Los Angeles Times

Why the stock market abruptly turned into a roller-coaster ride

Financial adviser Todd Morgan has plenty of rich clients in Southern California who needed to hear a soothing word about the stock market's wild gyrations this past week.

"This calls to mind my favorite saying, 'The market will do whatever it has to do to prove the most people wrong,'" said Morgan, chairman of Bel Air Investment Advisors in Century City, which caters to high-worth customers.

His point: Until this month, many investors had grown accustomed over the past year to near optimum conditions in the stock market. Shares kept climbing to record levels, propelled by growing economies and corporate earnings worldwide, low inflation,

You're reading a preview, sign up to read more.

More from Los Angeles Times

Los Angeles Times4 min readPsychology
Commentary: Why People Find It So Hard To Resist Taking Bad Advice
When my doctor ordered a CT scan I didn't need, I found myself in an uncomfortable position. As a physician myself, I quickly realized the scan was unnecessary and preferred not to expose myself to ionizing radiation, which can increase the risk for
Los Angeles Times3 min readPolitics
Trump Lifts Turkey Sanctions, Declaring Success In Syria As Turkey And Russia Fill Void
WASHINGTON - President Donald Trump on Wednesday ordered an end to economic sanctions against Turkey, declaring success for his policy despite a widespread belief among lawmakers of his own party and foreign policy experts that the U.S. withdrawal fr
Los Angeles Times6 min readPolitics
Michael Hiltzik: A Brilliant Economist Diagnoses The US Health Care System — From Beyond The Grave
When the economist Uwe Reinhardt died unexpectedly in November 2017, his colleagues and followers lamented the silencing of one of the most penetrating, objective and effective voices in the health care debate. They didn't know the half of it. With t