Here is from his latest note:

“I remember the 1987 crash well. I was working at Bank America as an economist/strategist at the time. Of course, the immediate trigger for the equity crash was the fear of US recession caused by the fear that the US would have to hike rates sharply to defend the dollar.

As to this year, ‘Dr Copper’ has been telling us for some time that all is not well with global growth, and long before the markets’ ears picked up the loud sucking sound of the air draining out of emerging markets.”

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