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ThurberMingus · 2547 days ago · link · · parent · post: Low Volatility and the Risks of Crowded Trades
I think the metaphor "picking up nickels in front of a steam roller" has been applied to low-volatility-will-stay-low-vol strategies. Implying it's easy and fun and pain-free up until you get pinned.
Phrase originally coined, in fact, to describe Victor Hagani/LTCM's financial strategy. After the fact, of course. While they were doing it they were fucking brilliant. When Genius Failed is a great book to read because unlike most financial tell-alls, it isn't a book about smart people doing dumb things out of hubris and showing their ass as a result; it's about "here's this brilliant strategy/process that everyone agrees is genius until suddenly the market moves against you and bam you're fucked."