"How a Low VIX Can Remain an Expensive Hedge"

From EconompicData, September 6:

One of my favorite Twitter follows @LadyFOHF shared
the below scatter chart from Morgan Stanley that attempted to map areas
of the global market that were both cheap (valuation ranks at the lower
end of its 10-year history) and defensive (a low or negative
correlation to global equities).




One of the few trades listed as having both characteristics was