We talk with Cem Karsan, CIO and Founder of Kai Volatility Advisors (formerly Aegea).  We talk about Cem’s experience as a market maker and how that affects how he thinks about trade flows.  We dive into the 3 components to his strategy: 30 day skew, dispersion, and VVIX.  We also discuss how dealer hedging can affect Vanna and Charm, which can pin the index or exacerbate moves depending on their hedge positioning.