Previous slide
Next slide

Global Volatility Summit Tokyo

April 10, 2024 at the Mandarin Oriental Tokyo

We are  excited to present the 5th Annual Global Volatility Summit Tokyo, taking place on April 10, 2024, at the Mandarin Oriental Tokyo. On its fifth edition, GVS remains dedicated to educating investors and contributing to thought leadership around the volatility and derivatives markets. The event will include timely and thought-provoking manager panels and discussions as well as opportunities to network with participating managers and peers. 

2024 Global Volatility Summit Tokyo

Save the date for April 10, 2024 at the Mandarin Oriental Tokyo

Event Agenda Coming Soon

View
Days
Hours
Minutes
Seconds

2024 Keynote SPEAKER

2024 EVENT SPEAKERS

Managers and Sponsors

James Nestor

James Nestor

Science Journalist & Author

James Nestor is a science journalist and author who has written for Scientific American, Outside, New York Times, Wall Street Journal, and more. His book, Breath: The New Science of a Lost Art, spent 20 weeks on the New York Times Bestseller list and, to date, has sold more than 2.5 million copies worldwide. Breath has been translated into 35 languages and was awarded the Best General Nonfiction Book of 2020 by the American Society of Journalists and Authors and was a Finalist for Best Science Book of 2021 by the Royal Society. Nestor lives and breathes in San Francisco.

Website: Mrjamesnestor.com

Instagram: instagram.com/mrjamesnestor

Noriko Ogawa

Managing Director

Benesse Group Pension Fund

Joined Benesse Group Mutual Aid Society in January 2001, in charge of accounting and secretarial work; transferred to Benesse Group Corporate Pension Fund in January 2005, in charge of assisting with asset management and accounting; appointed Director of Operations in January 2007; appointed Managing Director in November 2020, up to present. 

Riza Okada

Riza Okada

Consultant

Capstone Investment Advisors

Riza Okada is a Consultant for the Client Solutions team at Capstone Investment Advisors having joined the firm in 2024. Most recently, Riza was a Director in the Investor Relations team at Capula Investment Management where he oversaw the expansion of the Japan office from 2016 to 2023. Riza joined Capula from Goldman Sachs Asset Management where he was a Vice President within the Alternative Investments and Manager Selection (AIMS) group from 2009 to 2016. Prior to this Riza held the role Product Specialist at Société General Asset Management between 2007 and 2009. Riza began his career in the financial services industry as a Fixed Income analyst at Bloomberg in 2006. 

BSc Economics, Finance and Management, Queen Mary University of London, 2005 

Diego Parrilla

Diego Parrilla

Principal

36 South Capital

Diego Parrilla is Principal at 36 South Capital, a $2 billion hedge fund with a 21 year track record in long volatility and tail risk strategies headquartered in London. Diego has over 25 years of investment and senior management experience across macro and commodity markets at industry leaders JP Morgan, Goldman Sachs, Merrill Lynch, BlueCrest Capital, Dymon Asia, Old Mutual Global Investors, and Quadriga Asset Managers between in London, New York, Singapore, and Madrid.

Diego is the co-author of best-seller “The Energy World is Flat” (Wiley, 2014), “The Anti-Bubbles” (2017), and selective contributor to leading financial media Financial Times (including two FT Insight Columns), WSJ, Reuters, CNN, Bloomberg, Hedgeye, MacroVoices, Real Vision, The Felder Report, El Mundo, and publishes the monthly newsletter “The Anti-Bubble Report” (25k subscribers).

Diego holds a MSc in Mineral Economics from Colorado School of Mines (USA), MSc Petroleum Economics from French Institute of Petroleum in Paris (France), MS Mining Petroleum Engineering Polytechnic University of Madrid in 1997 and completed JP Morgan Markets Training Program in New York in 1998. Diego is married and a father of 3 children, passionate about sports (former competitive football and tennis player), foreign cultures and languages. He is fluent in Spanish, English, French and keen student of Italian and Mandarin Chinese.

