Having 'come out' as the infamous VIX-whale "50-Cent," London-based fund manager Jonathan Ruffer has called it quits on his VIX-call-buying strategy: "In sum, the catastrophe insurance did absolutely everything that might be expected of it. And it is now spent. It is likely to be some time before this insurance again prices at levels that makes it attractive as a defensive investment." So what is he looking at now, and what does the future hold? The next defence was – and still is – a position in credit spreads. These spreads reflect the difference in yield between, say, a government bond, and a high-quality ... (full story)