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“Why aren’t you more bearish?”

On the road this last week in Boston and Toronto, Hedgeye CEO Keith McCullough and Senior Macro analyst Darius Dale met with many institutional investors to discuss our contrarian 4Q 2018 macro calls. According to Darius, the best question (“by far”) they heard was the one above.

As you may already know, we have been pounding the drum on #Quad4InQ4 since the end of September, warning investors about slowing growth and slowing inflation and the various stock market implications.

So why aren’t we more bearish? The really bearish conditions are still on the horizon.

“I can get as bearish as the market wants to be,” McCullough continues.

“But that is a catalyst that is way out there in the future relative to even the Quad 4 outlook. Everyone wants me to back to Quad 1 or 2 because that was our call for two-and-a-half years. But that’s not where we’re going after Quad 4. We’re not going to a big, bullish party. We’re going to Quad 3, which is actually the worst quadrant for equity multiple compression that we have historically in our playbook.”

Watch the full clip above for more.

McCullough: Am I Bearish Enough? - the macro show