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rom around -80% a month ago to =ero now. This means the volatility of risk parity portfolios are increasin= and rebalancing is required. Chart Two: Investm=nt Grade ETF, LQD, is at the top of a long term channel with shares outsta=ding around an all time high. Chart three is fro= "Global Equity Volatil
017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80% a month a
d -80% a month ago to =ero now. This means the volatility of risk parity portfolios are increasin= and rebalancing is required. </=pan> Chart Two: Investm=nt Grade ETF, LQD, is at the top of a long term channel with shares outsta=ding around an all time high. 11 EFTA_R1_01557881 EFTA02455328 Chart
017 ATM LQD vol is around 7.5% s= a 100% Put costs —3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80%a month ag
rom around -80% a month ago to =ero now. This means the volatility of risk parity portfolios are increasin= and rebalancing is required. Chart Two: Investm=nt Grade ETF, LQD, is at the top of a long term channel with shares outsta=ding around an all time high. Chart three is fro= "Global Equity Volatil
017 ATM LQD vol is around 7.5% s= a 100% Put costs -3.2% which given the long term chart below and all time high in shares outstanding looks cheap. Chart One shows hourly data of IEF (7-1=y US Treasury ETF) and SPY (S&P500 ETF). Using 60 hourly data points, =orrelation has moved from around -80% a month a
Entities connected to both Investm and Chart One

Marc Rich
PERSON
Jeffrey Epstein
PERSON
Paul Volcker
PERSON
Richard Kahn
PERSONHans Mikkelsen
PERSON
Bloomberg L.P.
ORGANIZATIONFrontier Communications
ORGANIZATIONTeva Pharma
ORGANIZATIONUS Treasury ETF
ORGANIZATIONS&P500 ETF
ORGANIZATIONInvestment Grade Supply
ORGANIZATIONInvestment Grade ETF
ORGANIZATIONSpec Pharma
ORGANIZATIONFrontier Comm
ORGANIZATIONAllergan
LOCATION
Bank of America
ORGANIZATIONPfd Return
PERSONAmanda
PERSONNon-Farm Pay
ORGANIZATIONnda Ens
PERSON