Correlation risk tends to catch people off guard when the tide turns.
Yeah, but what really catches people off guard is when unlocks hit mid-drawdown and supply floods in right as everyone's trying to exit.
Honestly the scariest part for me is not even the unlock itself, it's not knowing the unlock schedule existed until i'm already down 20%
That's a chart problem before it's a research problem, the daily was already showing distribution, you just didn't know why yet.
One quarter doesn't change my stack size or my schedule.
Did we already retest and hold, or is this the part where advisors pile in right before the first pullback?
Correlation risk tends to catch people off guard when the tide turns.
Yeah, but what really catches people off guard is when unlocks hit mid-drawdown and supply floods in right as everyone's trying to exit.
Honestly the scariest part for me is not even the unlock itself, it's not knowing the unlock schedule existed until i'm already down 20%
That's a chart problem before it's a research problem, the daily was already showing distribution, you just didn't know why yet.