Any thoughts on the current environment in US equities and derivatives? Vol has been persistently so low for so long, and everyone I talk to says this is about the worst trading environment they've ever seen. So, what are your views? From my perspective, it is very difficult to tell whether the paradigm of 10-15 VIX is here to stay on a long-term basis. It doesn't feel right, but the market hasn't been shaken yet. Is monetary policy a primary driver for this, or has investor sentiment shifted so much towards always buying the dip?
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