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Many Old Wall investors seem to believe that unless the entire economy is in recession, there’s no reason to be concerned about the stock market. Hedgeye CEO Keith McCullough says that’s a fatally flawed way of looking at the market.

Reality check → Certain parts of the U.S. economy are close to, or already in recession. That can be enough of a catalyst for unprepared investors to lose lots of money, like during the 2015-16 industrial recession.

“We’re already in a global industrial recession, we have certain countries in a recession and parts of the U.S. economy in recession,” McCullough explains in the clip above from The Macro Show.

“You don’t have to have a recession to generate returns in gold, treasuries, utilities and REITs. You just have to have rate of change growth slowing. Most of Wall Street says, ‘Unless it’s a recession we are not concerned.’ Let them think that. God willing, they’ll continue to think that and fund some of our vacations.”

Watch the full clip above for more.

Recession? Here's Another Way To Look At It - early look