Max Lee
speaker
92 appearances
1 recordings
1 series
first heard Jul 2026
last heard 10 Jul
Max Lee’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
good overview of like how we see participation evolving.
I mean, when I first started, a lot of what we saw from the client side was real asset owners that were looking for small alpha additivity to their inflation protection.
Now you have
whole hosts of uh hedge funds dedicated to the commodity space, whether it's just in the financial but as well as getting into physical, as you mentioned.
You have a lot of cross asset class PMs that are looking for protection.
So it's really evolved.
And again, like a lot of that that comfort and the ability to deploy comes from this idea of being able to trade or or sort of risk manage in a way that is fully systematic.
Yeah, I th I think you've seen that.
Generally when you think about systematic trading or even quant trading, a lot of what the first focus is is can you extract alpha from the signal?
And where that was exceptionally powerful in the commodity space was when you have generally low interest in in the asset class as well as hard operational compliance and regulatory constraints to participating, that did lead to a lot of inefficiency.
And in general, you
you know, alpha comes from inefficiency and volatility.
You start to see more interest in the space coming out of twenty twenty.
What that does is it brings that efficient market hypothesis kind of back to the forefront.
And the alpha you can get from the signal itself.
It's gonna diminish, right?
Where I think people have then turned is that well, the additive yield that you can get from execution is exceptionally powerful.
And I like to think about it in terms of just like the general profile.
When I first started, the only thing I could trade was live cattle, for which was, you know, a very arbitrary thing.
But now if I look at like the liquidity that was in, let's say, the prompt live cattle calendar structure over a decade ago, to now it's almost more than
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