There was only really one big surprise last year: volatility. Or rather, the entire lack of it. The VIX index printed its lowest level ever. And the low volatility was persistent. There were 79 days when it traded below 10; in its entire 1990-2016 history, it had only traded below that level for 18 days. So approximately 4x lower vol in one-26th of the time. Blondemoney tries to avoid hyperbole but that really is incredible.

Even more so when we throw in that . . .

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