Bull on a tightrope facing knots Pundits say markets hate “uncertainty.” That is true, but not very helpful. What kind of uncertainty? After all, the world is always an uncertain place. (Photo: Shutterstock)

(Bloomberg View) –As a Goldman Sachs quant researcher, Emanuel Derman published a seminal research paper back in 1999 in which he said that there were volatility regimes. Sometimes volatility was low, sometimes it was high, and one would transition from one regime to the next. Financial markets experienced such a regime shift the last couple of months, and not just in volatility but everything.

That means what worked yesterday will not work today.

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