“As always is the case, institutions are living in fear of the upside, not protecting to the downside,” McCullough explains. “That’s what happens at the end of a bull market. People still say, ‘Wow, I’m going to miss buying this.’”  有道理。这也说明了为什么市场跌了20%，VIX才涨到37。稍微反弹一点，VIX就趴到地板上了。