Quote from Hamlet:
That kind of market was the exception not the norm. I't doesn't matter what kind of vol. the mkt had 4 or 6 years ago. It's relatively to the current environment is much more relevant.
Case in point is the VIX. You can look at it's peak of last week and argue that it was very low relative to 2000. That of course would be flawed logic.
Do you consider the VIX as a vol indicator ???