The following is an excerpt from Logica's April 2021 monthly letter. If you're a qualified investor interested in receiving the full version of our monthly communications, please subscribe. "You know, I couldn’t do it [prepare the lecture]. I couldn’t reduce it to the freshman level. That means we really don’t understand it." - Richard Feynman A question we often get asked is to explain (in plain English!) how unforgiving a volatility headwind can be. So, let’s jump into