Victor Adair

Senior Vice President and Derivatives Portfolio Manager

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“Fear” blew out Wednesday (Oct 15) but not before investors realized that, “When markets are falling hard you have no idea how far down, down is.” They also learned what “lack of liquidity” feels like…and it feels awful…and certainly they learned that, “Risk Happens Fast!”  All that, and the DJIA was only down ~8% top to bottom.

We’ve been “skeptical” of the stock market for months and have traded it...

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