The stock market's fear gauge just hit a 42-month low. Investors are ignoring a load of risks, hedge fund manager says.

• Wall Street's "fear gauge" registered its lowest weekly close since January 2020 on Friday.
• Boaz Weinstein questioned investors' confidence given their recent and current challenges.
• The Saba chief pointed to the pandemic, inflation, the Russia-Ukraine war, and recession risks.

Investors are facing a bunch of risks and challenges but by one measure, they appear more confident today than before the pandemic struck. Boaz Weinstein underlined how absurd that is in a Saturday post.