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Is Covered Calls on the No Fly List?
VIX minus realized isn't maybe the best measure or a good measure at all of this variant volatility risk premium. But we've heard over time this story of a volatility risk premium being a beneficial source of carry for investors over the long run. A lot of them seem like they've turned on these sort of covered call buy right type strategies to try to harvest this. And I think, again, that we probably don't have enough data quite yet to see how the world is resetting after March events.