What's the Home Run in Your Fundamental Process?

Patrick Cevallos: I look at global dollar liquidity to try to understand, I think it's a very good like tells you a lot about the risk environment. He says that if there are dollar liquidity growing, then it's kind of a bull market and things can go up without having to buy without having to sell something else. If dollar liquidity isn't growing or it's shrinking, then anything that goes up is at the expense of something else had to have gone down. The third quarter was the most misses and guide downs to be since 2020 and 2008 before that in terms of what we've seen so far this year," he said. "It's now a question of maybe,

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