How Volatility Rocked Stock Markets One Year Ago

The video discusses the volatility explosion in markets, focusing on exchange traded products that allowed investors to bet on market volatility. It highlights the lessons learned from these events, such as the importance of understanding market dynamics and the risks of products growing too large relative to their underlying assets. The discussion also covers the impact of these products on market rebalancing and the ongoing nature of short volatility trades, now primarily conducted by professionals. The video concludes with a reflection on the two main market strategies: long volatility and short volatility.

In what ways did the short volatility trade change after the events discussed?

What are the two strategies in markets mentioned at the end of the text?