While stocks are surging in nominal terms, the options markets are increasingly pricing in greater and greater downside risk concerns. Currently, we are at record levels for this so-called Skew (meaning the price of downside protection outweighs the cost of upside protection by the most ever). Trade accordingly.
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and if you are looking for 'cheap' hedges, here is Goldman's ranking of global across asset class hedge relative costs:
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Chart: Bloomberg