Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

As a matter of process, I try to turn back the clock every 3-5 days, reviewing what I could have done better. I’m proud to say that in 20+ years of being marked-to-market, never have I asked for the Fed’s central-market-planning hand to undo my mistakes.

Until I’m on the wrong side of the grass, I will believe that both gravity and cycles matter more to Full Cycle returns than anything else.

If you could turn back the clock 3-5 months ago, would you be happier if your 2020 performance was marked at flat for 2020 YTD? Would you be happier if you could start seeing The Cycle without the baggage of having to chase getting back to break-even?

I’m not here to pander to you like Old Wall banks and brokers do. I’m here to try to help coach you as I coach myself.

Some people don’t want to be coached. Some people do, but they’d never want to admit who was teaching them. Others might say, ‘screw you Coach, I play by different rules. I don’t have to do the work. I just need to know when the Fed tells me to buy.’

CHART OF THE DAY: How's Your Year-To-Date? - Chart of the Day