Transcript
0:00 In terms of data today, the most important was the ISM which on the headline came in lower than expected. That's this number. And now for 34 months, the ISM's been below 50. That is the longest ever stretch. I mean, longer than the GFC, which was 18 months. Longer than the dotcom, which was 18 months. This is the longest ever. The ISM's been below 50. And as we pointed out, it's not a bad time to be long equities when you're below 50 because stocks have generally done pretty well.