The author says buying puts on VIX after volatility spikes is consistently profitable because spikes revert.
Unpriced research observations (excluded from Calls and Returns):
VIX — SHORT The author argues that VIX spikes are temporary and always revert lower, making puts on VIX after a pop a profitable trade. The strategy bets on VIX mean reversion; returns would track a decline in the VIX index. Exact non-equity contract requires separate historical validation; no generic proxy.
Puts on VIX every time it pops is free money