Jesus, Will Someone Wake Up The VIX? It’s Passed Out Drunk

Yeah, so picking up mid-stride where we left off this morning on how anyone buying equities at this point has, to quote SocGen, "a problem," we would note that there's one saving grace. That is, while buying at ridiculous multiples dooms your excess returns (i.e. returns above risk-free Treasurys), it doesn't necessarily mean you'll wake up tomorrow to a massive drawdown that will wipe out half your investment. See the thing is, you can buy at valuations that are in the 80-100th percentile ver