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PASSAIC PARTNERS

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Passaic Partners is a majority employee-owned investment firm dedicated to providing liquid alternative investment solutions to long-only and hedge fund investors.

Our derivative based strategies provide tools for investors to efficiently gain exposure, improve returns, reduce volatility, and provide liquidity when needed most.

EXPLORE OUR STRATEGIES

Insights.

It's 2005?
It's 2008?
It's 2023!

April 2023

In our most recent Cross Asset Volatility piece (delivered May 5), we cautioned against buying volatility at these levels. The VIX is a tradable instrument, that functions as a forward-looking short-term indicator into the behavior of the volatility of the large-cap stocks over the weeks, not months, ahead. While we don’t trade this instrument, we utilize volatility as an indicator in all of our strategies, even Multi-Asset, to roll (re-hedge) monthly, appropriately positioning the portfolios for the current market environment.

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Is the VIX at 15 really Cheap?

Not that Cheap

Correlations Fall

Buyer Beware

April proved to be a cruel month if you were long volatility. The VIX closed at 15.8, the lowest level since November 2021 when the equity market was on fire. Chart 1 shows the ferocity of the decline despite anxiety about the banks, the Fed, the economy, and the debt ceiling.

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