A brief quick note. One of the most noteworthy comments on CNBC today came from Jack Bogle, the founder of Vanguard. He said that he sees a 75% chance of recession, though he didn't specify when. Bogle kept it simple, noting that cycles come and go and that the good times are cycling out.
Bogle also noted that in his 55 years in the financial markets, he has never seen markets as volatile, pointing out that total share turnover now exceeds 150% during the course of a year as speculators have taken over the market. Share turnover, he said, was about 20% when he was starting out, oh so long ago. Yes, speculators and investors -- two completely different entities.