How volatile markets were and how little they are today is visible on a graph of large moves. How many times has Nifty fallen 4% in a single day? 66 times.
How many times since 18th August 2009? Twice.
There has been calm. And this is true of world markets.
The storm, though, is ahead of us, and when it comes, it will seem to be a “black” swan. But if you are a student of history, the volatility is just about waiting to happen.