The Horse Runs Away Again
Bad News, Good News, Who Knows You know the story of the farmer whose horse runs away—the neighbors call it bad news, the wise farmer just shrugs and says “who knows,” an…
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The Ripple Effect
Market commentary, volatility insights, and media appearances.
821 articles
Twenty-Five Years On: Blue Skies, Bird Song, and the American Comeback
Twenty-Five Years On: Blue Skies, Bird Song, and the American Comeback By Joe Tigay, Portfolio Manager, Rational Equity Armor Fund Twenty-five years ago, I was a junior a…
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Buy volatility when its low and sell when its high. https://www.cnbc.com/video/2026/08/11/investors-shoul
Buy volatility when its low and sell when its high. https://www.cnbc.com/video/2026/08/11/investors-should-buy-volatility-when-its-low-and-sell-when-its-high-says-joe-tig…
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Volatility Is the Toll, Not the Exit
The AI Trade Is Getting Selective This post is a preview of my CNBC appearance tomorrow morning at 6:50 AM ET — tune in to catch me live. I run a long volatility, long st…
Read full article →Live on Fox Business: Talking Alphabet ahead of Q2 earnings
Live on Fox Business: Talking Alphabet Ahead of Q2 Earnings I will be joining Charles Payne on Fox Business today at 2:40 PM EST to break down Alphabet’s Q2 earnings repo…
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Two Fears, One Strategy: Joe Tigay on Surviving a Bubble AND Inflation — 9:30 AM ET, Schwab Network
Worried about the market right now? You’re not alone — and honestly, the anxiety makes sense because it’s coming from two opposite directions at once. On one side: fear t…
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Growth Without the Whiplash: Navigating Tech Margins and Pre-Holiday Liquidity
We’re heading into a short, data-stuffed week. Markets are fully closed Friday for the Fourth of July, which means the usual end-of-week data dump gets crammed into Thurs…
Read full article →Tune In This Morning to the Schwab Network at 9:10 AM ET
Tune In This Morning to the Schwab Network at 9:10 AM ET I will be appearing live on the Schwab Network this morning with Nicole Petallides at 9:10 AM ET to discuss the r…
Read full article →Hunting for the "Indie Bands" of the Market
Yogi Berra once said, “Nobody goes there anymore. It’s too crowded.” He was talking about a restaurant. But if you’ve been watching NVDA’s post-earnings coverage lately, …
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The Inflation Playbook Is Broken. And Nobody Wants to Say It.
The Inflation Playbook Is Broken. And Nobody Wants to Say It. By Joe Tigay, Former VIX Market Maker & Portfolio Manager I’ve spent enough time on trading floors to know w…
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The Cerebras IPO Is a Sneaky Big Day for the AI Rally
Let me be direct with you: most people are going to watch the Cerebras (CBRS) IPO this week and see a headline number. An unprofitable AI chip company, massive customer c…
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Why Experience in the VIX Pits Beats a Rigid Model Every Time.
Looking back at the first quarter, there is a clear lesson in how different hedging strategies actually behave when the rubber hits the road. Many hedged equity strategie…
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No Crystal Ball. Just Two Truths.
There is something electric about a live trading floor. When I appeared on Schwab Network's Opening Bell with Nicole Petallides this week, what struck me first wasn't the…
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Why the “Safe” Portfolio Is Feeling So Risky Right Now
Portfolio Construction · Volatility · Risk Management By Joe Tigay , VIX market maker turned portfolio manager · For portfolio managers allocating capital on behalf of fa…
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The Advisor's Dilemma: Keeping Clients Invested When the Safety Net Has Holes
The Advisor's Dilemma: Keeping Clients Invested When the Safety Net Has Holes By Joe Tigay, Portfolio Manager — Rational Equity Armor Fund Let me be direct with you, beca…
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Unlocking the Global Engine: What Happens When Iran Joins the Community of Nations?
$119 at 3 AM. $45 by Summer? Fear the War. Bet the Peace. Rational Equity Armor — PM’s Desk | March 9, 2026 Thanks for reading Joe's Substack! Subscribe for free to recei…
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The Squeeze in the Strait: Why Our ‘Armor’ is Generating Positive Carry in a Sea of Red
The Squeeze in the Strait: Why Our ‘Armor’ is Generating Positive Carry in a Sea of Red By: Joe Tigay, Portfolio Manager — Rational Equity Armor Fund Subscribe now Share …
Read full article →Yesterday was a milestone — not just professionally, but personally.
The Day We Both Made It On TV — And Why Sara’s Appearance Meant More Yesterday, as Portfolio Manager of Equity Armor Investments , I appeared on CNBC to share my outlook …
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Volatility Was Inevitable—And Right on Schedule
For those who had been paying attention, this week’s eruption of market volatility should have come as no surprise. I’ve been warning for weeks that the post-MLK holiday …
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The Red Line That Never Moved
The Red Line That Never Moved: What the 2013 Syria Crisis Taught Me About Volatility My name is Joe Tigay, and I learned one of the most valuable lessons of my career by …
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The January Purge: Why MicroStrategy's Index Exit Could Be the Pause That Refreshes the Market
The January Purge: Why MicroStrategy's Index Exit Could Be the Pause That Refreshes the Market By Joe Tigay Portfolio Manager, Rational Equity Armor Fund January 15, 2026…
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NVDA Volatility: The Price of Admission
NVDA Volatility: The Price of Admission By Joe Tigay , Portfolio Manager Former VIX Options Market Maker | Former SPX Options Market Maker We must remain long the structu…
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Maybe Michael Burry's Right, Maybe He's Wrong—Here's How to Win Either Way
Maybe Burry's Right, Maybe He's Wrong—Here's How to Win Either Way By Joe Tigay , Portfolio Manager, Rational Equity Armor Fund Michael Burry compares NVIDIA to Cisco cir…
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AI Growth vs. Embedded Fragility: Navigating the Market's Split Personality
AI Growth vs. Embedded Fragility: Navigating the Market's Split Personality By Joe Tigay , Portfolio Manager, Rational Equity Armor Fund The AI growth revolution is drivi…
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NVDA Earnings Prove the Rumors of AI's Demise Were Greatly Exaggerated
NVDA Earnings Prove the Rumors of AI's Demise Were Greatly Exaggerated By Joe Tigay, Portfolio Manager, Rational Equity Armor Fund As a former VIX and SPX options market …
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The May 6, 2010 Flash Crash — What It Felt Like in the VIX Pit
The May 6, 2010 Flash Crash — What It Felt Like in the VIX Pit The history of finance is full of collapses, but the Flash Crash of May 6, 2010, wasn't a slow burn; it was…
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Buffett Bets on the AI Moat: Inside Berkshire's Alphabet (GOOGL) Buy
Buffett Bets on the AI Moat: Inside Berkshire's Alphabet Buy By Joe Tigay, Portfolio Analyst, Rational Equity Armor Fund Warren Buffett, the world's most famous value inv…
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Reflections on My CNBC Interview: Tesla, Musk, and the Questions I Wish I'd Answered Better
Reflections on My CNBC Interview: Tesla, Musk, and the Questions I Wish I'd Answered Better By Joe Tigay Being interviewed by Andrew Sorkin on CNBC was an absolute thrill…
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Tune Out the Noise: What the Detroit Lions Taught Me About Market Narratives
Tune Out the Noise: What the Detroit Lions Taught Me About Market Narratives By Joe Tigay, Former VIX Market Maker & Portfolio Manager As a lifelong Detroit Lions fan and…
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