How to Manage Path Dependencies in a Low Volatility Environment

In 2022 our dispersion was upwards of 50 to 60 percent across our managers. It really depends on are we coming from a low vol environment to a high vol environment right and then what are my monetization heuristics if it pops into that high vol environment or reverse just as quickly like we saw in 2022. There's many different ways of skidding the cat there's lots of different ways of playing uh long volatility tail risk long gamma positions short delta whatever you want to call it. I think for a lot of people that come from outside of our space is this part of the world is very built on niche strategies so you have a manager with a very something very specific niche strategy on one