Skip to content
Sonic
AI
Sonic
AI
Home
Discover
Ask Sonic
Projects
Use with Claude or ChatGPT
Show me around
Request source or feature
David Dredge, Founder and CIO, Convex Strategies, Sonic AI
Home
/
The Alpha Exchange
/
David Dredge, Founder and CIO, Convex Strategies
The Alpha Exchange
Notify me
•
Jun 25, 2026
•
1:04:15
Interview
David Dredge, Founder and CIO, Convex Strategies
From
The Alpha Exchange
David Dredge
(Founder and CIO, Convex Strategies, guest)
Get the full transcript next time The Alpha Exchange releases an episode
Summary, key quotes, top claims, and the searchable transcript — emailed automatically. No card needed.
Sign up
Executive Summary
The financial system persistently creates short volatility exposures through structured products, driven by yield-seeking behavior and regulatory frameworks, creating a structural supply of volatility.
Convex Strategies operates as a 'value investor in volatility,' aiming to source efficiently priced insurance (long convexity) from this structural supply rather than timing markets or trading for profit.
The cheapest insurance is often found precisely where systemic risk is greatest, as these areas are typically mispriced as 'safe,' allowing leverage to accumulate (e.g., sovereign bonds pre-SVB failure).
Japan is identified as the most likely trigger for the next major global financial event, as it may cease being a major buyer of foreign bonds to absorb its own government debt issuance.
Continue your research
Keep pulling the thread on David Dredge.
The Structural Supply of Volatility
Value Investing in Volatility
9
quotes
Transcript
Key Arguments
Analysis
Quotes & Entities
9
Related
Loading transcript...
Processed Jun 25, 2026
Daily intelligence brief →
yt-dlp + mlx-whisper + Gemini