SI386: When Position Sizing Saves You ft. Rob Carver

Today, we are joined by Rob Carver to unpack one of the most volatile weeks seen in commodity markets in years. The conversation centers on silver’s sharp rise and sudden collapse, using it as a case study in volatility targeting, liquidity risk, and disciplined position sizing. From Freaky Friday to broader dislocations across assets, they examine why systematic risk management matters when markets move faster than narratives. The discussion expands into diversification, correlation assumptions, alternative markets, and new research on trend portfolio construction, offering a grounded reminder that survival often matters more than precision.

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Episode TimeStamps:

00:00 - Introduction to the Systematic Investor Series

03:56 - Freaky Friday in precious metals

04:29 - How Rob trades silver in a volatility adjusted framework

10:25 - When volatility forces position reduction

12:38 - Liquidity myths in hot commodity markets

16:25 - Risk management lessons from silver’s collapse

22:28 - Dislocations across assets beyond metals

24:54 - Fed chair speculation and muted market reactions

31:33 - Discretionary versus systematic decision making

34:03 - Trend barometer and market breadth update

37:34 - Estimating portfolio correlation from PnL

41:18 - Correlation versus volatility predictability

45:13 - MAN Group paper on m