Accessing the Volatility Risk Premium with Cash-Secured Put Writing

Chief Investment Strategist
Fund Evaluation Group, LLC (FEG)

Michael J. Oyster is the Chief Investment Strategist at the Fund Evaluation Group, LLC (FEG). He began his professional investment career in 1994 with options advisory firm Schaeffer’s Investment Research. As Schaeffer’s senior quantitative analyst, he conducted detailed analysis of equity and index options as well as volatility metrics while managing product offerings including an S&P 500 options credit spread strategy. Upon joining Fund Evaluation Group, LLC (FEG) in 1999, Michael began researching traditional and hedge fund strategies as well as conducting topical research on markets and the economy.

With an options background in an investment manager research firm, Michael conducted detailed analysis on a variety of different options-based investment strategies. The unique, first-hand view of the wide-ranging tools and techniques used by successful options-based managers, as well as the pitfalls that befell unsuccessful ones, provides him with deep knowledge of the space.

As FEG’s Chief Investment Strategist, Michael served as a thought leader on capital markets, asset allocation and portfolio construction. He also developed and enhanced techniques for market analysis including a ground-breaking methodology for applying momentum analysis techniques at the sub-asset category level.

Michael is the author of Mission Possible, Achieving Outperformance in a Low Return World, which was published by Dearborn Trade in 2005. He was twice commissioned by the Chicago Board Options Exchange, (now Cboe Global Markets), to produce a research paper on their proprietary indexes as well as conduct analysis on options-based investment strategies. Michael is a graduate of the University of Cincinnati with a BBA in Finance, a CFA Charterholder, a member of the CFA Institute, the CFA Society of Cincinnati, a CAIA Charterholder, a member of the CAIA Association, and a member of American Mensa. He serves as a board member on the Freestore Foodbank Foundation and on the Lincoln W. Pavey Educational Foundation.