Welcome to the Daily Briefing. I'm Jack Farley. It is Wednesday, September 8th. Today, I am joined

by Darius Dale of 42 macro. Darius, welcome back to Daily Briefing. How you doing?

I'm feeling fantastic, man. How you doing? I'm doing great. We had a pre-interview today where we were

just going at it, talking macro, probably 35 minutes, and I cannot wait to show the people at home

what's on your radar. Darius, I want to start off by noting that a lot of bearish research reports

have been coming out of the big banks, whether it's Morgan Stanley, Bank of America, or Goldman Sachs,

and I'd say three risks. The first risk is the Delta virus. Second risk is slowing economic growth

or the picking of economic growth. The third is balance sheet tapering by global central banks,

most notably the Federal Reserve. Reading your report from 42 macro, it seems like you're

not joining in this course of being bearish. You still see a lot of upside in the equity market

in being risk on. Tell us why. I'll tell you why. We're bullish. Let me start with where you

started, which is where the banks. Number one, Delta, if you look at East Asia, some of the survey

data coming out of Korea that's likely peaked, and we're on the other side of the peak economic

impact of Delta. Number two, why does Wall Street ever get bearish? It's valuation and it's their

surveys. I have no comment on the surveys, but valuation is not a catalyst over the near-to-medium

term. And then lastly, I have to forget what the other thing was. Oh, tapering. Oh, tapering.

Yeah, tapering. We don't expect the Fed to commence actual tapering, and I feel like I have to

underline or all cast actual every time I say it or write it in a report. We can talk about tapering

for six months, and if you're bearish because of that, you're just going to watch the stock market

grind higher, and they'll actually do something. It's been our view, increasingly been our view,

that the Fed's unlikely to commence actual tapering until December.

Yeah, I was reading a report in the Financial Times today, and it said, you know, Fed member

...