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Roni Israelov, President and CIO: NDVR

Alpha Exchange

CHAPTER

The Benefits of Optionality

Sally Kohn: Buyers of put options are up against volriss premium, equity risk premium. She says they're also reducing the delta of their portfolio and that has been costly in the past. When markets fall several percent each day, VIX is into 40s to 50s; it's rare, but it happened before, she says. Kohn: Ownership of optionality allows them to be more empowered during a sell-off. But tail protection strategies tend to work most of the time when markets are not stressed,. So I think most people would understand that they are going to see some amount of drag on performance due to the two factors we just talked about during good

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