In a world in which there is no longer any risk, in which the Fed itself is the Chief Risk Officer of the S&P 500 itself (because either the Fed and central banks will keep on injecting “modest” liquidity and keep rates at zero or below for the indefinite future, or jump right back in with another massive, $1 trillion + liquidity dump the second the S&P dares to suffer a 10% correction), there is no longer any need to hedge as we have shown for the past two years.