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Buying Put Options
Crisis alpha strategies that look most like long vol or long puts have been paying a premium for that kind of exposure. The trend trend has been a negative carry strategy for as far as the eye can see and it looks just like short fall. And so it really ends up being do you want to buy a put option? You want to buy short term breakout style trend? They're the same thing and you end up paying precisely the same premium to run that.