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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Macro analyst Christian Drake. Click here to learn more.

"... As the Chart of the Day below illustrates, inventories again grew at a premium to sales in the latest January data, sending inventory-to-sales ratios across the supply chain to new highs. Note: Unless companies are successfully foreshadowing accelerating demand, excess inventory = lower future profitability at the corporate level (discounting to move supply) and lower growth at the aggregate level (lower inventory build drags on Investment growth)"

CHART OF THE DAY: Dispelling Permabull Willful Blindness - IS Ratio CoD