FYI: While Macro Man has run a small short in the SPX over the last several months (though he took half off near the post-Brexit lows), he has not necessarily characterized himself as particularly bearish on the world. For sure, there have been causes for concern- notably the through the looking glass impact of negative interest rates- but on the whole he has subscribed to a "muddle through" scenario for most macro outcomes.
Increasingly, however, he's observing a bit of cause for concern. Admittedly, much of this is through the financial market channel...but that may be because in many parts of the world, the growth and inflation impulse has been lousy for a couple of years. This is not to say that he's rushing out to purchase shotguns and tinned beans; rather, it's merely an acknowledgment that the bigger the confluence of disquieting factors, the greater the possibility of a financial accident that spills properly into the real economy.
Regards,
Ted
http://macro-man.blogspot.ie/2016/07/five-bricks-in-wall-of-worry.html
