...still hearing about systematic long straddles as vol trade with E[R]>0...
But vol is actually a drag and, if E[R]>0, it's just direction
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“scalping gamma” = making money on your delta hedges. fine, but you need to make enough to compensate for theta, which you won’t on average unless you are very good at predicting realized vol. “capture drift” = adding a beta overlay, again fine but that comes with downside!
so basically the options for making money on long vol are adding alpha (hard, expensive) or adding beta (easy, cheap, adds downside risk and correlation with the thing you are trying to hedge)
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just listen to the podcast, they describe the various strategies in their own words.
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will give it a shot
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