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Editor's Note: Below is a chart (and excerpt) from today's Early Look written by Hedgeye Macro analyst Ben Ryan.

We’ve pounded the table daily on our recent, Big-Macro pivots. The Chart of the Day helps us reiterate the data-driven view that the most powerful force driving the current macro environment is about the race to lower portfolio volatility and “growth”, “value”, or “sector” rotation are ensuing implications.

More specifically, the Chart of the Day shows the YTD pain associated with factor exposure whip around, particularly if you were blindsided by the introduction of volatility…

As one of our astute clients who is active in the space originally pointed out...

CHART OF THE DAY: Volatility --> Did You Do Your Homework? - 10.26.18 EL Chart

CHART OF THE DAY: Volatility --> Did You Do Your Homework? - early look