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Thankfully, we didn’t sell in May and go away. Global equities are up another 7% since then and more than 15% on the year, so happy days. As we approach October, or rather the month when most crashes happen, people are starting to get nervous. Looking at the derivatives markets we know that tail risk protection is trading at a premium, and rightfully so. Remember, we would all like to buy a bit of insurance, but someone has to sell it to us and there aren’t