This podcast episode discusses the unique characteristics of August in financial markets, including its potential for both calmness and volatility. The volatility observed in August 2020 was driven by factors such as strong equity market performance, weaker data from China, and rising bond yields. Higher yields have positively impacted mortgage-backed securities and pension funds, while also potentially signaling confidence in the long-term economic outlook. By examining historical data and current market dynamics, the episode provides insights into the potential risks and opportunities associated with investing during the month of August.