Pennies in front of the Steamroller
The Blind Squirrel's Monday Morning Notes, September 11th, 2023.

Summary
The 🐿️ is no fan of short volatility trades. Possibly a stance shaped by a past life.
What could be a better time than the 25th anniversary of the demise of the hedge fund Long Term Capital Management (LTCM) in 1998 to consider the topic and review how ‘short vol’ positioning lurks in the corners of many asset markets today.
Oil volatility currently stands out as looking particularly cheap and becomes the seed of a new Acorn trade in the offshore oil services sector.
Plus ‘Acorn’ thoughts on #ChIndia FXI 0.00%↑ INDA 0.00%↑ TLT 0.00%↑ DBA 0.00%↑ WEAT 0.00%↑ $FCOJ CANE 0.00%↑ GS 0.00%↑ and #uranium
The audio companion to this week’s note will be uploaded to Substack in a couple of hours. It will also be available as a podcast on Apple, Spotify and the other major podcast apps.
Pennies in front of the Steamroller
Last week we touched on the fate of short sellers and their battles with the (professional) community of short ‘squee…