Bigger markets, more alpha: Capstone’s Paul Britton on running a derivatives hedge fund

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• 00:00

  Welcome to another episode of Goldman Sachs Exchanges, great investors.

• 00:04

  I'm Tony Pasquarello, Global Head of Hedge Fund Coverage and Global Banking and Markets and Co-Head of OneGS.

• 00:11

  And today I have the great pleasure of sitting down with my friend Paul Britton.

• 00:15

  Paul is the founder and CEO of Capstone Investment Advisors,

• 00:19

  a global investment firm with about 11 billion in assets under management.

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  Capstone focuses on derivatives and strategies that capture alpha and protect against downside risk.

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  Capstone recently celebrated its 20th anniversary and so this will be a great opportunity to discuss how the investing landscape has changed in the past two decades and where opportunities could be now.

• 00:42

  Paul, thanks for doing this, thanks for being here.

• 00:44

  You're welcome.

• 00:44

  I would be here.

• 00:45

  Thank you for the invite.

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  So I wanna get your take on the current environment but let me just go back to the beginning.

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  Let's just start the beginning of Capstone, what were the origins,

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  what was the impetus, why did you decide to launch the business in 2004?

• 00:58

  My DNA is in the options market making space and we built a relatively successful firm and then I moved over to the States in 2000,

• 01:10

  2001 to look to expand our European operations into the US.

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  By kinda 2003, 2004,

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  I realized

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  that the market making business and the providing liquidity business was really becoming a technology arms race.

• 01:24

  So the more CapEx you would spend, the higher probability that you had of being the most successful in the game.

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