How to Wave the One and Do That

JD: All returns come from yield and growth or multiples expanding. We talk a lot about like actual hedge protection, so convexity associated with hedges. If your convexity is actually there to protect against drawdowns, it's not going to be a great year because low delta stuff didn't pay out but higher delta stuff did. So if you have the right blend of convexity that you actually mitigate some of that risk and have similar risk metrics than a 60 40, I think you're going to long-term compound wealth at a faster rate.

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