How to Buy Long Volatility Options

The way we try to think of it most is through this triangle, there are a, you know, tripartite way of looking at volatility. Now you could choose one or two of those, but you're never going to get all three. So if you think about classical tail risk catches, that's the idea of saying buying a deep out of the money put on the S&P 500. And let's say you use a attachment point of negative 20% down,. That's going to give you an unbelievable amount of convexity and certainty. Then we come to the world, the long volatility. Some may argue that's just purely playing implied volatility. Others just may say that

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