14. I don't remember Expected Shortfall question. I also read option strategies a lot but there was only one and even I don't know whether I wrote it right. Investor expects volatility could decrease. which strategy to choose ? Straddle, Short butterly, Short calendar, short bull or bear . Question was worded that manager's fund would experience large losses from drop in market volatility. So, I choose Butterfly (I think it was stated as long the wings, short the middle) which is a bet on lower volatility.
Is it long a butterfly?
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