aka. The Greed Feedback Loop, the engine behind Circle-Jerk-o-Nomics...
They sold Brexit twice and then bought it back at the end, you can't make this shit up:
"As soon as we figured out that things were OK, then immediately there was a rush to sell implied volatility."
"Look Ma, no hedges!"
"the market is like a coiled snake that is ready to strike...soon."
Four runs at a top and then volatility explosion...
"You forgot one thing smartass. It's not our money, and we don't get paid to sit in cash"
