A few years ago, I sat down with Moritz Seibert and Moritz Heiden of Takahe Capital to talk about trend following at the edges of the futures markets: places where liquidity is thin, contracts are obscure, and capacity constraint is a feature, not a bug.

Since then, despite strong performance, asset growth, and even winning industry awards, they made a very un-industry decision: they shut down their original fund.

In its place, they launched a new Global Markets Fund built to stay small, so they can trade calendar and product spreads, niche agricultural markets, and other idiosyncratic contracts at equal risk to more standard markets.

In this conversation, we unpack that decision, explore how you systematize trend on markets where liquidity does not exist on screen, and go deep on why spreads represent a fundamentally different opportunity set than outright futures.

We also talk about what’s next: from prediction and event markets to new ways of thinking about macro trends and alternative data.

I hope you enjoy my conversation with Moritz Seibert and Moritz Heiden.

In this episode I speak with Annanay Kapila, founder and CEO of QFEX, a 24/7 centralized perpetual-futures exchange for traditional financial markets.

Before founding QFEX, Annanay worked at Flow Traders and Tower Research, where he was introduced to high frequency trading and market microstructure in both crypto and traditional markets. Insights gleaned during these experiences lead him to the conclusion that the perpetual futures model applied to traditional, so-called “real world asset” markets, like equities, was an inevitable future and one he wanted to build.

In this episode, we discuss the ramifications of what that world looks like. First, we discuss what perpetual futures are and their distinguishing characteristics from traditional futures. Then we discuss how perpetual futures can work in markets – like single-name equities – where the underlying do not trade 24/7, and have unique features like corporate actions, opening and closing price auctions, and limit-up/limit-down bounds.

A consistent thread throughout the entire conversation is risk management. When leverage is your key feature, it is important to think long and hard about how and when liquidations might occur and the safest way to process them.

Finally, we discuss why Annanay believes why perpetual futures will succeed where spot tokenization failed and his view on the current regulatory landscape.

Please enjoy my conversation with Annanay Kapila.

In this episode, I speak with Jay Rajamony, Director of Alternatives at Man Numeric.

Jay has been with the firm since 2004, giving him a front-row seat to the evolution of quant equity: from simple factor models and broad signals to today’s world of alternative data, model ensembles, and human-machine collaboration.

We start with the history: what’s changed in quant over the last two decades, why the 2007 quant quake still matters, and how the definition of “alpha” has shifted alongside new tools and data.

From there, we explore the interplay between factors and macro regimes, how sparse datasets are reshaping the research process, and what it means to manage risk in a world where your models don’t always line up with reality.

Jay also offers a compelling perspective on how modern quant investing isn’t just about signal breadth anymore—it’s about firm breadth, organizational design, and knowing when to lean in and override the machine.

Please enjoy my conversation with Jay Rajamony.