Mario Draghi famously likened the euro to a bumblebee; Morgan Stanley analysts say a record-breaking global stock-market rally reminds them of a duck: “calm above the surface, but furious churning below.”
The calm is reflected in a continued drop in realized, or actual, stock-market volatility. The analysts, led by Andrew Sheets, observed in a Friday note that realized, one-month equity volatility across the U.S., Europe and emerging markets has fallen to the 25th percentile of the last 15 years.
But…
This post was originally published on Market Watch
