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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics finance investment and international relations

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Bloomberg. Let's get to it.

Widely anticipated for Global Wall Street.

What we're doing here folks is the kickoff for the New Year, I'm sorry,

it's now the Monday after Labor Day when Steve Iceman and I were kids. This is before young Pharaoh's time

It was sort of that Wednesday Thursday after Labor Day and now Steve it's like now's the kickoff for the year.

Tell us just your basic position, not trade by trade,

but are you net long, net short, net cash?

What's the tone you have going into this fall?

I'm slightly net long, but only slightly right now.

And your conviction is, and we talked about this earlier wrapped around,

not a forecast of global recession, but all the clouds that are out there from a summer of discontent

you suggest that folds into the autumn and into next year.

I mean look it's a very weird market in the sense that everybody talks about that they're worried

and yet the markets with a two to three percent all-time high it's in a nice thing isn't it so I don't know how

worried they really are I'm in the triple leverage on cash on it's worked like a

chart. But you know like I said earlier on the television show we are with in my

mind without question in a global industrial slowdown slash recession.

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