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A great contrarian indicator with the Financial Times running a “risk on” story because the VIX is “below 20.”

That, of course, means nothing to me as the risk range for VIX = 18.55-29.47 coming off the all-time low in cross-asset class volatility last year (see chart below).

Big asymmetry to the upside.

Volatility: Big Asymmetric Upside Risk | $VIX - z km vix

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