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!)
https://twitter.com/KeithMcCullough/status/769119292927406080
Take a look at Italy...
https://twitter.com/KeithMcCullough/status/769121183111450624
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.