Capturing contrarian opportunities in a low-vol world

Mike Clements, head of European equities at SYZ Asset Management, discusses low volatility in Investment Europe. He explores current signs of investor caution as cash levels are high and could point to imminent risk of a crisis. In times of stress and volatile markets, investment banks have too many risks on their balance sheets following a flurry of recent activity, while trading businesses are attractive as they combine strong returns and high levels of cash generation with exposure to volatility-driven trading activity.