Constructing portfolios with options volatility focuses on timing and market moves—how can investors hedge and rebalance their trades? Kris Sidial, co-CIO of The Ambrus Group, discusses the market microstructure of massive volatility moves in indices and single stocks. Sidial also shares how his team takes advantage of flawed pricing models from mispricing in the tails and how tail risk translates into a unique form of alpha. Interviewed by Jack Farley.