Diego Parrilla

So I think in that sense, part of what we do and what we're trying to do is, okay, in a world where conventional defenders like US Treasuries and the dollar are no longer as reliable,

What sources of reliable, reactive convexity are there that can protect us with the lowest cost and carry?

And that's what I devote my professional career to.

And similar to football, it's a tough game, right?

I mean, you could be...

striker and miss 20 and do one and you're the hero.

Goalkeeping is tough.

But I think where my research and my work and our strategies have taken us is one level further, which is it's not about

just protecting the mark-to-market of the portfolio.

You don't have a goalkeeper just because you're scared that the other team will shoot.

You actually can counter-attack.

It's a critical part of the team.

And so the whole idea of rebalancing alpha as teamwork

builds on the idea of anti-bubble and builds on the idea that, you know, in March 2020, right, when let's say equities are down 20% and your protection is up 20% for the sake of argument,

you would be very happy because you say, oh my God, my $100 is still $100, right?

So I avoided this big drawdown and thanks God I have this thing.

Now, what happens with a lot of people is we are like deers on the headlight, right?

You're like completely frozen.

The crisis is there.

You're like, oh my God, if I monetize my protection, I'm going to be unprotected.