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People are asking me what you do when every second hedge fund is going 
Here is my quick playbook for surviving these intense moments of dislocation that happen every so often....
THREAD
Here is my quick playbook for surviving these intense moments of dislocation that happen every so often....
THREAD
1) DON’T BE A HERO: you wanna catch that blonde falling from a skyscraper? You wanna be Stevie or Ken?
No. No writing $GME calls at crazy vols. No stepping into broken crowded positions. Even Ken and Stevie get carried out on a stretcher. The market has more bullets than you.
No. No writing $GME calls at crazy vols. No stepping into broken crowded positions. Even Ken and Stevie get carried out on a stretcher. The market has more bullets than you.
2) SIMPLIFY: narrow your focus. Know what you own. Be prepared to deploy capital if things get truly, truly, insane. But don’t rush into new names, or jump outside your circle of competence. When volatility goes up errors of commission are far more costly. Stick to your knitting
3) ALWAYS CARRY CASH: the entire optionality around owning cash is to step in - judiciously - when Melvin et al is getting carried out in a body bag. Obviously, only in concert w 2) above. But this is why you have that cash buffer
4) DEPLOY CAPITAL INCREMENTALLY: the rookie move is to double or triple down all in one go. Don’t do that. You’re getting into hot water, you dip in a little at a time. Preserve that cash optionality as much as you can.
5) THINK A LOT, DO A LITTLE: higher vol is like driving in a rainstorm, all your actions have way more impact (and everyone else’s do too). You should be trading less, thinking more.
I think that’s about it. Am sure I missed some stuff. Good luck to all out there 
