In this two-part special of Resonanz Spotlight, Vincent sits down with Chris Miller and Nick Baltas from Goldman Sachs’ Systematic Trading Strategies team to explore how option-based investing has evolved — and where it’s heading next.

In Part 2, Nick Baltas, Head of Cross-Asset Systematic Strategies, takes us a step further, showing how these volatility signals fit into a broader portfolio. We discuss how correlations shift, how weighting schemes evolve, and how systematic portfolios are built to last through different market regimes.

In this episode of Resonanz Spotlight: Strategy Notes, Vincent and Saâd break down why SRTs and CLOs, often grouped under “structured credit”, are actually two very different games. They explore how banks, regulators, and investors each approach these structures, why incentives diverge, and what allocators must understand before deploying capital. In under ten minutes, this conversation demystifies the mechanics, motivations, and market dynamics that separate synthetic risk transfer from traditional CLO investing.

Everyone talks about pods and PMs in multi-manager hedge funds. But what about the Center Book?

In this episode, Vincent and Saâd unpack the quiet infrastructure at the heart of every multi-manager platform — managing firm-wide risk, balancing exposures, and making the difference between a coordinated strategy and a collection of bets. They explore what it is, why it exists, and the critical questions allocators should ask during diligence.

If the pods are the soloists, the Center Book is the conductor — unseen by the audience, but essential to the harmony.

High-frequency trading firms and quantitative hedge funds once operated in completely different worlds. Now they're competing head-to-head for the same alpha.

Vincent and Saâd explore why ultra-high-frequency strategies hit a hard capacity ceiling, how the passive investing revolution is forcing these firms into direct competition, and what happens when Jane Street and Millennium's pods fish in the same pond. The old manager categories no longer apply, and allocators need to ask completely different questions.

This isn't convergence through imitation. It's convergence through necessity.

Vincent and Saâd unpack a strategy that sits right between equity and credit — capital structure arbitrage.

Why do stocks and credit spreads sometimes tell completely different stories about the same company? And how do professional investors structure trades to potentially profit from that disagreement — without simply betting on market direction?

In under 10 minutes, we break down the core idea, a simple mental model, where returns can come from, and the risks that matter most (liquidity, model risk, and “both sides lose” scenarios).

If you want a sharper lens on relative value investing — this one is for you.

Cat bonds sit in a strange place: they’re capital markets instruments, but the risk driver is nature — not rates, not credit spreads, not equities.

In this episode of Resonanz Spotlight: Strategy Notes, Vincent and Saâd break down how catastrophe bonds work, why institutional allocators are looking at them now, and what most investors underestimate: trigger mechanics, model risk, liquidity around event seasons, and the very real psychology of “steady carry… until it isn’t.”

If you’re looking for diversification beyond markets, this episode offers a clear mental model — in just five minutes.

Vincent and Saâd unpack hedging for today’s “creeping risk” markets—where danger builds quietly before it hits prices. They break down how to define the risk you’re actually hedging, how to make the cost sustainable, and why governance and execution matter as much as instruments. A key focus: the monetization paradox—what to do when a hedge works, and how to avoid freezing at the moment it matters most.

What happens when investors stop managing portfolios in silos and start looking at the whole system instead?

In this episode, Vincent and Saâd unpack the Total Portfolio Approach — a framework that challenges traditional asset allocation by asking a simple but powerful question: where should the next dollar go?

They discuss why more institutional investors are moving beyond static portfolio buckets, what makes total-portfolio thinking attractive, and where the approach can go wrong. From governance and benchmarking to model risk, discretion, and the temptation of macro timing, this is a clear-eyed conversation about both the promise and the limits of TPA.

A short, sharp discussion for investors thinking seriously about portfolio construction, decision-making, and modern sources of diversification.