A month ago stocks were trading near recent highs on improving corporate earnings and a steadily improving US economic backdrop. Investors were not euphoric but a certain amount of complacency had crept into the market with the volatility index at levels that indicated little in the way of demand for downside protection. Individual investors were not [...]

The stock market peaked April 26th and in the ensuing month, roughly 12% was erased from the value of the S&P 500. There is no telling how many years were collectively removed from the lives of investors due to heart damage from fear of a repeat of late 2008 but if the VIX is any indication [...]