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1/ As 2020 is coming to a close, I wanted to share some of my favorite graphs / pictures I collected throughout the year.
2/ March was one of the fastest sell-offs in history.
3/ The world came to a stop.
4/ Treasury market depth plunged.
5/ Treasury volatility hit extremes.
6/ Stock/bond correlations broke down
7/ "Gallows humor" by yours truly
8/ Corporate bond ETFs ($LQD) fell 20% in 2 weeks while IG saw some of the largest outflows ever.
9/ Bond ETF prices meaningfully diverged from NAV.
10/ So much so that there might be some interesting optionality embedded in holding bond mutual funds?
(h/t @EconomPic)
(h/t @EconomPic)
12/ The SEC had something to say about it.
13/ Variance Swaps blew up.
14/ The intraday / overnight conundrum continues.
15/ The Fed unrolls the entire 2007-2009 playbook in just a few weeks.
16/ And they start buying bond ETFs.
(Okay, not technically, but whatever.)
(Okay, not technically, but whatever.)
17/ IG and HY issuance 
19/ Factor vol starts getting extreme
20/ Momentum had a -16.4Ď move
(Yes, yes, I know, fat tails, yada yada)
(Yes, yes, I know, fat tails, yada yada)
22/ The "call option casino"
23/ Okay, folks, what did I miss? Add below! 
24/ Canât believe I missed this one...
25/ HODLers rejoice!
26/ Canât not mention $TSLAâs meteoric rise here!
(Equity issuance suggests Elonâs not one to look a gift horse in the mouth)
(Equity issuance suggests Elonâs not one to look a gift horse in the mouth)
