(https://www.cnbc.com/2026/08/12/stock-market-tranquility-is-almost-unprecedented-thats-a-red-flag-for-michael-burry.html) The Hormuz deal collapse, Treasury repricing, the Hedge Fund Tracker's activism—these are tactical noise. The real signal is that volatility is pricing in *zero* uncertainty while positioning is at maximum consensus. When everyone's crowded the same direction, the exit door gets narrow fast.

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