Buy protection when you can, not when you must

Welcome to inverse panic

We have seen a huge reset in risk premia across most assets. This was exaggerated post the CPI print yesterday. CPI is behind us, but there is still a lot of macro uncertainty left, as well as the fact earnings season is about to kick in. Regular readers of TME are familiar with the fact that you "buy protection when you can, not when you must". Time for a thread on volatility and protection.

Lowest since...