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People tend to confuse the difference between direction and pace when they buy protection in panic. We saw it during the Evergrande sell off once again.
Without going into too much technicalities (skew etc) the chart explains the concept of overpaying for protection well.
SPX is "well" below the Evergrande sell off levels, while VIX is much more stable.
The chart has nothing to do with where we think the market is going next, but is more about showing the "danger" of confusing pace with direction.