Investing At The Point Of Maximum Pessimism Every ghost story should start off with the sentence: "It was a dark and stormy night." Setting the stage at the very get go helps to frame the plot of what could be our very last read. Like most things in life, it is rarely as bad as we think from the physical hints. On the flip side, it is rarely as good as we perceive on the sunny days. There is always something lurking above - and below - the surface. One of my favorite investment colleagues penned the book titled "Investing At The Point Of Maximum Pessimism." The lesson learned from this work is that going against our "gut" can be very difficult, but very lucrative. VIX As Fear Gauge The CBOE Volatility Index (AKA VIX) is often referred to as a fear gauge for investor sentiment. It measures the implied volatility - or bounciness - of the S&P 500 at-the-money call options with a one-month expiration date. The intent is to provide a current sense of how mu