In this clip from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough hits on volatility, bull markets, and the Quads on our daily live Q&A session. Importantly, he describes why “over-valuation” models are B.S. when it comes to calling the top.

“That’s where most Bull markets end at VIX 10, not at some super duper “over-valuation” model that people keep pitching to you. They end when the volatility can’t go down anymore.”

“The Volatility of Volatility determines the end of a bull market, not valuation. Valuation’s not a catalyst.”

McCullough: Volatility Determines The End Of A Bull Market, Not Valuation - Youtube Banner copy