Should I stay or should I go? What you need to know about financial markets today

That long-shot wager brings to mind “The Big Short: Inside the Doomsday Machine,” Michael Lewis’ epic tale of an eccentric hedge fund manager, Michael Burry, who was ridiculed for betting against rising home prices in 2005, until the housing crash proved him — and the people who placed bets using his strategy — right. The Ibex team also got laughed at for suggesting volatility-tracking ETFs could go to zero. “Before this happened, I looked like the boy who cried wolf,” said Pravit Chintawongvanich of Macro Risk Advisors, who worked with Ibex and had been warning for a while that the VIX notes could blow up.