Common source of confusion for learners. - short dated: less Vega, but vol is more volatile - long dated: more Vega, but vol is less volatilehttps://twitter.com/KrisAbdelmessih/status/1380970956580028416 …
Stop hedging your bets, where do you *actually* have more vega risk?
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Long dated at extremes of vol / vol-of-vol
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Liquidity having an outsized effect for sure
End of conversation
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