Filmed on October 11, 2022.

When George Noble, creator of the $NOPE ETF and veteran hedge fund manager, appeared on Forward Guidance in May, he said that equities represented "return free risk" and that the bear market was just getting started. Now that equities are down over 10% since his last appearance, Noble returns to Forward Guidance to tell Jack that he is extremely bearish, and in fact that he would be shocked if the S&P 500 weren’t under 3000 within 3 months (as of time of recording on October 11, 2022, the S&P 500 stood at 3850).

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George Noble on Twitter https://twitter.com/gnoble79

Jack Farley on Twitter https://twitter.com/JackFarley96

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Timestamps:

(00:00) intro

(03:30) U.K. Gilt Crisis

(16:20) The Labor Market

(20:16) Energy and ESG (Environmental, Social, and Governance)

(22:52) The Bull Market In Narratives Is Over

(27:20) Just How Bearish Are You, George?'

(30:51) The Bull Case

(34:07) The Bond Market Is Wrong

(39:02) Will A Recession Cause The Fed To Come To The Rescue?

(47:03) Cash Is King

(50:33) Bad News Is Bad News

(58:51) When Will The Market Bottom?

(01:09:28) Frogs In The Pot

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.