Options traders are always talking about Implied Volatility and Historical Volatility. I asked him to set the record straight on them given that he was the largest OTC market maker in options early in his career. People forget he truly knows the options business like not many other guys (or gals). He likens it to the P/E ratio in that in describes the past.
With respect to Risk Management, let’s just say Victor’s opinion is that PMs of 40 Act Companies are less than concerned with Portfolio heat…
