# SuperCars, Salad, and Sumo Wrestlers: Inside OneRiver’s Systematic Risk Mitigation Playbook with Patrick Kazley

Page: https://stenobird.com/podcast/the-derivative-1211538/supercars-salad-and-sumo-wrestlers-inside-oneriver-s-systematic-risk-mitigation-playbook-with-patrick-kazley
Text version: https://stenobird.com/podcast/the-derivative-1211538/supercars-salad-and-sumo-wrestlers-inside-oneriver-s-systematic-risk-mitigation-playbook-with-patrick-kazley.md
Podcast: [The Derivative](https://stenobird.com/podcast/the-derivative-1211538)
Published: 2026-03-05T16:34:53+00:00
Episode link: https://podcasters.spotify.com/pod/show/rcm-alts-the-derivative/episodes/SuperCars--Salad--and-Sumo-Wrestlers-Inside-OneRivers-Systematic-Risk-Mitigation-Playbook-with-Patrick-Kazley-e3g02kv
Audio file: https://anchor.fm/s/11908b3c/podcast/play/116443231/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-2-5%2F419357133-44100-2-a4134cfedfe3c.m4a
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Duration seconds: 5317

## Resource

In this episode of The Derivative, Jeff Malec is joined by Patrick Kazley of OneRiver explore how long volatility, convexity, trend following, and systematic macro can be combined in a capital‑efficient way to improve equity compounding and protect portfolios from major drawdowns. They discuss crisis “shapes,” why time-based rebalancing often beats intuitive drawdown triggers, how changing volatility microstructure (zero‑DTE, single-name vol, dispersion) creates new opportunities, and why behavioral biases keep most investors under-allocated to positively skewed defensive strategies. Patrick ties it all together with vivid metaphors — from F1 cars and soup vs. salad to sumo wrestlers and the beer boot — and explains how One River’s acquisition of a European alternatives/QIS team fits into their total-portfolio approach..… SEND IT! Chapters: 00:00-02:21 = Intro 02:22-12:33 = From AQR to One River – Patrick’s Background and the Case for Systematic Risk Mitigation 12:34-28:07 = Engines and Brakes – Equity Beta, Skew, and the Power of Convexity 28:08-43:55 = Crisis Types, Trend Following, and Building a Total Portfolio Defense 43:56-1:03:04 = Visualizing Risk – Crisis Shapes, Rebalancing, and the Math of Convexity 1:03:05-1:16:36= Metaphors, Markets, and M&A – From F1 Cars to Das Boot and One River’s Next Phase 1:16:37-1:28:37= Soup vs. Salad – Total Portfolio Thinking and the Future of One RiverFrom the Episode: Blog post: A Short History of Market-Moving Middle East Conflicts OneRiver's Whitepapers Follow along with Patrick and OneRiver on LinkedIn and make sure to check out OneRiver's website www.oneriveram.com Don't forget to subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Derivative⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠…

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