Should I be short volatility or long volatility? After last week’s dramatic sell-off the answer might seem obvious, but Matt Rowe of Headwaters Solutions argues the answer is both. Rowe and Headwaters love the long vol trade, but only as an appropriately sized portion of a portfolio that is in general, short vol. He makes the case that most portfolios are indirectly short vol and that there is nothing wrong with that, as short vol is how money is and will continued to be made over time. He also answers the questions of if and how long vol can be added to a standard retail portfolio. Filmed on February 25, 2020 in New York.