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.
