Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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For “Small Businesses” in America reality it is harsh. As you can see in today’s Chart of The Day, in 1-3 months it can be pretty much over. At > 50% of total employment and > 80% incremental hiring, Small and Medium sized businesses fuel both late-cycle US employment and consumption growth, don’t forget. ‘Oh just send them some checks and/or lever them guys and gals up’, eh? Again, while consensus bulls might think it’s “different this time” (they’re right, USA had the most Corporate Leverage in human history, pre-virus), I’m thinking those of us who have been accurately bearish should re-consider if we’re Bearish Enough. |
