You're Not Outright Short Volatility, Right?

When you run global volatility, then you always have something that you can buy cheaper than the VIX. So even though you say you're not short ball, you will be short certain ball, like asset classes and be long things that you think are going to call. "So on the whole, your whole book might be long gamma, but you're excelling expensive stuff and earning a carry," he says.