"Buy low, Sell high" they say. But in the new normal of risk-parity strategies, momentum igniters, and trend-following CTA flows, its "Buy high, buy more higher... and never sell until you're forced to liquidate"

Amid the longest period of low volatility complacency in US stock market history, which saw realized volatility and VIX (expectations for future volatility) collapse to near-record lows...