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...still a long way from the halcyon days of yore - remember, the VIX long term average is half of today's level - but investors at least seem to once again believe that day will follow night. And that's good news...
Because the VIX is supposed to predict near-term volatility, the VIX calculation only considers options expiring in the next two months. The VIX is measuring "very near-term fear." While many investors look to the VIX as an indicator of a bottom to the market, it does not possess much long-term significance...
Wilcox thinks the mechanism at work here is what's known as "vicarious goal fulfillment." People who excel at self-control are very good at remaining mindful of an objective and keeping it in focus. When that goal is, say, finishing a term paper, they outperform other people at ignoring distracting options like going to a movie. When that goal is eating well, they're better at resisting distractions like ice cream and pizza. But when a virtuous choice is actually made available, the goal may feel fulfilled even when it hasn't been. Once they have that illusion that...
...South African democracy, which has lacked a strong opposition since the end of apartheid. Finally, ANC Presidents are a creature of their party rather than the electorate, as Mbeki's removal showed. Should Zuma underperform and disappoint his supporters, he might expect the same fate - and before his official term...
Where does Mandela stand on Zuma? The 90-year-old has largely stayed out of day-to-day politics since his retirement after one term in office in 1997, and ill health means he routinely declines all requests for interviews or comments these days. Mandela has occasionally - and often obliquely - chided his successors, particularly when the Mbeki-Zuma fight was at its height. But he has also made plain that his loyalty to the ANC remains unwavering, and during the latest campaign appeared twice with Zuma at election rallies, including a final mass rally at Ellis Park Stadium in Johannesburg...