Ladies and gentlemen welcome back to the Schaefer's market mashup.

This is possibly the last market mashup of 2020. Let's finish strong and get right to it. Volatility, ever present and can change at the drop of a hat.

So obviously we all remember early to mid February how we all felt about life and stocks in general and then come March a month later the S&P 500 lost a third of its value due to the pandemic.

Today I'm joined by Scott Phillips, Levaca Capital's founder and chief investment officer,

Scott, welcome. Thanks, Patrick, good to be here. founder and

chief investment officer Scott welcome and I also have Matt Moran head of index insights at

Cebel Global Markets Matt welcome thank Patrick. And today we're going to discuss how traders can

use options as a tool to empower our inner Warren Buffett who has the famous quote of it's to be fearful

when others are greedy and greedy when others are fearful.

I want to set the stage first by explaining the difference between a risk on and risk off environment to our

listeners. And I know Matt and I were talking about this before we aired. The 2020 is tricky. You know, the growth stocks were doing well while the value stocks

underperformed which is sort of the inverse of what the risk on and risk off

environment implies and then of course there has been rotations within the year.

Matt can you start to unpack that for our listeners just to start off?

Sure, well if we're talking about the question of risk on versus risk off in

2020 it's not maybe not quite as crystal clear as you might expect in that

certainly if you're talking about risk on what I think about and reading about risk on you talk about a situation where investors have an aggressive growth oriented

feelings about the market,

the risk-off environment,

you're talking more about more of fear in the market

and more of a focus on safe havens. So what do we have this year? Well you had a situation

where the market early in the year was starting to go up but then a concern

...