Very long letter, goes over each position.
"Then there’s VIX. VIX, rather than being any measurement of real volatility, is a measurement of the expected volatility in the S&P 500, as implied by a strip of S&P 500 options.
That VIX isn’t a particularly useful measure of volatility is something we’ve ranted about before. But that’s actually a bit beside the point…
…the answer, it turns out, is that any rational investor would look at the VIX futures market and run away screaming.”