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Takeaway: Wall Street's "there is no alternative to stocks" narrative now completely ignores crashing markets in China, Europe, and Japan.

Unfortunately the “there’s no alternative to stocks” narrative hasn’t held this year in China, Europe, or Japan – Nikkei down another -1.2% overnight taking its crash from the 2015 high to -21.7% (Japanese Gov Pension fund just lost $52B being long stocks in Q2, with the BOJ buying them!)

Take a look at Italy...

Editor's Note: The snippet above is from a note written by Hedgeye CEO Keith McCullough and sent to subscribers this morning. Click here to learn more.