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And if you don't recall... two index funds, XIV and SVXY got saw their combined value shrink to $150 million from $3 billion in a day of trading earlier this mo

And if you don't recall... two index funds, XIV and SVXY got saw their combined value shrink to $150 million from $3 billion in a day of trading earlier this month. It looks like this was written in Oct 17.

DennisP 9y ago
Yes but the paper goes well beyond that. E.g. there's the stuff on share buybacks, which have accounted for 30% of stock market gains since 2009, and 72% of earnings-per-share growth since 2012.
kaycebasques 9y ago
Yes, one of the founders of Artemis says in this article that they had been positioning themselves for an event like the collapse of SVXY for a long time. Thiel Macro (Peter Thiel's personal investment firm) apparently was also well-positioned for the event. https://www.theguardian.com/business/2018/feb/09/how-artemis-hit-bulls-eye-by-betting-on-stock-market-collapse https://www.theguardian.com/business/2018/feb/09/how-artemis... https://www.zerohedge.com/news/2018-02-16/peter-thiel-makes-killing-massive-vol-spike-bet https://www.zerohedge.com/news/2018-02-16/peter-thiel-makes-...
- kaycebasques 9y ago
  P.S. that Guardian article is doing the typical sensational journalism thing of framing Artemis as profiting off of others' misery, and here's Artemis' official response: https://static1.squarespace.com/static/5581f17ee4b01f59c2b1513a/t/5a82f5b8419202b94d25fd61/1518532025573/Response+to+Guardian+Article.pdf https://static1.squarespace.com/static/5581f17ee4b01f59c2b15... I don't blame them for extrapolating the likely consequences of central bank recklessness, and positioning themselves accordingly.