John Seo leaned into trading catastrophe bonds to capitalize on volatile weather and inflation, a profile in Bloomberg said. : Seo — who holds a PhD in biophysics from Harvard University — runs Fermat Capital Management, and delivered 20% returns last year. That's more than double the hedge fund average of 8% in that stretch. According to a Bloomberg profile published Tuesday, Seo's firm owns the largest collection of catastrophe bonds in the world. Insurers issue the debt securities to account for unanticipated risks and super-rare events.