Many investors think that options are just a vehicle that affects the portfolios of sophisticated investors. But their impact on the market goes well beyond that. In this episode, we talk to SpotGamma founder Brent Kochuba about the influence that options have on the stock market, and what that means for everyday investors. We discuss the role of options dealer hedging on flows within the market, why options expirations can often market major market turning points and what options tell us about market volatility. 
We hope you enjoy the discussion. 
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Excess Returns is an investing podcast hosted by Jack Forehand (@practicalquant) and Justin Carbonneau (@jjcarbonneau), partners at Validea. Justin and Jack discuss a wide range of investing topics including factor investing, value investing, momentum investing, multi-factor investing, trend following, market valuation and more with the goal of helping those who watch and listen become better long term investors.
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