Christopher Cole

Christopher Cole is the founder of Artemis Capital Management, a hedge fund specializing in volatility and tail-risk protection strategies. He became widely known for his research papers, particularly "Volatility and the Alchemy of Risk" and "The Allegory of the Hawk and Serpent," which argued that conventional stock-bond portfolios are fundamentally fragile to certain market regimes. He developed the "Dragon Portfolio" concept — allocating across stocks, bonds, gold, commodities trend, and long volatility — arguing that this combination can survive and thrive across different historical market regimes including inflationary, deflationary, and crisis periods. His research on reflexivity and volatility cycles has attracted significant attention. Cole's intellectual contribution extends beyond portfolio construction, offering a philosophical framework for thinking about how different asset classes perform across varying economic regimes, making his research relevant to asset allocators well beyond the volatility trading community.