Throughout a career in high-stakes trading and quantitative strategy, Adam Perpich has established himself as a forward-thinking leader in finance. Adam Perpich’s work bridges traditional commodity markets and modern investment strategies, combining deep expertise in derivatives, geopolitics, and emerging technologies.
Between 2006 and 2014, Mr. Perpich worked as director of trading and marketing at Roberts International. He developed proprietary trading systems that leveraged arbitrage opportunities between physical and derivative markets, while also constructing the firm’s back-office accounting and financial modeling infrastructure. His leadership helped transform the company into a nationally recognized commodity trading operation, where he managed significant trading volumes and mentored a new generation of traders.
In 2020, Mr. Perpich co-founded FCTG. His work there included underwriting complex financial instruments, leading quantitative modeling efforts, and executing large-scale trading strategies. During this period, he became a leading market maker in a major commodity asset class and successfully guided clients through volatile market conditions. Later that same year, he became president of Eukarya Trading, LLC, where he remains responsible for overseeing all investment decisions, underwriting, and accounting risk modeling.
What is your typical day, and how do you make it productive?
These days, markets trade nearly 24/7—so my day never starts and never ends. I have to know what is going on in the real world at all times, so I am constantly reading, writing, and thinking about probabilities of outcomes and risk. I am able to handle this workload due to my strong work ethic, but I cannot say it does not come without stress. One of my favorite verses in the Bible is Ecclesiastes 1:18: “For with much wisdom comes much sorrow, the more knowledge the more grief.” This is very true; ignorance is bliss—but I cannot afford to be ignorant.
How do you bring ideas to life?
I am a total reading nerd; I do not miss much and I read everything I can get my eyes on. This constantly creates probability scenarios in my mind, which, of course, translates into real world trading opportunities. Some are extremely successful, some are not. Timing is everything, and patience is key. One must not overtrade and trade during times of turmoil. Nothing eats PNL more than volatility and fear. I have been a (or the primary) decision maker for most of my professional career, so I have constantly came up with trading thesis to generate alpha. Again, some better than others, but the old Warren Buffett saying is “it’s not time to market that brings success, but time in market.” And I have found that the stronger the relationship with is with those who control the capital, the more secure one becomes structurally, the more likely the company is to be successful. Nothing is worse than uncertainty—but that is part of life.
What’s one trend that excites you?
The trend that excites me the most is artificial intelligence, robotics, electric vehicles, and space-based technology. Knowing where the puck is moving is the secret to generating alpha, but the hard part is getting the timing right. Again, that is why time in market is so important. You always think things will happen faster than they really do.
What is one habit that helps you be productive?
My biggest drive to be productive is my family. Nothing is more important than being able to support them. Also being in a position to allow my children to follow their dreams drives me to work hard, be productive, and stay in the game.
What advice would you give your younger self?
Timing is everything, and it’s better to be lucky than good. Often, financial and career success comes down to good luck and bad luck. I have seen average people become extremely wealthy with nothing other than luck, and I have seen the most brilliant people fail due to bad luck and bad timing. But one of my favorite lyrics/sayings of all time is a 311 song that says, “you got to bet on yourself, because that is your best bet.” So bet on yourself, take risks, and, whatever you do, don’t follow the crowd and be an average lemming.
At the end of the day, success tends to bring out overconfidence and failure brings about humility. The most successful businesspeople tend to be humble in their success, otherwise, it doesn’t last long.
Tell us something you believe that almost nobody agrees with you on.
I believe, from a geopolitical perspective, it’s better to project strength as deterrence than create friendly economic exchanges. Everything in life is an economic exchange in some respect. Even with your family, friends, and colleagues. People tend to be out for themselves, generally speaking, individually. So, you take that and look at it from a geopolitical perspective: those holding political power, in a dangerous world, can be extremely dangerous. It’s better to project strength, be unpredictable, and be firm from a geopolitical standpoint because there is no free lunch. Ideals are peaceful, reality is not.
What is the one thing you repeatedly do and recommend everyone else do?
I follow real-world reporting on X constantly. I think X is one of the best, unfiltered free speech platforms ever created, and I highly recommend everyone bypass the censorship of mainstream media and learn what’s going on in the real world from those who are the boots on the ground.
When you feel overwhelmed or unfocused, what do you do?
I try to mediate daily and spend a lot of time fishing or in my hot tub at night, watching the stars. Even in the harsh Iowa winters, I go outside, get in the hot tub, watch the stars, and remember that we are only a very small, nonunique biological entity in the universe filled with unknowns.
What is one strategy that has helped you grow your business or advance in your career?
Developing long-lasting, non-transactional relationships is the key to a sustainable business. If it is only about making money, you are doing it wrong. You have to take care of your customer, counterparty first, as the customer is always right. With this mindset, you generally will always under-promise and overdeliver—and if the counterparty is content and happy, then usually everything else works out in the long run.
What is one failure in your career, how did you overcome it, and what lessons did you take away from it?
I started a hedge fund with a seed capital raise that took longer than expected, which then forced me to launch the fund in 2022, the worst market for everything in 100 years. The lesson I took away from it is that timing is everything, it’s better to be lucky than good, and that life is a marathon, not a sprint, there will be ups and downs and things out of your control—and you can control only what you can control—and the rest is destiny. So, I have found letting go of things I cannot control brings peace of mind. At the end of the day, success tends to bring out overconfidence and failure brings about humility. The most successful businesspeople tend to be humble in their success; otherwise, it doesn’t last long.
What is one piece of software that helps you be productive? How do you use it?
I really think X is one of the best software/applications ever created in the history of mankind. Did you know that the concept/bones of the original Twitter was actually created at Iowa State University? Did you also know that the first computer was created at Iowa State University?
What is the best $100 you recently spent? What and why?
The best $100 I have ever spent was rewarding my children for excelling academically and athletically—but also being straight edge.
Do you have a favorite book or podcast you’ve gotten a ton of value from and why?
The best book I have ever read was “Liars Poker” by Michael Lewis. It was the book that made me really want to become a trader.
What’s a movie or series you recently enjoyed and why?
A movie I have watched time and time again is “Interstellar.” It is a dynamic movie that shows the power of human innovation even during times of crises. It shows human ingenuity can solve all of the world’s problems when humanity truly comes together for a common cause.
Key learnings
- Timing is everything and one must accept their destiny.
- Geopolitics shape the everyday real world.
- Overcoming mistakes and failure builds character.