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

Are You Tired Of People Lying To You? McCullough Discusses China "Deal" - 11.20.2019 China deal bus stop cartoon

The narrative continues to change.

If you ask the Chinese, they’re saying they're both cautious and confused. Now they're asking the Americans to come back to Beijing for more talks.

Now what on Larry Kudlow’s earth does that look like, relative to what was said Friday? Back when he said a deal was imminent.

Aren’t you kind of tired people lying to you?

That’s just an outright lie Larry. At the end of the day, you either didn’t know what was going on or you are lying. And some version between the two is not an acceptable answer.

Chinese investors, stocks, and locals certainly have not bought into this malarkey.

Check out the chart below.

Hong Kong continued to crash last night. It’s down another 1.6%. What could possibly go wrong? As you can see, it is down over 20% since we told you to get out of China and related assets back in Q1 of 2018.

Are You Tired Of People Lying To You? McCullough Discusses China "Deal" - 11 21 2019 1 12 44 PM

We’re the only firm that measured, mapped, and called it from that point. 

I think that no deal (made up or otherwise) can change the fact that China will continue to secularly slow. 

They can’t stop it. These are the things you should be focusing on. Stay focused on the cycle. Don't be a macro tourist.