Like calories which, according to Wolf “count, but not all foods produce the same hormonal and metabolic effects”, what @Hedgeye “Quad” an economy is in and/or phase transitioning into can be measured and mapped in rate of change tems.
As we outline on slide 6 of our current Macro Themes deck, this measuring and mapping macro trick is best done by “Sequencing Time Series, Not CNBC Headlines.” Don’t allow your stress levels and/or emotional connections to politics get in the way of that.
This is, of course, a dynamic process whereby the data can and will surprise you to both the upside and the downside. But, since it’s Bayesian, it allows you the mental flexibility to be dispassionate about the data and apolitical all at the same time.
So… that’s why we’ve been meeting with so many “new” prospective Institutional Investor clients this year…