March 3, 2018 — I am honored that John Bogle has commented on my recent column, ”The February Stock Market Correction.” In it I repeated my claim that 2017 saw a “bubble” in the #VIX – i.e., a market perception of low risk in US stocks that was unjustified by fundamentals – and I added that the bubble had burst in February. Bogle of course is the genius who made low-cost index #mutualfunds widely available. His comment & my reply are at Barron’s: “Bogle on Bubbles.”.
(Jan. 22, 2016) Investors worldwide are closely watching the steep decline in China’s stock market. The Shanghai Stock Exchange Composite Index is down more than 40% since June 2015.
The reason observers are concerned is not because they themselves are invested: China’s stocks are overwhelmingly held by Chinese themselves. Rather, many are interpreting it as evidence that China’s economy is going down the tubes.
(9/7/2015) It is tempting to view economic events in China through a single template: the view that they are driven by government intervention because the authorities haven’t learned to let the market operate.