TWO HEDGING TRADES

The 'tourist is buying NDX and EUR puts

Markets are frothy. Doesn’t take a genius to figure that out.

But what to do about it?

Over the years, I have learned one lesson the hard way. When the volatility of my portfolio or position dramatically increases, it behooves me to reduce it. I used to think only downside volatility mattered. I used to reason that I wanted to be like Druckenmiller an…