Crescat Capital “Early stages of what could easily be the most grueling global bear market and recession since the Great Depression”

Equity bulls are coming into Q1 earnings reporting season amped up on Fed liquidity after a record $2.3 trillion of monetary stimulus announced last week. The problem is that the US economy just entered a massive asset bubble bursting recession. The fundamental downturn was in motion even before coronavirus blanketed the country. Earnings for the broad Russell 3000 stock index in the US already declined in Q4 2019 at the worst year-over-year rate since the Global Financial Crisis as we show in the chart below. That was just one of many bearish macro timing signals that Crescat had been highlig…

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