When in doubt over the past 10 years, it has made sense to blame China. Since 2011, the biggest interruption to the bull market in stocks came when China terrified investors with poorly handled devaluations in 2015 and early 2016. Since January, world stocks have endured their worst stall since then. This is in part a classic correction after stocks had become plainly overvalued, but it has also been popular to blame the escalating drama over tariffs. I suspect that we should instead worry about China. For a first exhibit, take a look at the first chart below: the S&P 500 is hard to distinguish from MSCI’s index of the 100 developed world stocks with the greatest exposure to China — which should surely stand to be hurt worst in a trade conflict between the US and China. Meanwhile, domestic Chinese A shares have tanked. Breathtaking run For another gauge, the second chart shows how the S&P 500 has performed compared with the FTSE-all world excluding US index in this decade. US stocks...

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