prev

About Everything: The Great Productivity Slowdown

Believe It When You See It: Productivity Growth is Slipping.

 

Editor's Note: In this complimentary edition of About Everything, Hedgeye Demography Sector Head Neil Howe explains why the much-debated productivity shortfall – amounting to $3 trillion – is "simply far too vast to pin on mismeasurement." Howe suggests, "It’s time to take the productivity slowdown seriously" and explains the broader implications for investors.

 

About Everything: The Great Productivity Slowdown - stop watch

WHAT’S HAPPENING?

 

For years now, Silicon Valley techno-optimists have been telling us that our dismal productivity numbers are wrong. They’ve said that technological gains are enriching our lives in ways that are simply impossible to measure.

 

On the surface, they appear to have a point. After all, how could innovations like robotics, AI, and the sharing economy not boost productivity? Plus, as tech heavyweight Erik Brynjolfsson likes to point out, Americans have access to ever-more free web services that aren’t counted by GDP. I’ll be the first to admit it: I’m blown away by Wikipedia.

 

About Everything: The Great Productivity Slowdown - neil howe callout

 

Well, the latest in a series of Brookings Institution reports (see especially the paper by economist David Byrne et al.) blows these arguments out of the water. It turns out that the vast shortfall in recent real GDP growth due to falling productivity—amounting to $3 trillion—is simply far too vast to pin on mismeasurement.

 

So yes, those dolorous productivity numbers you see in the media should be taken seriously. With the single exception of the dot-com revival (1995-2004), real worker output per hour has been decelerating ever since the end of the post-WWII American High. 

 

About Everything: The Great Productivity Slowdown - neil howe 4

 

The past few years have been particularly dour. After peaking at over 3% per year in the early ‘00s, productivity growth over the last decade has been closer to 1%, with plenty of quarters of negative productivity growth mixed in.

 

About Everything: The Great Productivity Slowdown - neil howe 5

 

Brookings thoroughly debunks Silicon Valley’s mismeasurement hypothesis. First, the productivity decline has taken place across all industries, not just IT. Additionally, IT employs too small a share of our workforce for mismeasurement to have a large positive impact on real GDP. Further, if the mismeasurement of high-tech creativity were the main story, we wouldn’t be seeing a global productivity slowdown spanning countries at vastly different stages of technological advancement. 

 

About Everything: The Great Productivity Slowdown - neil howe 6

 

The techno-optimists believe that we’ve been wildly overestimating inflation, and that—correctly measured—the “real” living standard of the typical American has actually been rising swiftly in recent years. Really? Try selling that celebratory news to Bernie and Trump supporters. (Personally, I’ve never met a techno-optimist whose income is anywhere near that of the median American adult who never completed college. And these comprise roughly three-quarters of all adults.)

WHY IT’S HAPPENING: DRIVERS

 

It’s time to take the productivity slowdown seriously. Here are some possible explanations.

 

Declining investment. Companies aren’t spending on capex like they used to—and it shows. A quick look at BLS aggregate hours and BEA capital stock data shows that, since 2010, capital intensity (the ratio of capital to hours worked) has actually declined.

 

About Everything: The Great Productivity Slowdown - neil howe 7

 

Former Fed Vice Chairman Alan Blinder attributes a whopping 70 percent of the productivity slowdown since 2010 to weak investment.

 

Baumol’s cost disease. Industries with slow productivity growth are making up an ever-greater share of employment. Health care, education, and retail have together ballooned to roughly a third of total U.S. worker hours—roughly five times greater than the manufacturing share, which continues to shrink.

 

A lack of true innovation. Prominent analysts like Tyler Cowan and Robert Gordon (check out the latter’s new best-seller, The Rise and Fall of American Growth) say that the technological innovations we’re seeing today are much less impactful than the foundational discoveries of the late-19th and early-20th centuries. After all, what’s Facebook, Twitter, or Tinder compared to electricity, automobiles, hydraulics, or refrigeration?

 

If you think your kids pout when you take away their mobile phone, try taking away any processed foods, any hot water, any illumination after dark, and any motorized help getting to school. They may yet come around to Robert Gordon’s point of view.

