It is extremely important to point out that low volatility in and of itself is not a problem. Volatility is serially correlated, and periods of low volatility follow periods of low volatility. Likewise periods of high volatility follow periods of high volatility. This is very much like one of the most basic methods of weather prediction. The rule that tomorrow’s weather will be like today’s is generally right. It is only wrong when the weather changes. In this report we outline the tools we use to identify the changing winds of volatility.