Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Do you remember our Cycle Risk callout for Buybacks to slow in 2020? We made that risk management call in Q4 of 2019 (pre-virus, when SPX EPS slowed to -1.1% y/y). It’s a Cycle Topic we quantify in slides 86-88 in our latest Q3 Macro Themes deck:
That last point isn’t a political opinion, it’s a risk management point. Even if you don’t “believe in the polls”, the rate of change of the polls just moved, fast, here in June. Is your process going to dynamically or dogmatically re-orient for that?