Welcome to "light" panic

What price are you paying to panic

On February 2, VIX low this year, we outlined our logic on hedges/downside speculation in our thematic email "Be fearful when others are greedy" (premium subs only, sign up here).

Vols have exploded since then and we are seeing early signs of panic in terms of pricing volatility. Most people tend to overpay for protection when things get "dynamic" to the downside as they only think about direction, but you need to consider what you are paying (implicitly) to "panic"? Make sure you don't confuse direction with pace...Time for a thread on volatility: