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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

CHART OF THE DAY: Private Investments Have #Cycles Too - Chart of the Day

CHART OF THE DAY: Private Investments Have #Cycles Too - early look