In Part 1 of this three-part, The Big Picture, volatility extravaganza, Jason Buck of The Mutiny Fund embarks on a journey of discovery with some of the world’s top leaders in the fine art of volatility investing. To start, Buck sits down with legendary trader and investor Jerry Haworth, chief investment officer of 36 South. A noted veteran of volatility investing, Haworth reveals his ideas on everything from hunting for bargains and ergodic economics to how he masterfully played the wild swings of 2020. His tremendous success this year is something he attributes to his core framework, which is centered around mean reversion and cyclicality. Additionally, Haworth goes into detail on why he rejects monogamous investment strategies and opts for a pan-asset approach that allows for true diversification on both tails. He also discusses his philosophy on long-dated options, or LEAPS (Long-Term Equity Anticipation Securities), and why he thinks they can become gold mines under the right circumstances. Buck and Haworth provide specific insights on commodity currencies and how options can be instrumental in riding the volatility to profits (depending, of course, on whether the futures curve is in contango or backwardation). Taking things one step further, they navigate into the murky waters of financing negative carry positions associated with protecting against tail risks. Filmed on July 23, 2020. Coming up in Part II and Part III, Jason continues his journey with Bastian Bolesta of Deep Field Capital and Chris Cole of Artemis Capital Management.