Ben Eifert
speaker
517 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Ben Eifert’s voice in public audio — every appearance, attributed to the second.
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Appearances
It's supposed to be a formula but is hard coded because the investor might see
stuff like that, right?
And the you know, with very detailed emails on all this kind of how to lie kind of kind of stuff with the fund.
And then what happened was, you know, obviously in March of 2020, the market went down a lot.
So their fund was down much more than it should have been because they weren't actually buying back the insurance that they were supposed to be.
And so what do you do obviously in that circumstance?
Well, maybe you could hedge or maybe you could kind of come clean.
What they actually did was they went to the VIX options market.
And they say, gosh, why don't we just sell a massive amount of VIX calls?
Because then when everything comes back, we'll just make that money back and we won't have to tell anybody we lost money.
That's right.
It was all just hard coded.
They didn't like they didn't have some sophisticated methodology for this.
They literally just typed the numbers into the spreadsheet.
Yeah, but no, this was not sophisticated.
This was just you type over the cell.
Um and so what happened was they sold lots of VIX calls with the front month VIX features at about twenty five.
And then the front month VIX features went to eighty five.
And so they were they were liquidated middle of March in a huge catastrophic explosion that people like us were shown the auction and everything.
And they drove the relative price of the Vic's options and futures to twice as high as it had ever been relative to S P in this sort of spectacular implosion.
Showing 441–460 of 517 · page 23 of 26
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