People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.

I think the Chinese are really amateurs when it comes to running markets.

There is also a concern that there is a lack of demand of oil. And so when commodity prices fall, it's good if you happen to be a consumer, but it's sometimes seen as symptom of a weakening economy.

There is the fact that - people have had a lot of confidence that the Chinese leadership could fix what is wrong with their economy so it wouldn't have ripple effects around the world. I think that confidence is being shaken by how difficult it is for them to manage their stock market and their currency.

If you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?

China's stock market is not very big. And yet when stock market has a bad day in China, it seems, Europe has a bad day and then we have a bad day.

Nobody really knows what the market is going to do, but it sure looks like we are going to have a lot more volatility.