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0.94*Sigma(T 1)*2+(1 0.94)*R(T}*2
document 0.94*Sigma(t- 1)*2+(1-0.94)*r(t}*2 House Oversight Committee — Epstein Estate Records (Nov 2025) 1 pp.

where r(t) is the return on day t. “Indicative mid prices; strikes as % of forward ***Negative values indicate that the bullish risk reversal takes in a credit.