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Editor's Note: Below is an excerpt from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.

Since the Old Wall dude pitching “YTD” numbers probably doesn’t even know what Quad 4 is, here’s the return profile that simplifies the #PeakCycle US High Beta Equity to Treasuries-and-Bond-Proxy pivot most obviously: 

A) The Russell 2000 (a broad measure of US “stocks”) is currently down -12.7% since SEP of 2018
B) Utilities (XLU) are currently on a +16.9% run since SEP 26 of 2018 

That’s not a “relative” return since we made the call to Buy Utes (XLU) on SEP 27thof 2018. That’s an absolute +16.9% return vs. Russell (IWM) DOWN -12.7% since the US Growth, Inflation and Earnings Cycle peaked in Q3 of 2018. 

Forget hedge fund performance and fees “under pressure.” You could have charged 5 and 50 for that. 

CHART OF THE DAY: Russell 2000 $IWM vs. Utilities $XLU - Chart of the Day