That’s the « world » (European equity market as represented by the Stoxx Europe 600 index actually) on Oct 15, 2014 and on Nov 21, 2014…
On Nov 21st (yesterday):
As a reminder, volatility on Euro Stoxx 50 (much narrower index) was 28.76 on October 15 (it peaked for the year at 31.52 on the 16th of October). Now it’s 18.91.
In summary, the European stock market has gained 10.8% in a little bit more than a month, while volatility has declined by 34%.
Good reminder of Buffett’s favorite quote from Ben’s Graham: « Be fearful when everyone else is greedy; be greedy when everyone else is fearful ». Works all the time !