 

About Everything: The Great Productivity Slowdown - neil howe callout 2

 

Waning business dynamism. Many economists suspect that the American economy is also suffering from declining “dynamism,” as measured by a variety of risk-taking and mobility indices.

 

For example, startup activity is down. The U.S. firm entry rate is barely half of what it was in 1978, and over the last decade, for the first time ever recorded, more firms disappeared than were created. 

 

About Everything: The Great Productivity Slowdown - neil howe 8

 

We’re also seeing a stagnant job market. The job reallocation rate (job creation plus job destruction) has fallen steadily since 1990.

 

About Everything: The Great Productivity Slowdown - neil howe 9

 

Workers of all ages are also moving between jobs a lot less than they used to.

 

Some economists suggest that declining dynamism may be symptomatic of a deeper problem—declining competitiveness. Indices of market concentration by industry have risen substantially over the past 15 years.

 

About Everything: The Great Productivity Slowdown - neil howe 10

 

Exhibit A: The total number of listed companies has dropped by half over the past 20 years, while the Fortune 500 (or the Fortune 100) account for an ever-growing share of total U.S. corporate revenues.

 

Demographic aging. An aging society is inherently less dynamic, since older adults work less—and aren’t as entrepreneurial—compared to their younger counterparts. What’s more, the youth generation that should be starting its own businesses, Millennials, simply aren’t. For better or worse, Millennials are risk-averse. Most would rather take a secure, benefit-laden “position” at a large firm than go it alone and risk abject failure.

BROADER IMPLICATIONS

 

Silicon Valley is waiting for productivity gains to “kick in”—but that’s no sure thing. Techno-optimists cite a “lag” between the time when a new technology arrives and the moment it starts boosting productivity. It took 40 years for electricity to result in productivity gains, after all.

 

So is it just a matter of time? Not if you believe the markets. The real yield-to-maturity on a 30-year Treasury bond sits under 1 percent today, meaning that the outlook of long-term investors on productivity is every bit as bearish as the economists.

 

Work culture is growing ever-more inclusive. American corporations don’t hire outsiders like they used to, instead preferring to send their own to corporate universities and promote from within. The business world’s new emphasis on “cultural fit” may help explain why worker churn is lagging.

 

Declining dynamism may reflect declining competitiveness—and explain a central paradox of today’s ZIRP/NIRP era. When you consider that businesses and workers are stuck in place, it suddenly makes some sense why we’re seeing the unprecedented combination of near-zero interest rates, soaring valuations, high ROR on book-value assets, and tepid investment. It doesn’t pay to fight your way into a market where only a few privileged incumbents dominate—no matter how little it costs to borrow.

TAKEAWAYS

  • Recent research vindicates the nerdy economists over the “next big thing” techno-optimists in the productivity debate. The slowdown is happening. It’s a serious threat to our economic future.
  • Long-term market expectations: The real yield on 30-year bonds (nominal minus expected inflation) may be a rational long-term assessment—not just a spasmodic and temporary reaction to global QE. Feeling lucky, kid? Go ahead, short those bonds.

  • Investors should assess how weak productivity growth may depress the long-term return on their portfolios—and elevate the popularity of radical political programs among voters who have lost patience with stagnant living standards.

The Week Ahead

The Economic Data calendar for the week of the 2nd of May through the 6th of May is full of critical releases and events. Here is a snapshot of some of the headline numbers that we will be focused on.

 

CLICK IMAGE TO ENLARGE.

The Week Ahead - 04.29.16 Week Ahead


Investing Ideas Newsletter

Takeaway: Current Investing Ideas: DE, HBI, LAZ, MDRX, FL, NUS, JNK, TIF, WAB, ZBH, ZROZ, XLU, MCD, GIS, TLT

Investing Ideas Newsletter - GDP cartoon 04.26.2016

 

Below are our analysts’ new updates on our fifteen current high conviction long and short ideas. As a reminder, if nothing material has changed in the past week which would affect a particular idea, our analyst has noted this. 

 

Please note that we removed CME Group (CME) from the long side and added Deere & Company (DE) to the short side of Investing Ideas. Industrials Sector head Jay Van Sciver will send out a full stock report on Deere & Company next week. We will send CEO Keith McCullough’s updated levels for each ticker in a separate email.

