May 2023 Commentary

As sector rotation has so far kept a lid on index volatility in 2023, VIX headwinds from the options market have been abating as both “skew” (the price of puts relative to calls) and the price of tail protection have quietly reversed much of last year’s weakness, setting up better potential for VIX movement once conditions change

April 2023 Commentary

April 2023 Commentary

For almost a year now, most TCM strategies have been profitable even as they have been defensive and trailing their benchmarks… this is an indication that crisis conditions are becoming more frequent and from the appropriate “inside out” perspective, suggests an outstanding opportunity ahead for TCM’s positively skewed strategies.

March 2023 Commentary

With tactical strategies, every investment continually buys a new trade under new circumstances. Now, the conditions that produced last year’s low volatility decline are over and an investment in TCM strategies today means exposure to the VIX just as a potential crisis is brewing and the VIX is beginning to show signs of life.