Dean Curnutt: Market Insurance Is Cheap, Stock-Bond Correlation Is Positive, And “Interesting” VIX Opportunities

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Dean Curnutt, founder and CEO of Macro Risk Advisors, joins Forward Guidance to share how the ongoing bull market has led to a bear market in volatility. Realized and implied vol has fallen sharply as the market has grinded higher, which has created some interesting opportunities to hedge risk. Curnutt notes that the correlation between stocks and bonds remains positive, which is worrisome for diversified investors. Curnutt is also the host of Alpha Exchange podcast. Filmed on January 25, 2024.

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Timestamps:

(00:00) Introduction

(00:36) Preparing For Risk Off Events

(16:13) VanEck Ad

(20:09) Fed Rate Cuts In 2024

(25:49) Volatility

(33:16) How Low Can The VIX Go?

(42:27) Volatility Risk Premium

(46:53) Credit Volatility

(54:02) U.S Elections & Volatility Risk

(01:03:43) What Is The Vol Structure Pricing In?

(01:13:09) When To Buy Cheap Volatility?

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.