DAn STONE

Principal and Portfolio Manager

IONIC CAPITAL MANAGEMENT

Dan Stone is one of the co-founders of Ionic, where he focuses on managing the interest rates, currencies and credit strategies. He has over 27 years of experience managing relative value arbitrage and long volatility strategies across multiple asset classes. Mr. Stone was formerly a Managing Director and Portfolio Manager in the U.S. and European Volatility and Credit Arbitrage Group at Highbridge. He joined Highbridge in 1996 where he managed convertible bonds and equity, interest rate and credit derivatives. Mr. Stone earned an AB in Economics Magna cum Laude from Harvard College.

Duncan Valentine

Duncan Valentine

Head of Investor Relations & Client Solutions

CAPSTONE INVESTMENT ADVISORS

Duncan Valentine is Capstone’s Head of Investor Relations and Client Solutions. Duncan joined Capstone in 2008 after spending 12 years trading and managing derivatives teams across European markets. He began his career working alongside CEO Paul Britton at Saratoga Limited. While there, he worked on the London International Financial Futures and Options Exchange (LIFFE) as an options market maker, eventually moving into trading equity and index options on the AEX floor in the Netherlands. Following the management buyout of Saratoga by Mako Global Derivatives, Duncan relocated back to London to oversee European trading for Mako across all asset classes.

Duncan received an honors B.A. degree in Business and Economics from the Anglia Ruskin University in Cambridge.

Yuji Arima

Yuji Arima

Head of Discretionary Investment Management, Partner

MCP Asset Management

Joined MCP Asset Management in 2018, promoted to partner in 2021. Member of the Investment Committee. Prior to joining the firm, he was involved in equity research, securitisation products and alternative investments, and acquisitions of operating companies at Dai-ichi Life Insurance, before joining Mitsubishi Corporation Asset Management, where he was involved in research and monitoring of all alternative investments. He holds a BA from Kyoto University and an MBA from Columbia University Graduate School of Business. 

WILL BARTLETT

Chief Executive Officer

PARALLAX VOLATILITY ADVISERS

Will Bartlett is the Chief Executive Officer of Parallax Volatility Advisers. Will has been involved with equity options since 1995 and has been with Parallax since 1996. In his more than 25 years at Parallax, Will has played an active role transforming the firm from a small, floor-based equity options trading operation into a large participant in the global volatility market. Parallax manages a complex portfolio of listed and over the counter volatility positions on global equities, indexes, ETFs, and commodity futures. Prior to joining the Parallax, Will worked on the floor of the Pacific Coast Exchange while earning his Bachelor’s degree in Economics at the University of California, Berkeley. Will proudly serves on the Board of Trustees for both The Hamlin School and San Francisco University High School, The Board of Governors for Boys & Girls Clubs of San Francisco, and is a Senior Member of The Guardsmen, an organization helping at-risk youth by providing scholarships, support, and outdoor education programs to students in the San Francisco Bay Area.

PAUL BRITTON

Founder and Chief Executive Officer

CAPSTONE INVESTMENT ADVISORS

Paul Britton is Capstone’s Founder and Chief Executive Officer. Paul focuses on setting the firm’s strategy, developing our culture, attracting key talent and overseeing the execution of investment and business functions. Paul began his career with Saratoga Limited, trading options on the London International Financial Futures and Options Exchange (LIFFE), and co-founded Mako Global Derivatives in 1999. In 2001, Paul moved to New York to establish and manage Mako’s U.S. operations, the buyout of which he led to form Capstone in 2004. Paul is immensely proud of the progress made by the team at Capstone over the years, and by the strong relationships we have been fortunate to build with our investors.

Paul currently serves on the Boards of the US Soccer Foundation, The Tate America’s Foundation and Friends Seminary School in New York City.

Paul received a B.A. degree in European Business Finance from London Metropolitan University.

