Deepak Narula says wide spreads in the agency mortgage-backed security market offer opportunities approaching those that surfaced in the wake of the global financial crisis.

The founder and chief investment officer of Metacapital Management LP should know. Born in New Delhi, Narula earned a Ph.D. in management science at Columbia Business School before joining Lehman Brothers Holdings Inc. as a research analyst in 1989. There, he rose to become head of mortgage strategy, then to lead Lehman’s agency MBS and derivatives trading desks.