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Is March Going to Change Your World?
The base case would be that volatility risk premium should also increase on the back of this and incrementally you'd think that that would be true. The big participants so the big cause of the compression of general near the money volatility risk premium the last several years has been big real money programs not over leverage hedge funds. Those programs have underperformed significantly if you look at call-over writing and put underwriting programs a relative to s&p for example.