The Crash Prophets Are Missing the Point

Why JPMorgan’s CEO is right about the risk, but wrong about the lesson for real investors.

Another day, another warning from a financial titan. Jamie Dimon, CEO of JPMorgan Chase, is sounding the alarm, suggesting the odds of a US stock market crash are higher than many believe. He points to a familiar litany of worries: geopolitics, fiscal spending, and global remilitarization.

He’s not wrong to be concerned. Uncertainty is the one certainty …