Charlie McElligott
speaker
507 appearances
2 recordings
1 series
first heard Mar 2025
last heard Jul 2025
Charlie McElligott’s voice in public audio — every appearance, attributed to the second.
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Appearances
In this case, the proliferation of like premium income overriding strategies within the ETF world.
Exotic structured products, um
And kind of
you know, more uh I would say, you know, uh complicated, you know, vol selling strategies like uh dispersion, things like that.
The number of vol suppliers out there, very short dated, it gets dealers stuffed on gamma, I always like to say.
And in that sense, you know, particularly with the amount of short dated volatility selling, um, you know, when dealers are stuffed on gamma, it compresses the distribution of outcomes, right?
If the market's moving high
Higher, you're selling into that.
Markets moving lower, you're shock absorbing.
Um, the thing that I would say, back to that point about you know selling volatility as some sort of kind of fixed income product, back in 2022, with that tightening cycle and all the the bare dooming um with regards to you know, we're gonna break something, um, you know, such a such a powerful, you know, ultimately over 500 basis points of type of hikes, um, the the trick was that
Okay, you the Fed is telling you to be short assets.
You need to be able to sleep at night.
Cash was an asset again.
So, you know.
Market was down thirty some percent, bonds were down simultaneously.
Yeah, SP and NASDAQ was, you know, you know, even bigger than that, obviously, because remember, it was like this tech-centric growth kind of unwind.
Um, but what ended up happening was that, you know, the Fed was trying to create a negative wealth effect.
We've talked about that before, because they couldn't impact supply side disruption.
They could only impact demand side.
And by telling you to be in cash, you could sleep at night.
Showing 41–60 of 507 · page 3 of 26
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