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Din Kernet joining us now, macro risk advisor C. E. O. D.

Can we just start with a little bit of a clinic on the volatility term structure,

what it is and the story around the election that's been priced in and now being priced out?

Right, so when we look at volatility, we can look at it, can you guys hear me?

Yeah, we can hear you.

We can hear you.

Sorry. Yes, when we look at volatility, we can look at it both across strike and then across time. So when we look at it both across strike and then across time so when we look at it across

time that's John as you say that this thing called the volatility term

structure so we can look at the VIX we can look at VIX futures that expire in October, November, December,

and because there's been this date certain event on the calendar, the election, for months the market

has differentiated sometimes strongly between options

...