Mr Swanson, who joined MFS in 1985, admits you can't time cycles, but looking for signs can "give you a sense of how far you are from the waterfall". He pointed to four signals that have put him on higher alert:
The US market is in 7th innings of 9 in the current debt bubble says Ray Dalio, one of the most successful (ever) hedge fund managers. The closest parallel equivalent in other debt bubbles is ~1935. grim stuff ahead.