Be fearful when others are greedy
Volatility is mean reverting over time for "natural" reasons. You don't buy protection when you must. You to buy it when you can. We outlined our logic on volatility earlier this week (here). VIX around 18, give or take, is close to the lower part of the "mean reversion" range. Sure, maybe we undershoot, but volatility you trade in "batches", i.e lean into the trade logic. We would be looking to add a "batch" around these levels.