I understand that risk reversal is a bet on the skew of the implied volatility curve. But when would one have a view on the skew of the curve? I understand that one can have a view on the underlying. (If I think the firm is going to do better, then I go long the underlying stock).
Similarly, I understand when one would have a view on volatility. (If there is going to be an event, but I am not sure about the direction, I can bet on volatility).
But when would one long skew or short skew?
If I have some long positions on TSLA, does it make sense to hedge it with a risk reversal?