PUTS : Bullish and Bearish Analyst Opinions

"We don't have enough volatility compared to the risks involved... the tail risks across all sectors are under [priced]... it's not the risk of drawdown in the stock market, it's a risk of large drawdown." The market is pricing in a "soft landing" or mild correction, but the structural risks (debt spiral, war) point to a catastrophic "fat tail" event. Options are currently too cheap relative to the potential payoff of a market crash. Long Volatility and deep out-of-the-money puts to hedge against a non-linear market collapse. Continued low-volatility grind higher (theta decay will erode hedge positions).