Risk is like gravity — it always there, but you don’t always feel or see it.

Today, we’re in between market storms. People have become more and more comfortable and complacent during the 8-year bull market. The relatively painless uptrend has lulled people into a false sense of security.

Even Janet Yellen says she doesn’t believe there will be another financial crisis in our lifetimes.

Collectively, we’re getting used to the way things have been recently — rising stock prices, low and declining volatility and little to no need for protection investments like hedge funds and macro CTAs.

I’m scared we’re getting used to things just in time for everything to change again.

https://medium.com/@mmelissinos/its-not-if-but-when-a634fda39879