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Learn more at Bloomberg New Economy.com. Hello and welcome to another episode of the Odd Lots Podcast, I'm Joe Wiesn't though I'm Tracy Allaway and I'm Joe

Wiesndall. Joe we have been watching the Vicks haven't we?

We have.

I mean it's been, we've had a lot of episodes this year for pretty obvious reasons looking

at the Vicks exploring volatility what signal is embedded in it

what it tells you what it doesn't but people love hearing about the VIX so

I'm always up to talk about it. You know as I said that sentence I kind of realized what a weak intro it was and I need to work

put more thought into how I start these things but yes no it's fine it's fine we talk a lot about

volatility we talk a lot about the market structure of volatility but lately we've been talking about volatility more in the short term in the sense that we have this really big

potential tail risk on the horizon in the form of the US elections and if you look at the VIX, even though it's relatively low, if you look at the actual term structure or the curve of the VIX, you can see it's quite, well, it's not as elevated as it was a few weeks or months ago but it's still

elevated compared to normal right around the time of the elections and for a few weeks after that.

So that's a bunch of people pricing in the risk of something unexpected happening in the

U.S. elections.

Yeah, absolutely.

I mean, this has been building for a while.

I shouldn't note we are recording this Tuesday, October 20th.

So we are literally two weeks away from November 3rd election day,

...