IDEAS UPDATES

TLT | XLU | ZROZ | JNK

To view our analyst's original report on Junk Bonds click here, here for Utilities and here for Pimco 25+ Year Zero Coupon US Treasury ETF.

 

As we penned in a 4/21 research note titled, “Important Thoughts On Market Structure and Sentiment”:

 

“Since the late-September lows, the S&P 500 has held a reasonably tight positive 0.75 correlation with the Citi U.S. Economic Surprise Index, which itself has rallied hard off its early-February lows as U.S. economic data stabilized in rate-of-change terms and perpetuated a waning of recession fears.

 

Now, a topping process in the latter index appears to have gotten underway over the past two weeks, as most recently highlighted by big misses in this morning's Philly Fed and Chicago NAI surveys. While our process generally underweights survey data – particularly one-off regional surveys – in lieu of doing the actual rate-of-change calculus on relevant “C” + “I” + “G” + “NX” metrics, we reiterate our view that economic deterioration from here is itself the catalyst for the stock market to reverse course a meaningful manner.

 

Simply put, because macro consensus doesn’t have our economic outlook, we believe domestic economic data will start to miss by wide margin again as it did in the early part of this year. It’s also worth noting that economist consensus always has a natural upward-sloping bias to their growth estimates, which creates additional downside surprise risk to the extent we're right on where the data is headed over the next couple of quarters.”

 

Investing Ideas Newsletter - CESI vs. SPX

Source: Bloomberg L.P.

 

Investing Ideas Newsletter - GDP Estimates

 

With the preponderance of key high-frequency data showing sequentially deteriorating economic momentum over the past week and the equity market (SPX) experiencing its largest weekly decline since early-February, that appears to have been a prescient call – for now at least. As always, the confluence of time and price will determine the ultimate winners and losers from here. The key highlights were Wednesday’s MAR Pending Home Sales bomb, Thursday’s paltry Q1 GDP report and Friday’s MAR Consumer Spending data.

 

Investing Ideas Newsletter - PENDING HOME SALES

 

Investing Ideas Newsletter - Real Final Sales to PDP

 

Investing Ideas Newsletter - REAL PCE

 

The slowdowns highlighted above were in the context of reports earlier in the week that showed New Home Sales and New Orders growth for both Durable Capital Goods all decelerating in MAR.

 

In the interest of our goal to objective report the data, there were a couple of good economic releases over the previous week – namely the preliminary Markit Services and Composite PMI readings for the month of April. That said, however, the trend of deceleration from the late-2014 highs remains firmly intact.

 

Investing Ideas Newsletter - MARKIT SERVICES PMI

 

Investing Ideas Newsletter - MARKIT COMPOSITE PMI

 

The good thing about each of our active Macro positions (i.e. TLT, ZROZ, XLU and JNK) is that each of them typically works on an absolute return basis when growth slows:

 

Investing Ideas Newsletter - 10yr Yield

 

Investing Ideas Newsletter - 30yr Yield

 

Investing Ideas Newsletter - Utilities

 

Investing Ideas Newsletter - Barclays High Yield YTW

 

And as we penned in a 4/28 research note titled, “Finally, Some Differentiated Thoughts on Q1 GDP…”:

 

“Despite today's weak print, U.S. GDP growth is very unlikely to rebound here in Q2. Don't get caught up in residual seasonality hopium.

 

… All told, the confluence of steepening base effects (to cycle-highs I might add) amid the trending deterioration in economic momentum support our GIP Model forecast of a continued deceleration in the YoY growth rate of real GDP from +1.9% in 1Q16 to +1% in 2Q16E. The latter growth rate translates to +0.3% on a QoQ SAAR basis, which is up from our previous forecast of -0.5% (a lower base rate implies a smaller delta to get to the same numbers, all things being equal).

 

Assuming Q1 isn’t revised in any material way, our forecast for 1H16E is represents the slowest pace of domestic economic growth on a multi-quarter basis since 2H12. Any downside surprises from there will surely translate to renewed recession fears.”

