Volatility As An Asset Class?

I'm still learning new stuff after 54 years seven months and seven days on earth. I've just been listening to Michael Purves, head of derivatives at BGC Financial, on Bloomberg TV. He is plugging the notion of volatility as an asset class, something that I would like to hear more about, and maybe even try to understand.

He also threw a new animal into the market, as an alternative to bulls and bears. We are in a wolf market, I think he said, which I think means pouncing on opportunities and eating them, rather than listening to the advice of a buy-and-hold financial adviser. Maybe I'll see if I can persuade him to come on here and share a bit more.