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Below is a brief excerpt transcribed from today's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

Don't Get Flattened By Darius Dale (Or Mr. Market) - z 1 hedgeye darius dale yale football

I had a LOADED inbox this morning.

A number of hedge fund managers emailed me following the bloody higher lows for REITs, Utilities, and Treasuries. 

“That curve is steepening bro! I got to get out of the way! This is it, Quad 2!"

Well... that’s just wrong this morning, bros and bro-settes.

Don't Get Flattened By Darius Dale (Or Mr. Market) - 11 20 2019 10 49 39 AM

The curve just got pancaked. You’re lying flat on your back like if Darius Dale ran into me in the middle of a football field.


The 5s/2s is dead flat this morning. There is no steepness. The 10 YR Yield minus the 2 YR Yield is down to 16 basis points heading back toward flat.

And what comes after that? What if we re-invert the curve?

Oh boy.

Who’s prepared for that?

The people who bought the low end of the range in the Quad 3 exposures which would include, you guessed it…Utilities, REITs, and Treasuries.

Stick with the process.

Don't Get Flattened By Darius Dale (Or Mr. Market) - 11 20 2019 11 00 42 AM