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The Hedgeye Macro analyst team led by CEO Keith McCullough has been calling for Quad 4 (U.S. growth and inflation falling) in Q4 of 2018 since the start of this year.

Moving into Quad 4 may cause some anxiety for some investors. But McCullough reminds viewers in this clip from The Macro Show not to get impatient. Timing matters.

McCullough should know, having been fired in Oct. 2007 for being too bearish in what turned out to be a few months too soon ahead of the 2008 crash. It’s a problem he says he does not intend to repeat.

“There are plenty of reasons to be concerned. We’ve given you many of them,” McCullough says in the clip above. “But this is not a bear market in the U.S. yet—no way, shape, or form.”

Watch the full clip above for more.

McCullough: Quad 4 Is Coming (But Timing Matters) - early look