Volatility has become an increasingly important concept for investors. As global markets have become increasingly interconnected not only between regions but also between asset classes, it has become ever more difficult to avoid volatility. Indeed, most of this bull market has been faced with compression of volatility and a drastic rise in yield harvesting "short volatility" strategies. Like a spring that is compacted to the ground beneath, at some point there will be a shock upward.
Last August, I reviewed volatility in the article "Cross-Asset Volatility Indicates Danger to Come." The unwind I