Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on Jan. 10, 2019 in New York.BRYAN R. SMITH/AFP/Getty Images
David Morrison is president and chief executive of Eight Capital, an independent Canadian investment bank.
When you’ve lived as many cycles as we have in institutional markets, you just see things differently. We look for patterns, so anomalies stand out. We are constantly examining the interconnectivity of markets and supply chains to predict what will happen when dominoes begin to fall.
That’s why when we started seeing the precursors of a 1990s-style recession nearly 18 months ago, even as the market remained one-way, we began to pivot accordingly. And it’s why we now believe the timing is right for things to get a lot worse for the real economy as opposed to the stock market, which is already at or near its bottom.
The coming recession will be trickier and…
