gate low — steady premium flows to the collecting side
The volatility-premium collector hit by a volatility shock market market customer hedge flow 2 · the exposure vol gate 1 · the franchise 3 · the shock 4 · the tell premium book collecting side sells the other side steady carry small, steady directional book leveraged · AI exposure long the AI trade × members' equity vol spike short-vol invert signature loss ≈ ⅓ of equity in one month firm-specific directional mishap systemic unwind