Title: Why is the stock market crashing? —
Headings: Why is the stock market crashing?
Why is the stock market crashing?
Making sense of market crashes
What’s in a stock price?
Two kinds of crashes
The one thing you must do

Content: More often than not, however, crashes occur because of a change in expectation. The dot com bubble burst when investors suddenly realized the insane valuations of tech companies were not warranted. The financial crisis erupted when investors clued in to the fact that real estate prices don’t march upward indefinitely and ratings of mortgage-backed securities could not be trusted. No war, no natural disaster; it was the narrative changed. The story investors told themselves shifted. Expectations lowered; fear increased. I view this bear market similarly. Oil prices fell not because of physical destruction of infrastructure, but because expectations of future profitability are being re-framed.