TOBIAS HEKSTER

Co-Chief Investment Officer

TRUE PARTNER CAPITAL

Mr. Tobias Hekster, Co-Chief Investment Officer of True Partner Capital USA in Chicago, has been actively trading for the past 25 years in various different roles in several markets across the globe. Starting at IMC in 1998 as a pit trader in Amsterdam, Tobias has established the off-floor arbitrage desk, headed the Chicago office in the transition from floor trading to electronic trading and set up the Asian volatility arbitrage desk in Hong Kong. Tobias holds an MSc in Economics and has taught as an Adjunct Associate Professor at the Chinese University of Hong Kong and as an Adjunct Professor of Financial Practice at National Taiwan University.

Andre Honig

André Honig

Executive Director and Head of Investor Relations

TRANSTREND

André Honig is Executive Director and Head of Investor Relations at Transtrend. He joined the company in 2004. Before Transtrend, André was General Manager of Robeco Gestions, the French asset management branch of Robeco. André started his career in 1992 as a consultant for the business consultancy firm Ortec Consultants, and consecutively held different risk management consultant and consultant relations positions at KPMG Advisory and Robeco.

André holds a Master’s degree in Business Econometrics from Erasmus University Rotterdam. He is a Certified European Financial Analyst (CEFA).

Takashi Imai

Takashi Imai

Head of Investment Management Business Dept

SMBC Nikko Securities Inc.

Takashi Imai is head of Investment Management Business Dept. which is in charge of SMBC Nikko’s investment management business including running Nikko Fund Wrap as well as SMBC Fund Wrap with combining AUM of approx. JPY4trillion. 
Prior to joining SMBC Nikko Securities in 2017, he held several senior positions including Director at Credit Suisse Securities (Japan) Prime Brokerage Div. and Managing Director and head of Product Management Dept. at BlackRock Japan.  
He started his career at ITOCHU Corporation where he was involved in its asset management business including 4.5 year secondment to its NY based hedge fund and FOF business.  

He earned Bachelor of Science degree from Tokyo Institute of Technology and participated in Program for Management Development at Harvard Business School. 

Minah Kim

Minah Kim

Senior Director, Equity & Cryptocurrency Products Asia Pacific

CME Group

Minah Kim serves as Senior Director, Equity Index & Cryptocurrency Products, Asia Pacific for CME Group, based in Singapore. She is responsible for the development and execution of CME Group’s global equity index and cryptocurrency product strategies in the region.  

Kim’s financial services career spans more than 20 years, including most recently serving as Executive Director at Goldman Sachs in Hong Kong before she joined CME Group in 2017. As a sales trader, she was in charge of servicing clients who trade multinational exchange-listed derivatives during Asian hours. Before that, Kim worked for Citigroup in Korea where she established the local presence of its futures and options desk, as well as for J.P.Morgan, where she traded listed derivatives for both international and domestic Korean institutional clients.  

Kim holds a Bachelor’s degree in Politics & Diplomacy from Ewha Womans University, Korea, and a MBA from University of Oxford’s Saïd Business School. 

Yuichi Katayori

Yuichi Katayori

Co-founder / Managing Partner

Tokyo University of Science Innovation Capital

Co-founder/ Managing Partner, Tokyo University of Science Innovation Capital 

Investment Committee Member, Tokyo University of Science Foundation Adjunct Professor, Graduate School of Management at Tokyo University of Science 

Yuichi is the Managing Partner, at the Tokyo University of Science Innovation Capital. Prior to joining the firm, He worked at Goldman Sachs Asset Management (GSAM) and The Dai-ichi Life Insurance Company.  

After working for Goldman Sachs Asset Management, he participated in the establishment of the incubation and investment department of Tokyo University of Science. Currently, he is the Managing Partner of Tokyo University of Science Innovation Capital, a university-accredited venture capital firm. 

Chris Koshi

Director, Head of Japan Equity Solutions

BofA Securities Japan

Chris Koshi is the Director, Head of Japan Equity Solutions. He is based in Tokyo. 

Chris joined Bank of America in 2019 and has been responsible for the distribution of derivatives-based products including equity-linked structured notes and QIS. Chris joined from Credit Suisse where he was responsible for hybrids solution focusing on insurance products. 

Chris holds a Master’s degree in management from EM Lyon Business School. 

