Editor's note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here if you'd like to subscribe and get a step ahead of consensus.
"As you can see in today’s Chart of The Day, M&A is what we call a classic pro-cyclical #Bubble indicator (peaks at the end of an economic cycle). That makes complete sense. When top-down Global and US GDP growth slows, companies try to buy growth and/or “synergies.”