Gamma Scalping

The gap between the intra de volatility measures and the realized volatility on a closed, close basis is among the largest severban in history as well. We are constantly being forced shorter dated hedges, which means that a decay associated with them, and the sensitivity of the gamma component to them, is much higher than it's been in traditional motdels. The very fact that gama si isn't working, you haven't had any val gama to play off it so or val tren to play off with. So it's very, it's very frustrating this is i me. I'll be again, we've talked about this like this is by far the hardest market to hedge effectively

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