Blog: Is "risk appetite" growing, or are investors just feeling lucky?

Implied volatility measures have been falling pretty dramatically.  As usual the press is saying “risk appetite” is growing.  But what does that mean?  It sounds like the media is saying investor's desire to take risk is higher today. Which must mean they're feeling luckier today than yesterday.   The odds haven’t changed since "appetite" is different, not risk. Risk hungry investors just believe today’s their day. But is that what it really means?