In episode 67, Alex Proimos speaks with Paul Fraynt, head of risk premia at K2 Advisors, a Franklin Templeton Company. In this episode, we discuss risk premia and tail hedging. We discuss why some investors have found that risk premia strategies have not performed as they were expected, particularly in cases where they failed to be uncorrelated right when investors needed them most. We then cover the intersection of a systematic construction and discretionary overlays to harvest and rebalance premia, specifically given the spike in volatility and the associated liquidity challenges in Q1 2020. Finally, we conclude the conversation with a discussion on tail hedging, the different options available and the challenges investors face as they seek to implement these strategies but keep costs to a minimum.