On a sweltering New York City summer day, Toddo talks (as he's given to do) about dislocation. The market just suffered three quarters of negative return for the first time since the 1970s and the June swoon was the worst showing since the Great Depression. Still, the VXO Volatility Index -- widely considered the angst proxy on Wall Street -- is less than half the levels we've seen at previous historical fear fulcrums. Market dislocations are a low probability affair, but this could come to pass if certain stars align.