Long credit is often viewed as a simple carry trade, yet its embedded short-volatility and short-convexity profile can create risks that are far from linear. This keynote breaks down how to properly decompose that exposure, why investors are often under-compensated for short convexity, and how risk-off moves hit credit differently in fast vs. slow equity drawdowns.

The session will compare signals across ITRAX Europe and U.S. high yield, explore crisis-alpha strategies, and highlight where today’s markets may offer asymmetric opportunities or hidden downside. Attendees will leave with a sharper framework for managing volatility, convexity, and credit risk in a shifting macro environment.