An updated from Hedgeye

 

They continue their contrarian position on future growth prospects.

Growth, as an equity Factor Exposure, could correct -10% or more on basic expectations disappointments, never mind this Quad 4 speak. What % of money managers who don’t use Hedgeye even know what Quad 4 is?

And how, with the SP500’s operating margin at an all-time high for the 3rd time in my career (see Chart of The Day), are SP500 margins going to continue to make new all-time highs if:

  1. A) The US Dollar continues higher … and
    B) US Wages continue to #accelerate into #CyclicalPeaks?

Brian Sly and Company, Inc.