[…] We had our answer, a real workable solution, and we trampled it in the dirt and threw it away, because it did not flatter our vanity.
Today we had the expected correction in the markets. It was the first stock market move greater than one percent since the Brexit decision in July.
Stocks came down hard on nothing particularly new. And bonds followed as yields rose, and the reckless pursuit of returns without regard to risks reversed.
They had all been greatly overextended by a calculated and intentional mispricing of risk, and today we had a minor settling of accounts.