P/L pain, CTA chasing and imploding war hedges

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uY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzA4ZjIwOTIwNzNhYzg3YmM3YjBlMDE0OTYxNjUzNDg5LnBuZyIgaHJlZj0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzA4ZjIwOTIwNzNhYzg3YmM3YjBlMDE0OTYxNjUzNDg5LnBuZyI+PGltZyBkYXRhLXJlc3BvbnNpdmUtaW1hZ2Utc3R5bGU9ImlubGluZV9pbWFnZXMiIHNyYz0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzA4ZjIwOTIwNzNhYzg3YmM3YjBlMDE0OTYxNjUzNDg5LnBuZyIgd2lkdGg9IjUwMCIgLz48L2E+PC9wPgoKPGg1PjxlbT5Tb3VyY2U6IEJhcmNsYXlzPC9lbT48L2g1PgoKPHA+wqA8L3A+Cgo8aDI+PHN0cm9uZz5UaGUgc3RhYmlsaXplcjwvc3Ryb25nPjwvaDI+Cgo8cD5EZWFsZXJzIGFyZSBiYWNrIGluIGxvbmcgZ2FtbWEgbGFuZCB3aGVyZSBkZWx0YSBoZWRnZSBiZWhhdmlvciBhY3RzIGFzIGEgc3RhYmlsaXplciBvZiBtYXJrZXRzIGFuZCBvcHByZXNzZXMgdm9sYXRpbGl0eS4gRGVhbGVycyBtdXN0IHNlbGwgb24gdXB0aWNrcyBhbmQgYnV5IG9uIGRvd250aWNrcy4gQ2hhcnQgdHdvIHNob3dzIHRoZSBkaXN0cmlidXRpb24gb2YgdGhlIFNQWCBnYW1tYS48L3A+Cgo8cD48YSBkYXRhLWltYWdlLWV4dGVybmFsLWhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9hZWE5NzhiNmM5N2Q1NTJlYzIwZDg3N2JkNDlkMTYwZC5wbmciIGhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9hZWE5NzhiNmM5N2Q1NTJlYzIwZDg3N2JkNDlkMTYwZC5wbmciPjxpbWcgZGF0YS1yZXNwb25zaXZlLWltYWdlLXN0eWxlPSJpbmxpbmVfaW1hZ2VzIiBzcmM9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9hZWE5NzhiNmM5N2Q1NTJlYzIwZDg3N2JkNDlkMTYwZC5wbmciIHdpZHRoPSI1MDAiIC8+PC9hPjwvcD4KCjxoNT48ZW0+U291cmNlOiBHUzwvZW0+PC9oNT4KCjxwPsKgPC9wPgoKPHA+PGEgZGF0YS1pbWFnZS1leHRlcm5hbC1ocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNTk3NmI4YWFmZGE3YzU3NzMxNjAyY2EzOTdhMTk0MzYucG5nIiBocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNTk3NmI4YWFmZGE3YzU3NzMxNjAyY2EzOTdhMTk0MzYucG5nIj48aW1nIGRhdGEtcmVzcG9uc2l2ZS1pbWFnZS1zdHlsZT0iaW5saW5lX2ltYWdlcyIgc3JjPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNTk3NmI4YWFmZGE3YzU3NzMxNjAyY2EzOTdhMTk0MzYucG5nIiB3aWR0aD0iNTAwIiAvPjwvYT48L3A+Cgo8aDU+PGVtPlNvdXJjZTogU3B0b2dhbW1hPC9lbT48L2g1PgoKPHA+wqA8L3A+Cgo8aDI+PHN0cm9uZz5Hb2xkIGRvd25zaWRlIGFpbid0IHJpY2g8L3N0cm9uZz48L2gyPgoKPHA+R29sZCB2b2xhdGlsaXR5IChHVlopIGNvbnRpbnVlcyBjb21pbmcgZG93bi4gVGhlIHF1ZXN0aW9uIGlzIHdoZXRoZXIgb3Igbm90IGdvbGQncyBsYXRlc3QgcmFsbHkgaXMgbWFpbmx5IGEgd2FyIGhlZGdlIG1vdmUgb3IgaWYgZ29sZCBpcyBwcmljaW5nIHNvbWV0aGluZyBtb3JlICJzZXJpb3VzIi4gV2l0aCB0aGUgb3RoZXIgd2FyIGhlZGdlLCBvaWwsIGJhY2sgaW4gZnVsbCBpbXBsb3Npb24gbW9kZSwgd2UgYXNrIG91cnNlbHZlcyBpZiBnb2xkIHVwIGhlcmUgaXMgInN1c3RhaW5hYmxlIi4uLkdvbGQgZG93bnNpZGUgdmlhIG9wdGlvbnMgaXMgbm90IGV4cGVuc2l2ZSAobW9yZSA8YSBocmVmPSJodHRwczovL3RoZW1hcmtldGVhci5jb20vbmV3c2xldHRlcnMvNzcwOTE1Y2QzZTdmZjlkMDc2OTAwZTI5YTZmZDA5MDgiIHJlbD0ibm9vcGVuZXIgbm9yZWZlcnJlciIgdGFyZ2V0PSJfYmxhbmsiPmhlcmU8L2E+KS48L3A+Cgo8cD48YSBkYXRhLWltYWdlLWV4dGVybmFsLWhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9mOWRhMTRlNTZjNDE2NGMwODkyNGE5YzE4ZmEwNTNkMS5wbmciIGhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9mOWRhMTRlNTZjNDE2NGMwODkyNGE5YzE4ZmEwNTNkMS5wbmciPjxpbWcgZGF0YS1yZXNwb25zaXZlLWltYWdlLXN0eWxlPSJpbmxpbmVfaW1hZ2VzIiBzcmM9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy9mOWRhMTRlNTZjNDE2NGMwODkyNGE5YzE4ZmEwNTNkMS5wbmciIHdpZHRoPSI1MDAiIC8+PC9hPjwvcD4KCjxoNT48ZW0+U291cmNlOiBSZWZpbml0aXY8L2VtPjwvaDU+Cgo8cD7CoDwvcD4KCjxwPjxhIGRhdGEtaW1hZ2UtZXh0ZXJuYWwtaHJlZj0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzc0Nzg5MjQ4MjlkNThhZmRiMTNjMWZiYTc4ZjQ3NGI2LnBuZyIgaHJlZj0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzc0Nzg5MjQ4MjlkNThhZmRiMTNjMWZiYTc4ZjQ3NGI2LnBuZyI+PGltZyBkYXRhLXJlc3BvbnNpdmUtaW1hZ2Utc3R5bGU9ImlubGluZV9pbWFnZXMiIHNyYz0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzc0Nzg5MjQ4MjlkNThhZmRiMTNjMWZiYTc4ZjQ3NGI2LnBuZyIgd2lkdGg9IjUwMCIgLz48L2E+PC9wPgoKPGg1PjxlbT5Tb3VyY2U6IFJlZmluaXRpdjwvZW0+PC9oNT4KCjxwPsKgPC9wPgoKPGgyPjxzdHJvbmc+T2lsIC0gcHVraW5nIGJlbG93IHRoZSAyMDAgZGF5IG1vdmluZyBhdmVyYWdlPC9zdHJvbmc+PC9oMj4KCjxwPk9pbCBpcyB0YWtpbmcgb3V0IHRoZSAyMDAgZGF5IG1vdmluZyBhdmVyYWdlIHRvZGF5LiBOb3Qgb3Zlcmx5IHByZXR0eSBmb3IgdGhlICJ3YXIgaGVkZ2UiIGJ1bGxzLjwvcD4KCjxwPjxhIGRhdGEtaW1hZ2UtZXh0ZXJuYWwtaHJlZj0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzNiMjY4ZGE0ZGE2MmJkNGFlNzAzYjg3NmQwM2FjNmVjLnBuZyIgaHJlZj0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzNiMjY4ZGE0ZGE2MmJkNGFlNzAzYjg3NmQwM2FjNmVjLnBuZyI+PGltZyBkYXRhLXJlc3BvbnNpdmUtaW1hZ2Utc3R5bGU9ImlubGluZV9pbWFnZXMiIHNyYz0iaHR0cHM6Ly90bWUyLm55YzMuY2RuLmRpZ2l0YWxvY2VhbnNwYWNlcy5jb20vaW1hZ2VzLzNiMjY4ZGE0ZGE2MmJkNGFlNzAzYjg3NmQwM2FjNmVjLnBuZyIgd2lkdGg9IjUwMCIgLz48L2E+PC9wPgoKPGg1PjxlbT5Tb3VyY2U6IFJlZmluaXRpdjwvZW0+PC9oNT4KCjxwPsKgPC9wPgoKPHA+PGVtPlNlZSBUTUUncyBkYWlseSBuZXdzbGV0dGVyIGVtYWlsIGFib3ZlLiBGb3IgdGhlIDI0LzcgbWFya2V0IGludGVsbGlnZW5jZSBmZWVkIGFuZCB0aGVtYXRpYyB0cmFkaW5nIGVtYWlscywgc2lnbiB1cCBmb3IgWkggcHJlbWl1bSA8YSBocmVmPSJodHRwczovL3d3dy56ZXJvaGVkZ2UuY29tL3ByZW1pdW0iIHRhcmdldD0iX2JsYW5rIj5oZXJlPC9hPi48L2VtPjwvcD4K