"Profit in the share market is goblin treasure: at one moment, it is carbuncles, the next it is coal; one moment diamonds, and the next pebbles. Sometimes, they are the tears that Aurora leaves on the sweet morning's grass, at other times, they are just tears."

Joseph Penso de la Vega

"Profit in the share market is goblin treasure: at one moment, it is carbuncles, the next it is coal; one moment diamonds, and the next pebbles. Sometimes, they are the tears that Aurora leaves on the sweet morning's grass, at other times, they are just tears."

Joseph Penso de la Vega

Who We Are

Penso Advisors LLC is a New York based global macro manager and advisory boutique specializing in derivatives structuring and trading, high convexity strategies and systemic risk management. We manage high convexity global macro strategies as well as negative correlated alpha portfolios for large sophisticated institutional money managers and allocators.

Penso Advisors LLC is a US Securities and Exchange Commission registered investment advisor.

More About Penso

Our Name

Joseph Penso de La Vega - Author, 'Confusion de Confusiones.'

'Confusion de Confusiones' is the first known book that describes sophisticated financial derivatives. The treatise evidences a high degree of sophistication in financial practices. Options, puts, calls and even shorting are referenced. The book was published in Amsterdam in 1688.

The Financial Times considers it one of the ten best books ever written on financial markets.