David Stephen Martin

David Martin - Founder & Chief Investment Officer

David Martin is MFM’s Chief Investment Officer and is responsible for all trading decisions and portfolio management.

David founded New York-based MFM in 2013 after a multi-decade derivatives trading career as a proprietary trader and market maker at the New York Board of Trade and the New York Mercantile Exchange.

David has traded across futures markets, with a focus on macro-directional options strategies based on probabilistic, statistical, and fundamental inputs, which are expressed through proprietary trade structures designed to limit tail-risk.

David’s central investment thesis is that the price behavior of commodity markets is distorted by two factors: the cognitive biases of humans, and trading algorithms that emulate human thought.

Because of this, price behavior may not function as fundamentals would normally suggest. David believes that increasing open interest, big data and more participants all equate to greater future opportunity.

From this perspective, David believes that MFM has significant edge in a “post-fundamental paradigm” using option structures to create unique and asymmetric risk-reward profiles.

David further maintains that current price distortions, market dislocations and increased volatility all equate to opportunity, and not obstacles.

Over his career, decision science, game theory, options theory and fundamental analysis have all played a role in David’s thesis development.

David started his career at Cooper Neff & Associates, an elite quantitative derivatives trading firm, where David traded the firm’s proprietary capital.

David holds a B.S. in Economics from The Wharton School of the University of Pennsylvania where he majored in Decision Sciences and Information Technology.



Michael Chang

Michael Chang – Director of Research & Portfolio Manager

Michael Chang is MFM’s Director of Research & Portfolio Manager, responsible for investment research and quantitative analysis. Michael has over 20 years of derivatives research and trading experience, with an expertise in options markets and strategies. Michael focuses on researching and developing trading strategies, testing investment ideas, and providing market risk oversight for MFM’s portfolios.

Michael has studied and managed derivatives risk across several different asset classes, developing an expertise in derivatives strategies and execution. His breadth and depth of experience has helped him to identify dislocations in markets and formulate systematic and opportunistic strategies to capture profitable inefficiencies.

Michael joined MFM from Canada Pension Plan Investment Board, a multi-billion-dollar pension plan, where he was responsible for options-related research and systematic trading strategies for CPPIB’s foreign exchange and macro trading desks. Prior to CPPIB, Michael worked at Point72 Asset Management and FX Concepts, where he researched and managed relative value volatility strategies across foreign exchange and commodities. Prior to that, Michael worked as a derivatives trader in New York and Asia for BNP Paribas, Credit Suisse, and Lehman Brothers.

Michael holds a M.S. in Operations Research and a B.S. in Economics from Cornell University.