Barry Ritholtz hosts Jeff Chang, President and Co-Founder of Vest, on Bloomberg's Masters in Business podcast. The discussion explores Chang's entrepreneurial journey in founding Vest and his perspective on financial hedging strategies. Chang explains how hedging can protect portfolios during market volatility while maintaining upside potential.

A significant portion of the conversation focuses on the explosive growth of ETFs and their role in modern investment strategies. Chang notes that investors increasingly use ETFs for both core holdings and tactical hedging positions. The discussion also covers the development of specialized financial products designed specifically for hedging purposes, including options-based strategies and inverse ETFs.

The conversation highlights how institutional and retail investors are adapting to market uncertainty through sophisticated hedging techniques. Chang emphasizes that while hedging adds complexity, it provides crucial downside protection in volatile markets. The episode offers valuable insights for investors considering hedging strategies in their portfolios.