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GM31: The Art of Volatility Investing ft. Dave Dredge

Top Traders Unplugged

CHAPTER

LDI Investors - You're Hedging Too Much in Korea

The world's most aggressive buyer of dollars and the whole thing explodes all law UK LDI investors right you would expect the UK pension funds desperate for yield would be buyers of gilts when yields went up. Same thing in Korea throughout this whole process now right the Korean pension funds or massive holders of Korean callable note structures. How do you navigate that? We don't time anything we have no market view we're neither bearish nor bullish we are timing we're simply trying to understand value. What's cheap is often a function of what is the distribution look like but how is market structure changed I'd like to figure out well.

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