Volatility

“If you're long credit, you're short volatility. You want things to chug along, Because you don't have upside. Yeah, growth is okay, but you more want stability.”

“Turnover should be a function of how often you change your mind, and part of that in any discipline valuation-based process should be about how the stocks move. For me, turnover is mostly a function of volatility.”

“Generally speaking, in these models, you make more money in a high-vol environment, but you lose money in the move from a low-vol environment to a high-vol environment.”

“It's not a popular opinion that I would say to say like a board or a committee, but I would love some volatility.”

“The first type of risk that we're really trying to manage for is the impairment of the business relative to what we were modeling for that business over the next five years. So we call business impairment risk, and we call volatility risk. Volatility. We don't…”

“The only risk that can be observed is volatility, but I'm managing seven other ones, and we've tried to do it with vector math. You can't.”

“People on the hospital side of things have to react to economic realities a lot quicker given what they do and how complex it is and pushing costs through and reimbursement. The conversations around volatility are a lot different. They inherently understand vo…”

“When you're an event driven investor, you're short volatility. Volatile events makes events take longer. It reduces the probability of certain events happening.”

“I think that the question of being an investor in the emerging markets comes down to a very simple question. Are you getting paid for the risk of the volatility? And at times, frankly, the answer is yes. But I'd say generally, our experience suggests that you'…”

“As a trader, you have to completely reframe your own emotions relative to vol, because this market, it's insane in terms of the amount of vol, and if you're used to your portfolio swinging around one or two percent a day, like, you are not gonna make it here.”

“A hedge fund at its core is not supposed to absorb volatility. It's supposed to be able to trade volatility and make money even in periods of volatility.”

“Central banks, in their zeal to destroy volatility, they've created so much correlation that it's really hard to find anti-correlation is kind of a way to think about it.”

“The only time we've ever seen sort of perpetually elevated Volatility was back in the 19 thirties. So right after the crash of 1929.”

“Now, I don't think volatility is risk. I think risk is the probability of bad outcomes.”

“Volatility is actually a feature if you want to be an investor, but it's a bug if you want to just have a medium of exchange.”

“Risk doesn't come from volatility. Risk comes from not knowing what you're doing.”

“When you incorporate behavior and psychology into markets, the best description is not something that's volatile, but it's something that's turbulent. And turbulence is different than volatility because it's a nonlinear dynamical system, right? You see phase t…”

“We sort of think about volatility as a way to do three basic things. One is to add yield, and two would be to reduce risk, and three would be to add leverage.”

“Well, what I would say is if your view is that volatility is cheap and arguably when the VIX is around 11, 10, nine, it is cheap. You look at any, You know, it's a mean reverting asset and you look at over time that tends to be pretty, pretty attractive level …”

“We're bad at it for a couple of reasons. One is that we generally overestimate our edge. Let's be honest. We think we're better than we are. We also underestimate the vol. I mean, we tend to. So we generally think we need a lot less money than we do, and then …”

“I don't see any overwhelmingly cheap assets today other than volatility, and I think volatility is cheap, but I have no sense whatsoever as to when it may turn”

“The small variance and performance of active managers, part of that's also a function of the volatility being low. And we can demonstrate that. So, you know, it's very difficult to distinguish yourself either favorably or unfavorably when the volatility of the…”

“There's a really big premium over time of shorting that volatility, and you're basically, you're, you can beat the market just because of that, that insurance premium.”

“At the individual security level, volatility need not be a good measure of risk at all. You know, a strategy that sells options and has limited upside and big downside, you're not going to detect that from volatility statistics.”