Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
In today’s Chart of The Day I’m showing you a slide (76 in our Q2 Macro deck) I’ve been chatting with clients about for the last week:
A) PRE VIRUS, profitability was already deteriorating (like it always does at this stage of The Cycle)
C) PRE VIRUS, 37% of the companies in the Russell 2000 had NEGATIVE pre-tax income … and
“No one” (ex the legally blind) could have seen The Cycle coming, eh?