{"id":220832,"date":"2025-03-27T13:53:50","date_gmt":"2025-03-27T17:53:50","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=220832"},"modified":"2025-04-21T10:55:43","modified_gmt":"2025-04-21T14:55:43","slug":"reducing-the-risk-of-risk-management","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/reducing-the-risk-of-risk-management\/","title":{"rendered":"Reducing the Risk of Risk Management"},"content":{"rendered":"\n

Philip Sun, Co-Founder and CEO of Adaptive Investment Solutions LLC<\/a> (Adaptive Investments), began his career in 1997 \u2013 the same year economists Fischer Black and Myron Scholes were awarded the Nobel Prize in economics for inventing the Black-Scholes options pricing model. The timing is notable because nearly 30 years later, Adaptive\u2019s mission is to create and support tools that guide advisors and investors in using options for downside protection for their investment portfolios.<\/p>\n\n\n\n

Sun\u2019s first investment jobs were as a portfolio manager of futures-based (CTA) macro strategies for quantitative hedge-funds, first PanAgora Asset Management then Highbridge Capital Management.  He next transitioned into senior and leadership positions in quant research and investments with Fidelity, Wellington, and Sentinel Investments, retiring from the latter after helping sell the $8 billion mutual fund complex to a competitor.<\/p>\n\n\n\n

\u201cAfter almost 30 years in the industry, riding the wave of huge, tech-driven changes in quant investing, I finally found some breathing room. That\u2019s when I started teaching.\u201d<\/p>\n\n\n\n

His teaching career began as Professor and Research Fellow at Hult International Business School, with a concentration in finance and data science, and an eye towards \u201csocial innovation\u201d. Currently, Philip is an Adjunct Faculty in the MSMFT (MS in Mathematical Finance) program at the Questrom School of Business, Boston University, teaching algorithmic and high-frequency trading.<\/p>\n\n\n\n

\u201cWe use IBKR\u2019s Student Trading Lab<\/a> linked to QuantConnect (quantconnect.com<\/a>) to teach students to create their own trading algorithms and live-test them in IBKR\u2019s paper trading environment.\u201d<\/p>\n\n\n\n

Sun chuckles. \u201cYou could say we push them straight into the deep end of the pool — with or without life jackets.\u201d<\/p>\n\n\n\n

Adaptive Investments was born out of Sun\u2019s desire to bring some of the more esoteric management and trading strategies practiced in the institutional investment community to smaller financial advisors, and ultimately small investors.<\/p>\n\n\n\n

\u201cAdaptive\u2019s focus is on using technology to reengineer part of the investment process — specifically risk management \u2013 so we can bring real financial expertise to a broader, less experienced audience. Risk management with asset liability matching is relevant for small investors, but there\u2019s a certain complexity that can be a barrier.\u201d<\/p>\n\n\n\n

That comment underscores a key part of Sun\u2019s motivation: helping small investors toward \u201cgreater financial inclusion\u201d. Indeed, though Adaptive\u2019s first product is a sophisticated risk management tool that uses options to help clients manage downside portfolio risk, it\u2019s packaged in an intuitive, approachable interface.<\/p>\n\n\n\n

\u201cFor business reasons, our initial focus is on independent financial advisors and their clients, but our ultimate vision is to reach investors of all sizes. The wealthiest 1% have the wherewithal to take care of themselves. The least wealthy we honestly don\u2019t have the right expertise to help. But the middle class is underserved. In theory if we take care of them, the benefits will spread in all directions. That\u2019s who our tools are built for: independent advisors and retail investors. The aim is to keep our platform simple, easy, approachable, and transparent — even fun.\u201d<\/p>\n\n\n\n

The company website, https:\/\/adaptive-investments.com\/<\/a>, offers a series of free webinars led by enthusiastic financial advisors who are early adopters of Adaptive\u2019s technology.<\/p>\n\n\n\n

\u201cOur clients quickly become the strongest advocates for ensuring that we continue to practice what we preach.\u201d<\/p>\n\n\n\n

Individual investors can subscribe for $25 a month, while advisor subscriptions start at $65.<\/p>\n\n\n\n

\u201cLarge advisors focus on large investors. They don\u2019t have the bandwidth to offer their expertise without enough ROI. And if small investors aren\u2019t investing it\u2019s often not because they don\u2019t want to, but because they don’t know how. Adaptive is about leveraging technology to accommodate every individual\u2019s constraints. We called the firm Adaptive because that\u2019s what our tools do: adapt sophisticated strategies to the needs of individual investors, large or small. It\u2019s mass-customization for individuals.\u201d<\/p>\n\n\n\n

Continued in Part Two<\/a> to learn more about Adaptive\u2019s intuitive tool that uses options for downside portfolio protection.<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Philip Sun, Co-Founder and CEO of Adaptive Investment Solutions LLC (Adaptive Investments), began his career in 1997 \u2013 the same year economists Fischer Black and Myron Scholes were awarded the Nobel Prize in economics for inventing the Black-Scholes options pricing model. 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