麦格理-全球-股票策略-波动性：从主人到奴隶-20180126-21页

Pleaserefertopage19forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.GLOBALInsideMindthegap–realvs.financialeconomy2Investorsarenotprepared–buyvolatility8Theageoldrotationdilemma11Appendices13StLouisFed–FinancialStressIndex–atoneofthemostplacidlevelseverSource:FRED;MacquarieResearch,January2018HighYieldSpread(%)-…touching300bpsvs.historicaverageof~600bpsSource:FRED;MacquarieResearch,January2018Analyst(s)ViktorShvets+85239223883viktor.shvets@macquarie.com26January2018MacquarieCapitalLimitedWhatcaughtmyeye?v.86Volatilities:frommasterstoslavesInthelatestissueweaskwhetherariseinvolatilitiesisinevitableandwhatmightbetheconsequencesforassetclassesandpublicpolicies.Investorsarecurrentlyresidinginasurrealworldoflowvolatilitiesandspreads,ignoringpotentiallyradica