash-for-cash” blew up what had been a sleepy arbitrage: hedge funds who were long Treasury bonds, short the matching futures and levered 50-to-1 within the strategy via cheap repo suddenly faced margin calls and ...
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6 min read

Convertible Arbitrage: The 2023–2025 Comeback

Convertible-bond arbitrage—once a star strategy in the early 2000s—is suddenly everywhere again. Over the past few months my inbox has filled with meeting requests from convert-arb specialists, and their desks are once more the busiest ...
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12 min read

Same-Day Options, Same-Day Alpha? Institutional Lessons from 0DTE’s Boom

From weekly curiosities to the default playground Until quite recently, the idea of an option that expired within the same trading day was considered an exotic corner of the derivatives world. But that has changed dramatically. ...
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9 min read