BALANCEDSubstantive discussion · 3/5

Dispersion trade unwinds on macro shock

The guest explained that the successful 'long single stock options, short index vol' dispersion playbook was interrupted by the recent macro shock, forcing unwinds.

Mike Washington. Recordedon Goldman Sachs Exchanges: The Markets

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The story so far

CONTESTED · 44 MENTIONS · 32 EPISODES · 12 SHOWS

18 JUL 2025 — 14 AUG 2026 · 4D AGO

15 SUPPORT · 6 CHALLENGE · 2 REPEAT · 21 MENTIONED

18 JUL 2025 · FIRST HEARD
THE ALPHA EXCHANGE
- Low S&P volatility mutes hedging urgency
22 EPISODES BETWEEN · 27 MENTIONS
1. 19 AUG 2025 · CHALLENGES
  THE ALPHA EXCHANGE · 3 MENTIONS
  - Low realized correlation in S&P is unsustainable
  - S&P 95/80 put spread as reasonably priced protection
  - HYG options compelling after realized vol collapse
2. 21 AUG 2025
  THE ALPHA EXCHANGE
  - Volatility event likely later in 2024
3. 5 SEP 2025
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Volatility oversupply masks underlying risks
4. 15 SEP 2025
  THE ALPHA EXCHANGE
  - S&P options are nominally cheap but carry poorly
5. 26 SEP 2025
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Play single-stock dispersion with low index vol
6. 3 OCT 2025
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Single stocks far more volatile than indices
7. 10 OCT 2025
  THE MEB FABER SHOW
  - High beta vs low vol outperformance extreme
8. 24 OCT 2025 · CHALLENGES
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Brazilian equity vol cheap for upside calls
9. 28 OCT 2025
  THE ALPHA EXCHANGE
  - Record VIX EQ-VIX spread signals low correlation
10. 6 NOV 2025
  THE DERIVATIVE
  - Equity volatility as the next whack-a-mole pop
11. 31 DEC 2025
  THE ALPHA EXCHANGE · 3 MENTIONS
  - Stock-up, vol-up dynamic in mega-caps
  - S&P concentration risk from high-vol tech
  - Ultra-low S&P correlation is a vulnerability
12. 8 JAN 2026
  MACROVOICES
  - Extreme bullish positioning signals near-term correction risk
13. 15 JAN 2026
  THE ALPHA EXCHANGE
  - S&P concentration risk dampens realized volatility
14. 30 JAN 2026
  FORWARD GUIDANCE
  - High intraday vol signals underlying market stress
15. 6 FEB 2026
  FORWARD GUIDANCE
  - Retail options washout driving single-stock vol
16. 10 FEB 2026
  GOLDMAN SACHS EXCHANGES: THE MARKETS
  - Market volatility from excessive positioning unwind
17. 25 FEB 2026
  WHAT BITCOIN DID
  - Markets priced for perfection amid global uncertainty
18. 6 MAR 2026
  FORWARD GUIDANCE
  - Late-cycle behavior in US equity markets
19. 6 MAR 2026
  MASTERS IN BUSINESS
  - Policy as the paramount market driver
20. 27 MAR 2026 · CHALLENGES
  FORWARD GUIDANCE
  - Rising volatility into high-stakes midterms
21. 2 APR 2026
  THE ALPHA EXCHANGE
  - Low correlation masks S&P 500 volatility risk
22. 3 APR 2026
  FORWARD GUIDANCE · 2 MENTIONS
  - Market deleveraged and overhedged, shorting tough
  - Market structure drives violent, newsless moves
10 APR 2026
GOLDMAN SACHS EXCHANGES: THE MARKETS · 2 MENTIONS
- Dispersion trade unwinds on macro shock · THIS IDEA
- Mega-cap tech vol cheap, a rally opportunity · CHALLENGES
11 APR 2026
EXCESS RETURNS · 3 MENTIONS
27 JUL 2026 · 3W AGO
CNBC FAST MONEY
- Elevated single-stock dispersion signals market caution
31 JUL 2026 · 3W AGO
THE ALPHA EXCHANGE · 4 MENTIONS
3 AUG 2026 · 2W AGO
WEALTHION - BE FINANCIALLY RESILIENT
- AI vs non-AI stocks as two diverging markets
6 AUG 2026 · 2W AGO
THE OPTIONS INSIDER RADIO NETWORK
- VIX's decline reflects market calm
7 AUG 2026 · 2W AGO
CNBC FAST MONEY
- Market complacency signaled by VIX-stock vol gap
12 AUG 2026 · 6D AGO
THE OPTIONS INSIDER RADIO NETWORK
- Market complacent on midterm and geopolitical risks
14 AUG 2026 · 4D AGO
THE OPTIONS INSIDER RADIO NETWORK · 2 MENTIONS
- Volatility death spiral post-election
- Implied correlation as a future vol trade · CHALLENGES

HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD