Quote of the Day

Hedgeye's Keith McCullough hints at what has some folks -- like some of the ones you see on financial networks -- totally missing the mark(et) in terms of the present state of general conditions:

"This is the problem people totally miss when they talk about risk-managed returns during crashes; they go back to the prior crash, which most of their sources had them miss, and they say "well it's not that, it's not a banking crisis". No no no, it's the clients of the banks that are the crisis right now. And the earnings and the credit losses, don't forget, these are all pro-cyclical realities."

As they say, financial actors (regulators included) "are always fighting the prior battle"...