As Nasdaq melts up faster than Bitcoin, perceived equity market risk has utterly collapsed. VIX just hit 9.92 as Nasdaq hit 6,100 (note the most recent low is 9.39 from 12/15/06 and all-time low at 8.89 on 12/27/93).

VIX just traded with a 9-handle for the first time since Feb 2007.

And maybe there’s further to run.

Despite Goldman recently warning, policy risk remains under-priced.