The US's Late Cycle Economic Indicators

In 1981, the most important date really for us in our careers. Most people that literally work on Wall Street today and in any part of the financial sector around the world is 1981. You probably had the most potent cocktail and I'll put an asterisk there because arguably it's within two years north or south of that. But you had four of the most potent ingredients to the most incredible fundamental cocktail in US history, maybe modern financial history. And so it wasn't surprising in many respects that if you look back in 2018, it was a pretty simple narrative ... The market ate itself.