On The Macro Show this morning, Hedgeye CEO Keith McCullough describes what is the most common advice he gives for institutional clients in the jaws of a bear market (and why they aren’t so concerned with the losing business of picking bottoms).

“Our best clients want a real coach. They want to be prepared for what the street isn’t. Most people don’t want to beat consensus. Consensus is all trying to pick bottoms,” says McCullough. “Don’t forget, 4 #Quad4s in a row. The probability is at its highest point in the Hedgeye model that it’s ever been that we are going to enter a recession.”

“Markets are designed to suck the most amount of people in at the most inopportune time.”

“Is The Bottom In?” LOL → Don’t Pick Bottoms  - 3Q2022 Macro Themes