When buying a VKO put, an investor is betting that a further market downturn will be accompanied by realized volatility below the
variance budget, since this type of option will ... expire worthless otherwise. The VKO is a cost-efficient hedge that monetizes the
steep skew and elevated implied vol in a long premium / maximum loss format. The variance budget ... close to the
fair variance strike (- 19) to reduce the cost of the VKO.
If the market trends lower on muted vol, VKOs may survive similarly priced D&O puts
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389016.pdf
EFTA02212993Set 11
2017-05-161p60w
From:
Sent: Tue 5/16/2017 2:14:13 PM
Subject: Re:
thanks...
May 16th: departing VKO 11:55pm arriving St.. Petersburg at 1:25am( Layover ... 35am arrive CDG 3:30pm
May 17th: Depart CDG 6:10pm arrive SVO (not VKO) at 10:45pm
On May 16, 20 I 7, at 10:05 AM, EIMI > wrote
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02212993.pdf
EFTA00451571Set 9
2017-05-161p57w
Date: Tue, 16 May 2017 14:14:13 +0000
thanks...
May 16th: departing VKO 11:55pm arriving St.. Petersburg at 1:25am( Layover is 4 H 40 M) Depart ... 35am arrive CDG 3:30pm
May 17th: Depart CDG 6:10pm arrive SVO (not VKO) at 10:45pm
On May 16, 2017, at 10:05 AM, wrote:
EFTA00451571
https://www.justice.gov/epstein/files/DataSet%209/EFTA00451571.pdf
EFTA00451584Set 9
2017-05-161p82w
Lesley Groff wrote:
thanks...
May 16th: departing VKO 11:55pm arriving St.. Petersburg at 1:25am( Layover is 4 H 40 M) Depart St.
Petersburg 8:35am arrive ... 30pm
May 17th: Depart CDG 6:10pm arrive SVO (not VKO) at 10:45pm
On May 16, 2017, at 10:05 AM, > wrote:
EFTA00451584
https://www.justice.gov/epstein/files/DataSet%209/EFTA00451584.pdf