WORRIED (Part 1 of 3)

The 'tourist walks through the first part of his new bearish view: the risk of recession is higher than anytime since COVID

The other day I was chatting with my best friend from high school. We don’t get to see each other as much as we’d like, but we often make time for a monthly catchup. Usually we talk about family stuff or make each other laugh about something stupid that we’ve recently done.

Although he reads my letter, I found myself wanting to warn him about markets — e…