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The U.S. economy does not need to be in recession to be on the wrong side of stocks.

As Hedgeye CEO Keith McCullough explains in the clip above, while every market is different, there are some remarkable similarities in the market right now to 2000 and 2001. While the economy eventually went into a technical recession in late 2001, many investors experienced enormous drawdowns as the economy slowed over the previous year.

“[In 2000-2001] when GDP stopped accelerating, you could have lost almost half your money,” McCullough explains on The Macro Show.

“As opposed to [2Q 2000 GDP of] 5.3 percent, in 3Q of 2018 the number was three percent. We’re following the exact same methodology that made me a bear to start my career on Wall Street.”

Watch the clip above for more.

McCullough: You Don't Need Recession To Lose 'Half Your Money' - early look