Stéphane Martin

Head of Derivative Institutional Sales

Optiver

Stéphane Martin is Head of Derivative Institutional Sales for Optiver in the APAC region. The Institutional Trading team leverages Optiver’s market-leading position and understanding of regional equity volatility markets to provide work class risk facilitation and solutions to global institutional counterparties such as hedge funds, asset managers and structured product issuers. Stéphane joined Optiver in 2018 having previously been Head of Institutional Sales for Vantage Capital Markets, specialising in commodity and equity derivatives in Asia. Stéphane holds a First Class (Honours) Bachelor of Science in Management and Strategy and a Master of Science in Investment Analysis from Aston Business School. 

Goshin Mizuno

Senior Advisor

FinCity.Tokyo

Goshin is a senior advisor at FinCity.Tokyo leading several key initiatives. 

He has an extensive background in asset management and investment bank with more than 20 years’ global experiences in US, Europe, Middle East and Asia.  

Prior to the current role, Goshin started up Two Sigma Japan. Previously he launched Japan Equity Long Short strategy at Nikko Asset Managment.  

At Nomura Group, he chaired the Joint Investment Committee and managed fund of hedge fund portfolio (NY). He also gained experiences in Japanese Equity Trading( prop/arbitrage), launched Investment Research Companies( NY/ London) and had integral roles in Nomura proprietary capital investments (Acquisition of US investment firm and Development Project in Vietnam).  

Goshin holds BA (Waseda University), MBA( Wharton School), CFA, CMA( Chartered Member of Analyst Association in Japan), SEC FINRA Series 7, 63 and 24, Hong Kong Securities Institute Paper 1 and Japanese Certified Securities Broker Representative. 

He has been active in volunteer and mentorship participating in Wharton Work & Life Integration Project and guest lecturer at Wharton School, Waseda University and Rikkyo University. 

David Lutz

Senior Vice President, Equities Product Development

Hong Kong Exchanges and Clearing Limited (HKEX)

David Lutz is a Senior Vice President in HKEX’s Equities Product Development Department. In his role, he is responsible for the product offering and market development of the equity derivatives market in Hong Kong, including the Hang Seng derivatives and single stock options and futures markets.  

David joined HKEX in 2020, after working at its subsidiary, the London Metal Exchange. Prior to joining the HKEX Group, he traded equity, FX, commodity, and interest rate derivatives in New York, Chicago, and London, including with market maker Wolverine Trading and the principal trading firm FME Group. 

Roman Lutz

Roman Lutz

Chief Investment Officer

Future Value Capital

Roman began his career in 1998 at Salomon Smith Barney. In 2001, he joined Morgan Stanley in London where he was in his last position heading the structured products business for Germany, Switzerland and Austria. In 2006, he joined AIG Financial Products where was responsible for providing solutions across all asset classes with a focus on asset & liability hedging of variable annuity products and regulatory capital transactions. In 2009, he founded Future Value Capital Ltd. which is a proprietary investment company and where he first developed and later managed investment strategies which capture alternative risk premia or monetize market inefficiencies. In 2011, he founded Future Value Capital LLP to be able to offer these strategies to investors. Roman is a CFA charter holder and holds an economic degree from the University of Applied Sciences (FHSG) in St. Gallen.

Gerlof-de-Vrij

Gerlof de Vrij

Managing Partner of Capstone Netherlands

CAPSTONE INVESTMENT ADVISORS

Gerlof de Vrij is a Managing Partner of Capstone Investment Advisors (Netherlands), B.V (“Capstone Netherlands”) and leads a macro volatility portfolio. Gerlof joined Capstone in 2017 from Blenheim Capital Management where he was Chief Investment Officer. While at Blenheim, Gerlof continued developing and deploying strategies initiated when he was managing Director of Absolute Return Strategies at APG Asset Management. Prior to APG, Gerlof was Head of Strategy and Research at PGGM Investments and Philips Pension Fund. Gerlof also worked for ABN AMRO’s Economics Department, asset management division and the dealing room as an Assistant Professor at Radboud University. 

Gerlof received a degree in Monetary Economics from Tilburg University. 

