To the Editor:

I am a teacher in a graduate finance course at Columbia University. Some folks have understandably asked for my thoughts on the market volatility. Is it just the tariffs or are there other reasons not generally recognizable from traditional economic analysis that are impacting the markets? My research has directed me to identify three elements that have been constantly mentioned in media outlets.

First, Hunter Biden’s laptop. Evidently, the Justice Department and the FBI were coordinating a new investigation of…

April 9, 2025