rading books. A rise in the VaR of German Blinds in April, for example, triggered two subsequent waves of position adjustments by investors, taking Bund VaR to a multi-decade high. Asset classes that are fundamentally overvalued and also have low VaRs are probably most vulnerable to VaR-shock-driven se

trading books. A rise in the VaR of German Bunds in April, for example, triggered two subsequent waves of position adjustments by investors, taking Bund VaR to a multi-decade high. Asset classes that are fundamentally overvalued and also have low VaRs are probably most vulnerable to VaR-shock-driven se