Last Friday was a day when the logic of investing in uncorrelated assets broke down in the US markets. Most stocks fell, while semiconductor stocks crashed. Bonds declined as yields spiked. Gold and silver retreated. Crypto cracked. Crude oil slipped. The iShares MSCI South Korea ETF traded in the US tumbled 14.1 per cent (see table). The only thing that went up — and no, that is not a bullish sign — was the VIX or CBOE Volatility Index, which shot up nearly 40 per cent, implying fear was the only winner. M ...