A Macro Bear Clown Goes to Switzerland

I've been called worse... but people need to stop thinking in durations of 48 hour price movements, and heed the warnings that are coming for America.

Saturday, May 27, 2023

Dear Old Friend,

The last 48 hours have been difficult. One of my companies had to make tough but needed decisions about its future. I spent two hours on-air Friday in front of 1,000 people under heavy cannon fire, explaining the renewed vision of our organization. There were many anonymous attacks thrust at me. But I went to an all-male high school (so I’ve been called way worse). Perhaps the best insult I received was someone calling me a “Macro Bear Clown.”

I asked Midjourney to define that term. It produced that image…

Wear it proudly, Mister Bear.

Yes… I am bearish about the economy, but short-term bullish on the market – and I’ve dictated this mixed sentiment and the chaotic momentum changes since October 2022. That’s when we had we started policy changes by the Fed, Bank of Japan, Bank of England, European Central Bank, and People’s Bank of China.

I don’t think we’re getting back under the 3,500 level on the S&P 500 that we hit when the Fed pivoted on Mortgage-…