Chris Cole: The Coming $2 Trillion Short-Vol Blowup Could Be More Devastating Than 1987


by Zero Hedge

Zero Hedge— In a now-legendary interview given almost exactly one year ago, Artemis Capital's Chris Cole appeared on the MacroVoices podcast to elaborate on a paper he had written titled the "Volatility and Alchemy of Risk", where Cole laid the risks posed by what he estimated to be $2 trillion in global explicit and implicit short-volatility exposure, and how the unwinding of this massive position could usher in an era of instability across asset classes as markets were forced into a devastating...

Mail Online—Derby 2-2 Southampton: Rams come from two down to force FA Cup third round replay. LAURIE WHITWELL AT PRIDE PARK: Derby staged a quickfire comeback against Southampton with two excellent goals to retrieve a tie that looked lost and reaffirm their potential.

pastemagazine.com—Whitehorse: The Northern Soul Vol. 2. Skeptics might claim that a band that releases two sets of traditional cover songs in rapid succession is merely biding time while waiting for real inspiration to come. Granted, there’s a certain validity in that theory, especially given the fact that retreads of popular standards are decidedly in vogue these days. Thank you,

Zero Hedge—Is The "Shanghai Accord" 2.0 Coming. Over the weekend, when commenting on the latest rather disappointing RRR cut out of China (which would release just enough liquidity to offset liquidity drains via the MLP and repo) we pointed out another, far more important event which took place in late December, when traders were generally away on vacation, and when the PBOC indicated a critical shift in the official monetary policy description at the December Central Economic Work Conference, from “prudent and neutral” to “prudent with...