 

Giddy up for continued #GrowthSlowing!

MDRX

To view our analyst's original report on Allscripts click here

 

Investing Ideas Newsletter - mdrx

 

It was announced last week that Centra Health selected Cerner for an Enterprise wide EHR and Population Health system across the inpatient, ambulatory and post-acute care settings. Driving the replacement decision was McKesson's sunset of their Horizon EHR, which was installed in 4 hospitals (641 beds). On the ambulatory side, we spoke with several facilities and confirmed that Cerner will be replacing Allscripts Professional EHR and Practice Management system for ~180 docs. This amounts to ~$1.1 million in lost revenue assuming $529 per doc per month.

 

We continue to view Allscripts (MDRX) as a share donor in the ambulatory market, driven by health system consolidation and implementation of integrated systems. 

 

Allscripts is scheduled to report earnings after the close on 5/5. We like the short setup into the print given the run up in the stock since the February lows as we believe bookings and sales disappoint.  

MCD

To view our analyst's original report on McDonald's click here

 

On Monday, in a note to Real-Time Alerts subscribers, Hedgeye CEO Keith McCullough asked rhetorically, "What to buy?"

 

"On pull backs to the low-end of my immediate-term risk range, I'd be buying more:

 

1. Long-duration Bond Exposures (TLT, ZROZ, EDV, etc)

2. Low-Beta Big Cap Stocks With Safe Yields (MCD, GIS, NKE, etc.)

3. Gold (GLD)"

 

McDonald's (MCD) has all the style factors we like for these turbulent markets, which explains why it's up 27% since we added it to Investing Ideas in August.

 

Stick with it here.

WAB

To view our analyst's original report on Wabtec click here.

 

“The biggest piece of that is rail. Looks like it's going to be a tougher year for our customers in rail. They have a lot of locomotives idled and we think some of the orders on hand are going to get moved out to a later than this year.” – DeWalt, CAT Earnings Call 4/22/16

 

Without draining the Freight backlog, WAB would have missed estimates by a sizeable margin. The decline in WAB’s freight backlog corresponds to about ~90 million in revenue above orders (i.e. demand) in the quarter. At a mid-20s margin, that adds perhaps $22 million in operating income. That operating income is from orders received in a different demand environment, and will likely prove unsustainable. That is about 15% of earnings. 

 

Another important aspect of the release is simply that sales growth is now negative for the first time since the financial crisis. Sales are still elevated due to the lagged impact of revenue recognition from orders received by both Wabtec and the company’s OEM customers.  We have visibility into further declines across North American rail equipment deliveries – locomotive & railcar deliveries have not really budged yet – so it is just a matter of time, we think. 

 

Investing Ideas Newsletter - wab 2

HBI

To view our analyst's original report on Hanesbrands click here.

 

This week Hanesbrands (HBI) announced another acquisition. The target is Australian underwear brand owner Pacific Brands. This is a big deal, both in size and importance. With a price tag of $800mm, it is bigger than the Maidenform and DBA Apparel acquisitions ($575mm and $530mm respectively). The company is paying a high 10x EV/EBITDA multiple for an asset at the peak of the economic cycle.

 

We'll be back with some more details on the acquisition and any impact to our short thesis resulting from our research process.

NUS

To view our analyst's original report on Nu Skin click here

 

There was nothing in the 1Q16 numbers that would leave us pondering the SHORT thesis we have on Nu Skin (NUS). The company is still under investigation by the SEC, because of questionable business practices, but they were unable to provide an update on the progress at this point. 

 

NUS reported 1Q16 results which beat the “guidance” provided by management and the consensus estimates that the Street was tracking to. NUS reported revenues of $471.8 million versus consensus estimates of $466.4 million, and EPS of $0.42 versus consensus of $0.37. In addition to the beat, they raised full-year guidance due to an improved outlook on exchange rates and, to a lesser extent, better than expected early results on LTO’s.

 

Management’s guidance for the full year is revenue of $2.16 to $2.20 billion; 2Q16 revenue is projected to be $560 to $580 million. Full year 2016 EPS is expected to be in the range of $2.65 to $2.85, excluding a $0.36 per share non-cash Japan customs charge, and 2Q16 EPS is expected to be $0.75 to $0.79.

