![]() The shock was exacerbated by so-called "target volatility funds," that scrambled to sell stocks and buy VIX options. The VIX index, which measures volatility, saw the sharpest one-day spike in its history. And in the village below they're selling avalanche insurance cheap, way too cheap," he said.Ī sudden sell-off hit global stock markets earlier this week, amid concerns over rising inflation and interest rates. "The analogy I use is the avalanche risk on the ski slope, which is enormously high because of the conditions. "I think the market is structurally unstable," Haworth, whose fund profits from market volatility, said. LONDON – Feedback loops hidden within the structure of global markets are creating the conditions for an "avalanche" in equities, Jerry Haworth, CEO of London-based hedge fund 36 South, said in an interview. Losses suffered by fund managers betting on low volatility earlier this week are just the "tip of the iceberg," said Haworth. ![]()
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