Zed Francis, portfolio manager at SpiderRock Advisors, sits down with Mike Green of Thiel Macro to talk about the world of volatility hedging strategies. Francis discusses how systematized volatility-selling programs by institutions have changed the market, and how investors can take advantage of new patterns. He breaks down the consequences of using risk-based over rules-based strategies, and examines broader shifts in the asset management industry. Filmed on May 22, 2019 at the EQDerivatives conference in Las Vegas.