Video length: 62 minutes
Macro

Proprietary Trading with Keith Dack

Kay Van-Petersen
Global Macro Strategist

Summary:  Our second Dragon Interview takes us to the world of global proprietary trading from banks to family office and across the globe from London to New York, to Hong Kong and Singapore.

This edition of Dragon Interviews

We speak with Dacky (Keith Dack) who has been trading since the 80s, makings tens of millions of dollar for banks including legendary firms such as Bankers Trust & Salomon Brothers. 

We touch on the change in market regimes over the decades, risk-taking, his approach to trading currencies & how he looks at the market.

And naturally we make some time for war stories, career progression as a risk taker, as well as some of his biggest winners & losers on the trading floor. 

It’s rare to come across an individual of Dacky’s deep experience, talent, humility, as well as continued passion & drive for trading the markets. 

For context during the turbulent year of 2016, think Brexit, Trump US election victory surprise, Dacky returned +50% for the year.

Lastly we close on big picture thoughts going into 2021 – the interview was filmed on 28 Nov 2020 – which will give people some MtM as well as ideas to reflect on. 

We hope you enjoy the interview, as much as we had doing it.

Previous Dragon Interviews

Discussing Global Macro & the Building Out of a Hedge Fund the AVM Way, with the Class-of-One Ashvin Murthy

Going into year 5 in one of the toughest & dynamic changing Global Macro Regimes, AVM has returned +42.7% since its Nov 2016 inception, with an astounding Sharpe of +1.7x 

For context, over that period government bonds & equities have had a Sharpe ratio closer to 0.74 (i.e. way more risk for return)
This was the first in a string of exclusive Dragon Interviews series with exceptional professionals who have skin-in-the-game, across different strategies, asset-classes & backgrounds.

Singapore Based, AVM Global Opportunity, is run by the talented & always exceptional Ashvin Murthy. Who in KVP’s view is world class in his approach, process & even more importantly trade construction & money management. 

Ash has demonstrated that, if the process is pristine & consistent, the returns will take care of themselves overtime. He has also returned volatility that is lower that government bonds, yet obviously with much better returns.

The timing of the interview is uncanny as it was at the cusp of the last US presidential elections that AVM was launched. It’s worth noting since the interview, the fund has also been nominated for the Singapore’s Best Hedge Fund of 2020, given its consecutive five straight positive months at the start of this volatile year.

Please click here for interview link.

You can follow & learn more about AVM here.

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900
Hellerup
Denmark

Contact Saxo

Select region

International
International

Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.