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Asymmetric Investment Returns

Asymmetric Investment Returns is a blog authored by Mike Shell since 2006, covering topics about asymmetric investing and trading for asymmetric risk/reward in pursuit of asymmetry. 

VIX Term Structure: The Hidden Edge in Market Complacency Thumbnail

VIX Term Structure: The Hidden Edge in Market Complacency

The steep contango in the VIX futures curve signals market complacency—but also reveals an asymmetric opportunity. This post explores how volatility suppression breeds fragility, why tail risk is mispriced during calm regimes, and how long-volatility positions can deliver convex payoffs when the curve snaps.

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