Monday Macro - China’s troubles deepen, chip stocks nearing trough (?) and most collectibles have a bad year

A bumper collection of charts which starts with the obligatory warning that corporate earnings really are falling. Plus, why it may take longer than expected for inflation to unwind.

Before we get to normal business, I thought I’d share one of my latest mad cap theories.

Many moons ago we talked about the Greenspan put - Investopedia defines this as a “ moniker given to the policies implemented by former Fed Chair Alan Greenspan that halted excessive stock market declines. Essentially, the Greenspan put is a type of a Fed put.”

Maybe…