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It may be tempting to compare today’s market with something that occurred in the past. But remember, every economic cycle is different.

A viewer asked Hedgeye CEO Keith McCullough on a recent episode of The Macro Show why the U.S. stock market went up in a Quad 3 environment (growth slowing, inflation accelerating – typically the worst environment for stocks) in late 1994 into early 1995 and also asked the likelihood of something like that repeating.

“I hate to break it to you, but it’s not 1994, ‘95. It’s pending 2019. Every single point in time is different,” McCullough says in the clip above.

“Back then we had the biggest spending generation – the baby boomers – spending their brains out with leverage and we had this thing pending called the Internet. There were a lot of things that went well then. And then the market looked at 1996, ’97, ’98, ’99 – the best growth acceleration in modern history.”

In short, don’t be sucked in by an Old Wall shortcut.

Watch the full clip above for more.

McCullough: Every Economic Cycle Is Different - the macro show