{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Falphaexchange.simplecast.com%2Fepisodes%2Fvix-went-cray-cray-5_1_RefC","width":444,"version":"1.0","type":"rich","title":"VIX Went Cray Cray","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/1f4671ad-c08e-4d33-affe-576e0f8c1d66/819ff055-1d73-4c26-a162-7dae36cfa8d1/1542210926artwork.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/edc6326b-4c04-4843-b91f-a6b471f3b801\" height=\"200\" width=\"100%\" title=\"VIX Went Cray Cray\" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"When an accident occurs, the insurance claims adjuster produces a report.  What does said report tell us?  The yen’s largely one way path lower took a dramatic turn that saw it rally by roughly 9% over just 3 weeks. The pricing fallout was everywhere – in curves, credit, correlation, convexity and carry. That’s a bunch of C’s, isn’t it. The cause of chaos: crowding. When markets misbehave, it’s natural to jointly evaluate two factors: the combination of “new news” and the “setup” going in. Over the course of this short podcast, I share some thoughts on this recent risk flare-up and what it tells us about market fragility.  I hope you find it interesting and useful."}