 

Now, that all sounds good on the face for a NUS bull. But digging deeper the business clearly continues to deteriorate. In addition to VitaMeal sales declines, NUS Sales Leaders numbers declined as well. This is a major problem for them because as you can see below, as sales leader numbers have declined, we have also seen a massive decline in revenue per sales leader. This business is not as lucrative as it is painted to be, and people are starting to figure that out. To the extent that NUS continues to see sales leader declines their business will continue to deteriorate.

 

Investing Ideas Newsletter - NUS

ZBH

To view our analyst's original report on Zimmer Biomet click here. 

 

After a busy week of earnings, our Healthcare analysts Tom Tobin and Andrew Freedman went on HedgeyeTV to provide a recap and key takeaways on Zimmer-Biomet (ZBH) and other high-conviction names like athenahealth (ATHN), MEDNAX (MD), and Hologic (HOLX).

 

Investing Ideas Newsletter - healthcare Q A

Click here to access the associated slides. 

TIF

To view our analyst's original report on Tiffany click here

 

Productivity & Remodels

 

In their most recent analyst day, Tiffany (TIF) management was directly asked about productivity improvements with store remodels. The company could not clearly say there is improvement after the remodels are done. Meanwhile, management has plans for continued renovations/remodels and considers it a cost of doing business. But, if there hasn’t been a consistent sales lift we wonder if they are really necessary.

 

At the same time, it seems clear that management intends to sacrifice productivity in some store expansions (Japan, Vancouver) believing it will lead to additional leverage, but again without positive historical performance it seems that there is a high risk of 4 wall margin dilution.

 

Investing capital in assets which will produce same or lower productivity is a quick path to lower asset returns and a lower stock price.

 

Investing Ideas Newsletter - tif

LAZ

To view our analyst's original report on Lazard click hereBelow is an analyst from Financials analyst Jonathan Casteleyn.

 

Lazard (LAZ) released its 10Q filing this week with data that was much worse than estimated. In the company's earnings report, it just outlines its financial results and not volume data. New information in the filing always includes industry M&A volumes, and with both completed, we learned M&A volume is cascading down. Completed M&A deals for the industry fell -10% year-over-year, which is backward looking and explains the very soft results in 1Q. However, announced activity per the 10Q fell even further at -20%, which means that the forward backlog is starting to get eaten away.

 

Furthermore, Lazard has one of the largest industry exposures to European activity and with the June 23rd BREXIT vote on the docket, there is a dearth of current deal making until corporate boards understand whether Great Britain will remain an EU industrial member. Both the M&A business and the firm’s asset management business continue to operate near peak margins which means there will be plenty of downside compression as activity continues to dry up. The stock is still highly recommended by most analysts that cover the stock and we are one of the only firms with a cautious view on shares.

 

Investing Ideas Newsletter - lazard

FL 

To view our analyst's original report on Foot Locker click here.

 

Foot Locker's (FL) SG&A rate stands at an all-time low 19% of sales, the lowest we have seen in mall based retail. From 2010 to 2014, FL saw growth with minimal investment in SG&A, as traffic was driven by increased allocations of Nike product rather than Foot Locker spending on ads and customer experience. 

 

In 2015, FL continued to leverage SG&A on the reported P&L, however, much of this was driven by FX rates causing lower SG&A costs internationally and not real underlying expense management. Now the SG&A rate is at trough, real leverage is tough from here, and FX is going from tailwind to headwind. As the SG&A rate goes up and comp growth slows, FL earnings will be going nowhere but down. 

 

Investing Ideas Newsletter - footlocker

GIS

No update on General Mills (GIS) but we continue to like the company as one of the best large cap names in the packaged food space. 


GET THE HEDGEYE MARKET BRIEF FREE

Enter your email address to receive our newsletter of 5 trending market topics. VIEW SAMPLE

By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails.

Cartoon of the Day: A Look At U.S. Economic Growth

Cartoon of the Day: A Look At U.S. Economic Growth - growth escalator cartoon 04.29.2016

 

We don't believe the permabull's "all is good" narrative about the U.S. economy. Our forecast for the 1st half of 2016 represents the slowest pace of US domestic economic growth since the back half of 2012.


