I wanted to share with you some of my thoughts about the current state of market risk as this new year is now sufficiently underway. A number of years ago, I created a list that I call “25 Sayings on Vol and Risk”. In the spirt of 7 minute abs and 12 holiday recipes, I think lists are an easy way to connect concepts. Twenty five is a lot to get through, so we are going to simply divide them into 5, creating a series of half hour episodes. I do hope I can keep your attention and, again, make a positive contribution to how you think about markets over 30 minutes. Here are our first five: “Big Moves Matter Most” “Theta is the Rent on Gamma, and the Rent is Often Too Damn High” “Hedge When You Can, Not When You Have To” “Stock Returns, Like Politics, Are Not Normal” “Financial Market Insurance is Not Like Hurricane Insurance” Hope you Enjoy!