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Nomura’s McElligott On VVIX, More Mechanical De-Risking And ‘Pure Minsky’
The good news is, "funds have become more dynamic [and] sophisticated with their unwinds to reduce their often times ‘heavy handed’, price-insensitive de-risking", Nomura's Charlie McElligott writes on Wednesday morning, a day after one of the worst sessions for US equities of the year.
The bad news is, that newfound "sophistication" (which presumably helps alleviate some of the bad optics when the media is looking for selloff scapegoats) means "there will likely be additional days-worth of
