The last 3 months have been a rollercoaster ride. Anyone who’d slept through this period would be forgiven for thinking “what was all the fuss about”? Having seen markets rebound (US equities in particular) we have again cut our risk position, this time through buying protection against renewed volatility in US equities. In "Real Matters - No muss, no fuss" (VIEW LINK) Simon Doyle, Head of Fixed Income & Multi-Asset, discusses how this reflects both the relative cheapness of volatility, and more fundamentally that prospective returns from US equities have again diminished given the concentrated gains in this market. The overwhelming driver though, is that we do not think a lot has changed.