Anyone who takes individual credit or blame for any stock market action deserves to be chastised.
The market is efficient, while also being irrationally reactive at times. It’s unpredictable, yet can be anticipated a large percentage of the time. In some ways, taking individual credit for market conditions is like taking credit for good weather, or blame for a traffic jam.
The S&P 500 Index has tumbled 19.8 percent from its recent high on Sept. 20 through Monday, just shy of a 20 percent decline that customarily defines a bear market.
The stock market is sending a clear signal: policies have a price.
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