“This Efficiency Is Surreal”: Low Vol. Is The “Story Of The Year”

Why is vol so goddamn low? That's the question everyone is asking. Assuming it makes sense to use “perpetual” and “du jour” in the same sentence (which it may not), volatility has become the market’s perpetual topic du jour.  And as with most quandaries that morph into veritable fixations (or, "VIX-ations" in this case), no one will ever be satisfied that the mystery has been solved or that the question has been satisfactorily answered. These kinds of obsessions tend to persi