[hxta98596]

Nice comment, you seem like you know your stuff. My opinion is without fundamentals or historical or correlated assets here you can't price tail risk beyond throwing a dart. Look at the Futures margin reqs, it's like 40%. A ridiculously high number and that's probably still a compromise because they halt trading for the day around 20%, otherwise I imagine there would be almost no margin given. Price of tail risk is not being priced.