The head of investment strategy for one of the largest piles of investor capital in the world believes stocks face a “greater-than-usual” risk of a sizable pullback during 2020.

Joseph Davis, the head of investment strategy at Vanguard, one of the largest asset-management companies in the world and the progenitor of passive investing, said he sees a “50% chance” of a correction – that is, a drop of 10% or more from the highs – next year.

While some joked about Davis’s “coin flipper” odds…



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