“Walking on a tightrope” is an idiom that conjures the notion of danger – of exceptionally little margin of safety and of particularly significantconsequences should things not go as planned. Markets feel this way - asset prices are full, Sharpe ratios high, correlations low, political polarization intensifying. In this discussion, we review the recent role of correlation in breaking the more than 500 day streak over which the S&P 500 failed to move down by 2% in one day. We also talk about out the highly unusual VIX curve, with some portions of it in contango and others in backwardation. Hope you enjoy it and find it useful.