Over the past decade, the unprecedented monetary experimentations of global central banks following financial volatility—immortalized in the “money printer go brrrrr” meme—have given rise to a “buy the dip” mentality among investors and traders. The presence of an omnipotent Fed as a price-insensitive and automatic buyer of last resort has spawned a multi-trillion-dollar short-volatility complex, in which the immediate future is projected to be like the present and the only direction for markets to go is up.
