Something peculiar is happening in western capital markets. Almost every measure of volatility has tumbled to unusually low levels. If you look at the degree of actual (or “realised”) price swings – and projected (or “implied”) future movements – investors are behaving as if the world is utterly boring.
西方資本市場正在發生一件怪事。幾乎所有波動率指標都跌至異常低的水準。看看實際價格波動程度（即「實際」波動率）和預期的未來價格波動程度（即「隱含」波動率）吧：從投資者的表現來看，世界實在是太無趣了。
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