Barry Ritholz examines the reasons for the current sell-off:
None of these casual explanations can withstand close examination. They are often things that have existed for months or years, and so can’t account for what happened yesterday……
Here is the simple reality most of us try desperately to ignore: Most of the time, we have no idea what is going on. Our understanding of objective reality is at best tenuous. At its worst, our beliefs reflect a completely erroneous viewpoint, one that is as comforting as it is misleading. Indeed, the comfort often comes from hiding the truth from ourselves.
Read more at What’s Your Stock Market Story? – Bloomberg View.