Hello for the robot capitalists, hope you're well. I'm here with my good buddy

Patrick Sorezna and we are going to do a deep dive on how to invest for a

recession, maybe more specifically, how to invest if you think the stock market is going to have

some big troubles going through the rest of 2023 and into 2024 we're going to use

some options but we're going to go over some macro stuff first. So

Patrick Sresna welcome to the show buddy. Thanks for coming on.

George is always a pleasure. I love to join you. Thank you for having me, Bud.

All right, so let's just dive right into the slides, man. What do we got here?

I know the job numbers just came out and they were just ripping to the upside.

I'd love to get your take on that.

Well, we'll talk about the ADP, but the jobs number still come out tomorrow from an unemployment perspective.

But I'll get to the jobs chart in a second.

What I want to highlight, the impact of that jobs number, which is that we now have a Fed funds rate that is just over 5% and we just now for the July 26 meeting the CME future

Fed Fund futures are now pricing in a 92% chance that the Fed is going to raise interest rates, another high basis points.

And so the rate hike cycle is back, like this idea that they're pausing and or though they'll be easing is not here yet.

And so we have this backdrop where we still have the macro tightening and this is happening where there are certain cracks in the

armor so this is a drone block on Twitter posted this and I thought it was a really

interesting chart which was just showing

that the filings for bankruptcies are rising but the interesting part is a junk bond credit

spreads are failing to move.

How is that?

You got that that'll be the amount?

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