How Do You Think About Monotization Heristics?

With options, you know what your bleed is, but you don't know what your returns will be. Anything less than a negative ten % move in the s and p is just noise. If we'd constructed our ensambla well, it would hopefully start to have that getting in close to that one for one coverage. And then because of those convexity and options, they go from like worth nothing, worth nothing,worth nothing, to exploding.

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