I keep wondering which analysts are being completely honest about what they think they are seeing right now. I will readily admit one of my own limitations is longevity. I have studied a lot of economic history, but I have not personally lived through enough cycles as an analyst to have the kind of pattern recognition that comes from watching turning points develop in real time over decades. There are people who do have that intuition. They have seen enough cycles to recognize when the headline data and the underlying economy start telling different stories. They can look at a low hire, low fire labor market, understand how seasonal adjustments and lagging models can make deterioration look deceptively stable, and diagnose where we are in the cycle before the consensus catches up. Those are the people I want to hear from right now. Who do you all think has that kind of judgment and is willing to say what they actually see?
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