McCullough: What If Amazon & Facebook Can’t Go Higher?

 

In this brief excerpt from The Macro Show, Hedgeye CEO Keith McCullough and Retail analyst Alec Richards respond to a subscriber’s question about whether companies like Amazon and Facebook can continue to prop up equity markets. 


HEDGEYE Exchange Tracker | Comping Higher to Start 2Q

Takeaway: Exchange activity remains positive year-over-year to start 2Q and any market draw down historically benefits volume.

Weekly Activity Wrap Up

Cash equity volume held steady at 7.0 billion shares traded per day this week, keeping the 2Q16TD average daily volume (ADV) in line at 7.0 billion, +10% higher than the year ago period in 2Q15. The volume of futures traded through CME and ICE contracted week-over-week to 18.6 million contracts traded per day, but still pushed 2Q16TD ADV to 18.4 million, +4% higher year-over-year. Furthermore, CME's open interest currently tallies 110.0 million contracts, +20% higher than the 91.3 million pending at the end of 2015. This compares to ICE's OI growth of just +4% since the beginning of the year.  Lastly, options volume came in at 15.5 million, lower week-over-week but consistent with the 2Q16TD ADV, which is +1% higher against 2Q15.

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon16

  

U.S. Cash Equity Detail

U.S. cash equities trading came in at 7.0 billion shares per day this week, keeping the 2Q16TD ADV at 7.0 billion. That marks +10% Y/Y growth. The market share battle for volume is mixed. The New York Stock Exchange/ICE is taking a 25% share of second-quarter volume, which is +81 bps higher Y/Y, while NASDAQ is taking a 17% share, -166 bps lower than one year ago.

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon2

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon3

 

U.S. Options Detail

U.S. options activity came in at a 15.5 million ADV this week, keeping the 2Q16TD average at 15.5 million, a +1% Y/Y expansion. In the market share battle amongst venues, NYSE/ICE is taking a 17% share of 2Q16TD volume. Although that 17% is +61 bps higher than NYSE's year-ago share, it has been trending downwards. Additionally, CBOE's 25% market share of 2Q16TD is down -242 bps Y/Y. Meanwhile, NASDAQ is doing well in 2Q16TD, taking a 23% share, +95 bps higher than one year ago.  BATS has also been taking share from the competing exchanges, up to an 11% share from 10% a year ago. Finally, although ISE/Deutsche's share expanded through 1Q16, it has been falling recently; at 14%, its share is -119 bps lower than 2Q15.

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon4

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon5

 

U.S. Futures Detail

13.9 million futures contracts per day traded through CME Group this week, bringing the 2Q16TD ADV to 13.8 million, +3% higher Y/Y. Additionally, CME open interest, the most important beacon of forward activity, currently sits at 110.0 million CME contracts pending, good for +20% growth over the 91.3 million pending at the end of 4Q15, although a contraction from last week's +21%.

 

Contracts traded through ICE came in at 4.6 million per day this week, bringing the 2Q16TD ADV to 4.6 million, a +7% Y/Y expansion. ICE open interest this week tallied 65.9 million contracts, a +4% expansion versus the 63.7 million contracts open at the end of 4Q15, consistent with last week's +4%.

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon6

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon8

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon7

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon9 

 

Monthly Historical View

Monthly activity levels give a broader perspective of exchange based trends. As volatility levels, measured by the VIX, MOVE, and FX Vol should rise to normal levels after the drastic compression this cycle, we expect all marketplaces to experience higher activity levels.

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon10

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon11

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon12

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon13

 

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon14

HEDGEYE Exchange Tracker | Comping Higher to Start 2Q - XMon15

 

 

Please let us know of any questions,

 

Jonathan Casteleyn, CFA, CMT 

  

  

 

 Joshua Steiner, CFA

 

 

 

 


Hedgeye Statistics

The total percentage of successful long and short trading signals since the inception of Real-Time Alerts in August of 2008.

  • LONG SIGNALS 80.33%
  • SHORT SIGNALS 78.49%
next