Bigger markets, more alpha: Capstone’s Paul Britton on running a derivatives hedge fund

This Goldman Sachs podcast interviews Paul Britton, CEO of Capstone Investment Advisors, about his firm's 20-year journey in the derivatives market. The conversation covers Capstone's origins, key moments like navigating the 2008 financial crisis and thriving in 2020, and Britton's perspective on the evolving derivatives landscape and the impact of private assets. Britton emphasizes the importance of a robust risk framework, adapting to market changes, and maintaining a fast-paced, curious work environment. He predicts a future with less central bank intervention, leading to increased market volatility and opportunities for active management. The interview concludes with Britton discussing his management style, admired investors, and excitement about AI's potential to transform the finance industry.