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The Big Trade Underneath the Strangely Calm Surface of the S&P 500

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For much of this year, the S&P 500 has marched steadily higher while measures of stock market volatility, like the VIX, have stayed pretty low. But looking at the headline index only tells you part of the story. Beneath the surface of the S&P 500, individual stocks have been moving up and down a lot. And of course, traders have figured out a way to make money on the difference between the quiet overall index and all that volatility happening in individual stocks. This is the dispersion trade that's gotten quite a bit of attention in recent months. But figuring out exactly who's doing it and how pervasive it is isn't that easy. In this episode, we speak with Michael Purves, CEO and founder of Tallbacken Capital Advisors, and Josh Silva, managing partner and CIO at Passaic Partners, about this new volatility trade and what it means for the overall stock market.

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