Volatility Laundering: Smoothing Out Risk or Sweeping It Under the Rug?
A Calm Surface Hiding Choppy Seas
 Imagine a portfolio that glides through market turmoil with uncanny smoothness, scarcely registering a wobble even as public markets careen. To admirers, it looks like a triumph of astute investing or steadfast nerves. To skeptics, it looks more like an illusion – the product of