Davis - FT Cover May Mark Contrarian Volatility Low Point

``"That headline at the Financial Times is definitely a contrarian indicator.  We have the front page of a major publication declaring that volatility is dead.  Whenever a major news publication puts out something like that, it's a major contrarian indicator... But clearly central banks have done a great job of extinguishing volatility. They have distorted the term structure to such a degree that it has made it very difficult for people to invest. Every move we see in markets tends to be very orderly.''