Record valuations and leverage alone do not make a market top. Add macro timing:
Record valuations and leverage alone do not make a market top. Add macro timing: -Faltering consumer confidence-Liquidity drying up-Negative economic surprises-EPS growth deceleration-Yield curve inversions-Extreme VIX short-China shocks to comehttps://t.co/9DrQo35QlK — Kevin C. Smith, CFA (@crescatkevin) April 26, 2019 The recipe for a hard landing: Historical global debt imbalances.Record overvalued assets prices.Faith in central banks … Read more