Paul

From: Sent: To: CC: Subject: Paul, Martin Zeman 11/21/2018 3:06:24 PM 'Paul Barrett Alan Brod ; Gaurang Chadha ; Stewart Oldfield Sell ly CM-I leveraged volswap at 7.7% Forgot to send you this when we talked on Monday. The realized vol in the last month is 4.4% so selling this at 7.7% here makes sense. Essentially you calculate daily vol over a year. So let's say vol stays around 4-5% for 6 months, then there is some kind of a trade war event pushing the vol to 8-9% for a month, t