I read this years ago having spent a couple decades on Wall Street trading derivatives basically my whole life. It was published first as an article in ZeroHedge and caught my attention.
Synopsis/Theory: Companies have issued cheap debt, turned around with the cash and bought their own stocks pushing up prices (enriching themselves with stock options and grants) since the last crisis because monetary easing allowed them to do so. This creates a synthetic short on volatility (basically erasing the risk of downside synthetically) and the entire market will crash some day because of it.
I firmly believe this will happen once stocks start ripping back and forth violently - likely as the economy falters from COVID and new policies. The only question is when? I’ve been waiting for years, but it should happen some day.
JT is great, watch all his videos, good nuggets of understanding in each