A Visual Update From The Valuation/ Vol. Twilight Zone

Just in case you needed a reminder on Monday, we thought it might be useful to show you some up-to-date charts on cross-asset valuations and cross-asset vol.

It’s tempting to say that even mentioning this is an example of beating a dead horse. But if that were true – that is, if everyone actually appreciated how truly surreal this has become – then we wouldn’t be pushing further and further into the Twilight Zone of sanguinity with each passing day.

And besides, here at HR we don’t mind beating dead horses or, as we famously put it earlier this year:

Although “posthumous equine abuse” isn’t something we’d list under “interests” if we were say, signing up for a dating site, we don’t mind engaging in it if we think doing so might drive home a particularly important point.

So without further ado, here’s where we are in terms of valuations (note the red highlights on the table):



And here’s where things stand relative to historical precedent on cross-asset vol.:



“You unlock this door with the key of imagination”…


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