When everyone else is complacent, it is always a good time to be cautious.

When everyone else is complacent, it is always a good time to be cautious.

I don't remember the last time I saw so little volatility in the market for so long.

Is this a function of the growth and larger footprint of passive investments in today's market?

Whenever everyone thinks they have the investment or strategy to highly mitigate the risk (volatility) in the market, you need to exercise caution.