“Cash”ing In?

“Cash”ing In?

The holder of cash has an effective option to purchase more volatile assets if and when they become cheap. Thus, a willingness to hold cash when there are no obvious alternatives is the simplest way to 'get long of the tails', and therefore the original 'long-vol' strategy. That's from former SocGen strategist Dylan Grice. It's kind of tautological, but it highlights an important point which, although self-evident, is likely lost on a lot of investors who abhor the notion of simply moving to the
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