Bug in unordered list output?

Using the default page.md field set, I'm seeing this output...

<ul>
<li>
<p>I’ve opened a door here that I regret.</p>
</li>
<li>
<p>Bad news. Andy Griffith turned us down. He didn’t like his trailer.</p>
</li>
<li>
<p>But I bought a yearbook ad from you, doesn’t that mean anything anymore?</p>
</li>
<li>He’ll want to use your yacht, and I don’t want this thing smelling like fish.</li>
</ul>

...for this bit of Markdown:

- I've opened a door here that I regret.

- Bad news. Andy Griffith turned us down. He didn't like his trailer.

- But I bought a yearbook ad from you, doesn't that mean anything anymore?

- He'll want to use your yacht, and I don't want this thing smelling like fish.

The last list item is not wrapped in a <p> tag.