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A “Useful Maxim” Before “It All Goes Horribly Wrong”
Hedging is so last ... ummm... decade?
With central banks backstopping markets and creating a self-fulfilling, vol-crushing, BTFD dynamic, the idea of buying insurance seems not only passé, but outright foolish.
"Sell vol with this ETP for a 4,000%+ return over the past 8 years!" "You too can be a carry trader!" "Do NOT sell the populist coup news or risk getting run the fuck over by a vicious VIX smash!" "Oh, and since vol is never going to spike, let that machine over there lever us u
