To be clear, I'm not a librul second guessing and trying to put down the right. I voted for Trump (not that it mattered in CA). With that said:
I know hindsight is easy, and this will inform our responses in the future. But I tend to agree with the below, we could've purchased a much cheaper put option early on, but didn't believe the seriousness. Now we are purchasing very expensive insurance in the form of huge hits to the economy. But the seriousness (convexity to the downside) is still there. So we essentially gouged ourselves by not acting early.
I know hindsight is easy, and this will inform our responses in the future. But I tend to agree with the below, we could've purchased a much cheaper put option early on, but didn't believe the seriousness. Now we are purchasing very expensive insurance in the form of huge hits to the economy. But the seriousness (convexity to the downside) is still there. So we essentially gouged ourselves by not acting early.
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