Two very good reads from the NYTimes business section…

First, James B. Stewart, interviews James Stack, here…

“If there are any certainties, one will be that this party will eventually come to an end,” James Stack, president of InvesTech Research, told me a year ago. “And when it ends, it will end badly, and with high volatility.””

”Given Mr. Stack’s track record last year, I reached out to him this week for his current views. Even though valuations have come down and macroeconomic indicators “have remained remarkably strong,” he said, he’s still defensive and hasn’t changed his bearish allocation. He believes that the worst isn’t over and that the Dow and S&P 500 will soon be down 20 percent from their peaks, retreating into a bear market. (The Nasdaq Composite and the Wilshire 2000 index of small-cap stocks are already there.)”

Do read the whole thing…

And there is this, from Jack Nicas, summarizing Apple’s problems ahead…