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 opportunities.
From this perspective, David believes that MFM has a 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.
The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable in light of your financial condition.
Adam Hoffman is MFM’s Chief Operating Officer and is responsible for all business management functions. Prior to joining the firm full-time, Adam had been a member of the Board of Advisors for MFM since 2020. Adam helped create the Board of Advisors and expanded MFM’s marketing team.
Adam Hoffman is also the founder of WoodedPark Strategies LLC, a risk consulting and implementation firm and AfterMathematics Solutions LLC, a unique risk analytics software firm specializing in beyond VaR stress-testing in the derivatives space. Adam has consulted with a number of institutional firms including Munich Re Trading LLC, where he helped build and optimize the firm’s proprietary electronic trading and risk management systems.
Adam has served as a Managing Director at Millennium Partners, where he led the Commodities High Frequency Trading team. Adam also worked as the Head of Algorithmic Platform Trading for the Royal Bank of Canada. Prior to this, Adam served as the Co-Head of NYMEX Natural Gas and Crude Oil Trading for Pacific Gas & Electric Trading. Adam met David Martin in the 1990’s when they worked together trading the firm’s proprietary capital at Cooper Neff & Associates.
Adam is the author of numerous white papers on risk management and is frequently cited in national financial publications including Bloomberg BusinessWeek and Risk Magazine.
Adam holds a B.B.A. in Finance from the University of Texas at Austin.