THE EVIDENCE BOARD How much do we need to see before we accept the uncomfortable conclusion? ".......But the detective’s standard is not the individual clue. It is the totality. And the totality reads as follows: An economy creating fewer jobs than at the entry of any recession in six decades, confirmed independently by a bond market standing at the exact post-inversion stage where every recession of the past forty years began. Sitting on top of it, the most expensive aggregate market ever recorded, run to nearly twice the concentration of the dot-com peak, on more leverage relative to GDP than any mania in history. Held together by credit and volatility compressed to terminal extremes, and by a correlation reading seen only twice in twenty-five years - both times on the eve of historic volatility events. And while the crowd sets participation records reciting “real earnings this time,” the most successful capital allocator alive is 30% in cash, the founder of the world’s largest hedge fund is invoking 1929 by name, and the insiders of the flagship AI company are selling fifteen to zero." It is not about one indicator - or one chart. It is about the totality! Read my article here: