Per last month’s note, “Just Do It” Convex Strategies | Risk Update: May2025 – “Just Do It”, that’s some pretty good “actual utility”, albeit hypothetical, with a chunky weighting of 50% in a hedging strategy that has negative carry. For those that want a nice follow up to that note, here is a wonderful Medium article from Arne Vanhoyweghen on the topics of Ergodicity and Bounded Rationality.

The Surprising Wisdom of ‘Irrational’ Choices | by Arne Vanhoyweghen | Jun, 2025 | Medium

https://convex-strategies.com/2025/07/14/risk-update-june2025-i-see-no-ships/