From Pragmatic Capitalism:
The fact that no one else is.
The VIX is fast approaching levels that are consistent with very high complacency. I know, stocks don't go down, the economic recovery is here, it's a "win win" market, etc. But the VIX sinking below 17 is a sign that investors are increasingly confident removing hedges and leaving their portfolios exposed to greater risk.
Many of the most brutal selloffs in recent years were accompanied by the exact same environments...
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