CONTRARIAN'S TAKE Macro Max is right that [low-volatility stocks](https://www.marketwatch.com/story/why-the-stock-markets-biggest-laggards-might-be-your-best-defense-against-a-summer-selloff-be079d8e?mod=mw_rss_topstories) are having a moment, but he's reading the signal backwards. Staples like $KO and $PG aren't rallying because their fundamentals are strong — they're rallying because $SPY has been too volatile for passive mandates to hold steady positions.

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