macrocephalopod

If you want some constant long vol exposure you could buy VXX, short SPY, buy VXX monthly calls and roll them, buy UVXY calls and roll them, buy SPX puts etc. You’ll do well in a crash but lose money over the long run.

There’s an interesting argument that buying *really* out of the money puts on SPY is a net benefit if you also own SPY because it cuts off the tails that really hurt your compound growth rate — this is essentially what tail risk funds like Universa are trying to do.

The Virgin VIX call buyer seeks to have a smooth PnL, and is concerned with keeping his day-to-day portfolio variance below a certain level. The Chad SPX put buyer wants an instrument that limits his max loss so he can lever up his exposure and achieve sweet geometric returns.

The Non Binary Phantasm simply shorts all forms of poorly priced risk premia in markets/relationships where operators are incentivized to sell tails to clip annual bonuses

Non-binary Galaxy Brain Capital Advisers

so you guys found a name for @nope_its_lily 's fund?

Still hoping for Big Boy Capital LP tbh

it's going to be called Salience Capital fwiw