The Incremental Recession Model

I don't buy into this narrative that it's the most anticipated recession. If you have a look at the positioning, I think it's not. So therefore, I think that a hard landing is still clearly a minority view. And therefore, we crunch the numbers and analyze what actually works best over the course of a recession. The result is our incremental recession model,. We said, okay, every recession has different stages, and then crunch the numbers to see which asset classes work best in every stage of the recession. That's kind of a summary based on the last recession since 1971. Actually gold is a pretty decent recession hedge. Well equities, for example, they only work as soon