In a September 21 practitioner interview, Empureon’s Daniel Lucke describes 2022 as an awkward environment: equities fell without the implied-volatility increase its tail protection needed. The German manager says it subsequently changed its approach; the article supplies neither the detailed repair nor verified performance. Its Volatility One strategy uses a conservative bond collateral portfolio; Imperial US Equity overlays the volatility strategy on the S&P 500. The account is worth reading for the mismatch between the loss being insured and the hedge’s actual payoff trigger. Claims of ample capacity remain the managers’ claims. Read Lucke and Ahmet Peker.