Joe Tigay, Portfolio Manager

Joe Tigay is Managing Partner at Equity Armor Investments, sub-advisor to a volatility-hedged equity strategy at Rational Funds. Joe began his career in finance as an options market maker with Stutland Equities LLC. in 2005, working on the Chicago Board of Options Exchange and specializing in electronic market making. In 2008, Mr. Tigay became a member trader of the Chicago Board of Options Exchange (CBOE). As a member trader, Joe was a very active market maker in both SPX and VIX options from 2008 to 2012. Discussing options, volatility, and market insight, Joe has appeared on Bloomberg, BNN, and has a regular segment on CBOE.tv. Joe graduated from Michigan State University with a B.A. in Economics. He currently holds licenses for Series 3, 56, 65.
Investment Strategy Insights

Volatility as an Asset Class

Joe Tigay, Portfolio Manager -
When it comes to investing, I attempt to be as realistic as possible. My life of following the markets began in the mid-90s when I saw the tremendous rise in prices associated with the tech boom, only to see subsequent crashes and recoveries. The lesson many have taken away from the market is that if I just buy and hold, I will be fine.
Case Studies

Using Long Volatility Exposure to Hedge a Portfolio

Joe Tigay, Portfolio Manager -
Investors need to understand that the Cboe Volatility Index (VIX) is not the same as VIX futures, and this has important implications when it comes to trying to hedge a portfolio with a long volatility approach. The VIX index itself is a fantastic indicator of 30-day implied volatility. VIX futures are simply the market’s best guess where the VIX index will be on settlement at that point in time.
Case Studies

Using Long Volatility Exposure to Hedge a Portfolio

Joe Tigay, Portfolio Manager -
Investors need to understand that the Cboe Volatility Index (VIX) is not the same as VIX futures, and this has important implications when it comes to trying to hedge a portfolio with a long volatility approach. The VIX index itself is a fantastic indicator of 30-day implied volatility. VIX futures are simply the market’s best guess where the VIX index will be on settlement at that point in time.
Investment Strategy Insights

Amidst the Turmoil, Active Management and Hedged Equity Could Bolster Portfolio Performance

Joe Tigay, Portfolio Manager -
2020 continues to throw curveballs at the world, and especially financial markets. The economy and the stock market have become decoupled. In this historic time, we have seen historic stimulus from the congress and the Fed, leaving behind news events and stories that would normally drive the market lower. China trade deal falling apart, historic unemployment levels, the VIX remaining elevated, and now widespread civil unrest. But we can’t deny that the market is going higher, so we need to adjust.
Investment Strategy Insights

Adding Portfolio Diversification Via a Volatility Overlay!

Joe Tigay, Portfolio Manager -
The Dow Jones Industrial Average and S&P 500 Index are only down 8% on the year, happening at the same time the economy is seeing the worst economic slowdown since WWII.
Investment Strategy Insights

Adding Portfolio Diversification Via a Volatility Overlay!

Joe Tigay, Portfolio Manager -
The Dow Jones Industrial Average and S&P 500 Index are only down 8% on the year, happening at the same time the economy is seeing the worst economic slowdown since WWII.
Investment Strategy Insights

Hedged Portfolios and Careful Stock Selection are Key in Pandemic Environment

Joe Tigay, Portfolio Manager -
How does the stock market stack up in this recession compared to previous recessions, and what do forward price/earnings ratios (PE) and interest rates tell us?
Investment Strategy Insights

Hedged Portfolios and Careful Stock Selection are Key in Pandemic Environment

Joe Tigay, Portfolio Manager -
How does the stock market stack up in this recession compared to previous recessions, and what do forward price/earnings ratios (PE) and interest rates tell us?
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