Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
|
As anyone who is a student of economic and market cycles knows, when The Cycle starts to slow, the most LEVERED and PRO-CYCLICAL “investments” get hit hardest first. Then the rest follows… and the Old Wall starts begging the Fed for a bailout. Obviously most of the “private” stuff isn’t marked-to-market and seeing real-time price discovery, but even from a liquid public equity market Factor Exposure perspective, where NOT to be at this point in The Cycle was very obvious (again) last week |
