I normally publish a performance review of global stock markets at the end of each month, but the meltdown around the world of the past few days necessitated an update.

The quote du jour comes from Richard Russell’s Dow Theory Letters of yesterday (spelt precisely the way it appeared in his newsletter): “Flash! Lowr;s reports trhat todayh was another 90% down-day, rhw rhird this week! Unbewlievable.” The 84-year old R man usually has a calm demeanor, but was obviously flustered, like most of us, by the voracity of the bear.

Enjoy the read.