36 South Capital Advisors

36 South Capital Advisors launched in 2001 and specialize in the creation and management of asymmetrical portfolios with an emphasis on crisis protection. We invest in generally long-dated bullish and bearish, pan-asset class options which have the potential to generate exponential returns in a crisis. All of our funds are long volatility and invest in a combination of convex and positively accruing options. The funds aim to be non-correlated to traditional assets in a crisis and seek to provide portfolio diversification, risk mitigation and liquidity in order to ultimately reduce risk and increase investors’ long term portfolio returns.

BofA Securities, Inc

Regarded as one of the world’s leading financial institutions, Bank of America serves individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services.

Our decade-long focus on Responsible Growth allows us to be a source of stability for our customers and clients during challenging times, to continue supporting the communities in which we work and live, and deliver more consistent results for our shareholders throughout a well-understood risk framework. Our focus on ESG leadership has provided us with unique opportunities to deepen client relationships and create shared success with communities in which we operate.

CAPSTONE INVESTMENT ADVISORS

Capstone is a leading investment manager for derivatives and manages a range of diversifying mandates including our flagship multi-strategy fund and a customized solutions business. With approximately $11.5 billion of assets under management as of January 1, 2024, and 284 employees as of December 31, 2023, Capstone was established in 2007 and is headquartered in New York with offices in London, Amsterdam, Stamford, Boston, Los Angeles, and Hong Kong. Through strategic insight, market-leading derivatives expertise, and advanced technology, we seek to anticipate and harness the complexities of world markets, creating unique opportunities for our clients, team and industry.

CME Group

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.

Future Value Capital

Future Value Capital is a research and financial technology company which develops systematic investment strategies capturing alternative risk premia or monetizing market inefficiencies in the global derivatives market.

Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Hong Kong Exchanges and Clearing Limited (HKEX)

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.

Ionic Capital Management

Ionic Capital Management® LLC (“Ionic”) is a $3.9 billion New York based alternative asset manager founded in 2006 by Bart Baum and Daniel Stone. Ionic manages multiple private investment vehicles employing different investment strategies including relative value arbitrage, long volatility, and value equity. In addition, Ionic acts as sub-advisor to multiple registered investment funds for which it employs relative value arbitrage and value equity investment strategies. Within the long volatility investment strategies, Ionic focuses on generating negatively correlated returns, with the potential to deliver outsized returns in volatile markets. Ionic utilizes both explicit and imbedded options across asset classes, including equities, interest rates, currencies, commodities and credit in order to construct a portfolio that is typically positive convexity and long volatility.

Japan Exchange Group (JPX)

Japan Exchange Group (JPX) is one of world`s leading exchange organizations and market operators. JPX comprises of five entities, namely TSE, OSE, TOCOM, JSCC, JPX Regulation and JPX Market Innovation & Research. Encompassing listing, trading, clearing, and regulation of multiple asset classes and business areas.

Osaka Exchange, as the largest equity index futures market in Asia-Pacific, offers best in class technology to investors across all time zones, constantly expanding the reach by offering a vivid night session, which fully covers the US trading hours, as well as via the recently established holiday trading regime.

With recent advancements in the Nikkei 225 Volatility Index Futures, OSE is committed to enriching market dynamics, bolstering trader confidence, and cementing volatility as a pivotal asset class, both within APAC and on the global stage.

Moreover, OSE expanded its position as the pre-eminent derivatives market in Asia-Pacific by successfully establishing the Nikkei 225 Micro Futures, Nikkei 225 Mini Options as well as 3-Month TONA Futures in 2023. In addition to these developments, OSE will launch its long anticipated

JPX 150 Prime Futures contract on March 18th 2024.

JPX continues to strive and to shape the industry by offering an extensive universe of products and services and continues to champion innovation and best practices across markets.

For inquiries please contact: [email protected]

Optiver

Optiver is a global market maker founded in Amsterdam, with offices in London, Chicago, Austin, New York, Sydney, Shanghai, Hong Kong, Singapore, Taipei and Mumbai. Established in 1986, today we is a leading liquidity provider, with close to 2,000 employees in offices around the world, united in our commitment to improve the market through competitive pricing, execution and risk management.By providing liquidity on multiple exchanges across the world in various financial instruments we participate in the safeguarding of healthy and efficient markets. We provide liquidity to financial markets using our own capital, at our own risk, trading a wide range of products: listed derivatives, cash equities, ETFs, bonds and foreign currencies.

