The Market Is Mispricing A Correlation Shock | Dean Curnutt

Historically low volatility may be masking a meaningful shift in market risk and the AI trade.

This week, Macro Risk Advisors CEO and Alpha Exchange Host Dean Curnutt explains why unusually low stock correlations make tail hedging increasingly compelling.

We explore volatility pricing, crowded correlation trades, the Treasury market stress, why AI stocks could suddenly move together, and whether the Fed can calm markets. Enjoy!

TIMESTAMPS:

00:00 Intro

05:08 Why Stock Correlation Collapsed

10:49 What’s Driving The Dispersion Trade?

18:45 Ads (Token 2049, Avalanche Summit)

20:21 Could Volmageddon Happen Again?

27:16 Why Tail Hedging Looks Attractive

35:35 Can Portfolio Insurance Ever Be Free?

39:55 Systematic Or Discretionary Hedging?

42:33 Where Could Market Risk Emerge?

47:27 Can The Fed Calm Markets?

53:22 Closing Thoughts

FOLLOW GUEST

› X – https://x.com/Dcurnutt

› LinkedIn – https://www.linkedin.com/in/dean-curnutt-4060157/

› Macro Risk Advisors – https://www.macroriskadvisors.com/

› Alpha Exchange – https://www.axpod.com/

FOLLOW THE SHOW

› Forward Guidance – https://x.com/ForwardGuidance

› Felix – https://x.com/fejau_inc

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=fg&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.