US Equities Vol Regime Undergoes ‘Polar Opposite’ Shift

You've heard it again and again: You only need downside protection if you have exposure to hedge. And if your cash allocation is elevated, that's a de facto ATM put. Cash is the best kind of optionality there is, which is why, historically, I've been reluctant to part with it, even in cases where the risk-reward asymmetry on prospective investments is very good. I often envy the younger me: Cash-rich (not necessarily "rich" in a strict sense, but rather in the sense that I had very few other as