The Long Volatility Overlay

A large part of the short book is directly within the kind of resource verticals we have. Sometimes it's more efficient to express like we're vulnerable to a turn a negative turn in the economy. The other area that there are some interesting ways to potentially hedge in very highly convex ways is forward inflation expectations. It's not a significant capital allocation for us at any given time, but when we get those things right they can be very powerful counterweights to negative shock environments.

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