Few people are better placed to discuss recent market turmoil than Benn Eifert (@bennpeifert). Benn is the founder and CIO of QVR Advisors, an investment advisor managing data-driven, option-based investment strategies. Topics covered include: 1) the 15 year history of popular option strategies, 2) the concept of "tail risk hedging" and its performance before March 2020, 3) the blow-up of the volatility complex in March 2020, 4) some winners and losers in the March 2020 action (including some details on market participant "50Cent"), and 5) Benn's thoughts on the likely realized volatility going forward.