Out of these questions, I quickly updated a model of options skew that looked not only at the absolute level of skew, but also rates of change and skew volatility. Some very interesting patterns emerged, suggesting that a high level of downside hedging has been associated with subnormal near-term returns, but superior intermediate-to-longer term returns. In other words, we see hedging when the environment really is dicey, but it is those dicey environments that ultimately draw in value participants and lead to favorable longer run returns.