Jonathan Sun

Trading MD
Bulls & Bears Club


BBA Finance, National Taiwan University, Taiwan


KPMG Taiwan – Consultant, Government, and Infrastructure Advisory
CHANG YANG ENERGY INC., – Chief Executive Officer


  • Thesis on equilibrium behavior among agents in a physically settled contango futures market with WTI-type logistic infrastructure
  • 2022 IAQF winning paper using a hybrid method of deep learning and Markov switching models to predict Russell 3000 market states
  • Research on the calibration of the stochastic volatility model argues that underlying WTI futures with different maturities should be treated as distinct underlying for the purpose of calibration
  • An empirical study on VAR estimation in fat-tailed markets comparing a method based on extreme value theory to GARCH-type estimation methods
  • Proposal for an inventory-based trading strategy in WTI futures whose Shapre ratio is above 1.0  during the backtesting period 2011.03.31-2021.12.31
  • Coordinated and collaborated with buy-side tax, law, and technical advisory teams to engage CHANGFANG & XIDAO's 500 million divestment deal for a fund sponsored by Goldman Sachs and Google as exclusive lead financial advisor. 
  • Conducted financial model due diligence for a 77.5 million syndicated project finance loan project led by DBS bank, and comprehensively reviewed all relevant contracts of the 70.2 MW Taiwan solar power plant development and project’s DCF financial model
  • Directed Hotai Yanmei Logistics Center project, Toyota’s 1st, and largest (10,713 square meters) Asia-Pacific photovoltaic rooftop power plant 

Goals for Bulls & Bears

“Don’t wait for inspiration. It comes while working." - Henri Matisse