Parallax Volatility Advisers

Parallax Volatility Advisers, L.P. is the San Francisco based investment adviser to Parallax Master Fund, L.P. and Cega RV Master Fund, L.P. Parallax has four distinct investment strategies that align with our data-driven approach to capturing value through volatility and market dislocation by integrating robust quantitative models and embedded risk modeling with state-of-the-art technology.

Parallax Master Fund employs a global volatility relative value strategy that incorporates multiple trading strategies being utilized opportunistically. The process identifies trading opportunities by options flow analysis that is supported by qualitative and quantitative evaluation and targets the most attractive risk-adjusted portfolio of volatility exposures in both listed and over-the-counter options on global equities, indexes, ETFs, and commodities. Parallax was founded in 1996 and has been negatively correlated to major market indexes.

Cega RV is a capital structure and convertible relative value fund that seeks to capture value through relative value trading within corporate capital structures. Cega RV seeks to generate returns by identifying pricing dislocations across an issuer’s capital structure (equity, debt, and relative derivatives) via this long volatility, long convexity strategy.

Corvus Delta is a global, diversified, systematic strategy that is uncorrelated to traditional investment benchmarks and is committed to trend and counter-trend following. Corvus Delta strives to profit from the mispricing of global assets resulting from large, dominant flows in liquid markets via its data-driven approach to trading.

Parallax Eclipse Digital is a Digital Asset strategy that seeks to capture value in the Digital Asset space through Relative Value Volatility Arbitrage in both listed and OTC options across multiple cryptocurrencies and crypto-related equities. The strategy captures value by monitoring options markets across multiple exchanges and executing trades when prices diverge relative to our proprietary models.

Transtrend

Founded in 1991, Transtrend is a pioneer in active systematic trading with over 35 years of experience in researching markets and managing assets for our clients. We specialize in trend-based trading and currently have USD 5.8 billion under management (including notional funds). Our team is based in Rotterdam, the Netherlands, and consists of 75 professionals.

Transtrend's Diversified Trend Program (DTP) is an active and adaptive trading program attuned to the major developments in the world. The program has an absolute return objective and does not follow any benchmark or index. DTP is known for its broad investment universe consisting of over 500 futures, forwards and swap markets which are traded both outright and in ‘synthetic’ combinations, its focus on risk management and its demonstrated ability to generate ‘crisis alpha’. Its 30+ years track record is the result of a coherent, sustainable and proven investment process, which is kept in-sync with prevailing market dynamics by our research team.

TRUE PARTNER CAPITAL

True Partner Capital is a global asset management firm founded in 2010 and with offices in Asia, the US and Europe. We have over $1.7 billion in assets under management and serve a diverse range of clients globally. The Firm has a focus on volatility trading in liquid markets, particularly equities. The key principals of the Firm were previously options market makers, and the Firm combines trading and technology expertise built up over many years of software development and active trading in derivative markets. We seek to develop long-term partnerships with our clients and to provide them with superior risk-adjusted investment returns and client service through fund products and separate mandates.

Harold de Boer

Managing Director, Head of R&D

Transtrend

Harold is the architect of Transtrend’s Diversified Trend Program, responsible for R&D, portfolio management and trading. Harold was born and raised on a dairy farm in Drenthe. And from a young age, he has been intrigued by linking mathematics to the real world around us.

He graduated in 1990 with a Master’s degree in Applied Mathematics from the University of Twente in the Netherlands. In the final phase of his studies, while working on the project that would later become Transtrend, he became fascinated by the concept of leptokurtosis — or ‘fat tails’ — in probability distributions, a topic which has inspired him throughout his career.  

Harold’s approach to markets is best described as a combination of a farmer’s common sense and mathematics, never losing sight of the underlying fundamentals.