RT Journal Article SR Electronic T1 Practical Applications of Still Not Cheap: Portfolio Protection in Calm Markets JF Practical Applications FD Institutional Investor Journals SP 1 OP 4 DO 10.3905/pa.2016.3.3.135 VO 3 IS 3 A1 Roni Israelov A1 Lars N. Nielsen A1 Barbara J. Mack YR 2016 UL https://pm-research.com/content/3/3/1.3.abstract AB Still Not Cheap: Portfolio Protection in Calm Markets Roni Israelov Lars N Nielsen Put options are often seen by investors as a means of buying protection against dramatic stock market moves that may take place in the future. In calm markets, options prices tend to be steady, and they are touted as an inexpensive way to obtain portfolio insurance, while also providing exposure to long volatility at a time when volatility may be expected to increase.But are put options really economical in calm markets? Will they meet expectations in the future? Roni Israelov and Lars Nielsen of AQR Capital Management discuss these questions in Still Not Cheap: Portfolio Protection in Calm Markets , published in the Summer 2015 issue of The Journal of Portfolio Management .