The Behavior of Tail Risk Hedging

I just watched the big short for the first time, I guess in many ways you're describing yourself as looking at the current macro situation. In many cases, distress and third-master classes are actually one of the best times to then provide liquidity because then you can get value from a massive rally in that marketas well. So behavioral perspective on tail risk hedging. The way markets actually trade has very little to do with the idealized models. That's what we have in the academia community, but that's not what we really have in the real world, is it? It's not.

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