Volatility Funds - Volatilities in the Equity Ball Space

In January and before, you know, skew was actually in the 98th to 100th percentile. People were hedged, market went down; people with those hedges who are long stock now need to monetize their hedges. They're losing money on their stock, and they need to sell their puts. Now you get panic. You get complete kind of, I got to get out of these things. And we've talked about the long ball managers who are not just hedging their shorts, but like they have to make money in that scenario. So there's a tidal wave of options warehousing them. That's market makers, that's banks, that's dealer dealers. But

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