Bull Market in Fear and Tail Risk

"Today volatility is its own impossible object. Volatility markets are simultaneously calm on the surface and fearful underneath. Look at volatility one way and you see nothing but complacency with five year lows in the VIX index, but look at it from a slightly different angle you will see a furious bull market in fear."

"The post-financial crash options market is marked by the transfer of risk premium from the center of the return distribution to the left tail in what I refer to as a ‘bull market in fear."