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The last time Tian Yang, founder of Variant Perception, appeared on Forward Guidance in August 2022, he gave viewers a well-timed warning that the commodity supercycle was \u201con hold.\u201d Now, he returns to argues that the world is well on its way to a global recession that will provide a hostile environment for risk assets. Yang shares his \u201cequity bottom checklist\u201d with Jack Farley to argue that equities have much more down to fall, and he explains why he thinks risk-off assets like bonds will perform well. Yang expects a \u201cblow-out\u201d of credit spreads and he thinks that the U.S. dollar will perform less well against other currencies than it does in a typical recession. Filmed on January 12th, 2023.\n\nFollow Variant Perception on Twitter https://twitter.com/VrntPerception\nFollow Jack on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\nThis episode is sponsored by Curve. Curve is unlike any other credit card. It gives you the power to connect multiple credit and debit cards into one, convert your cashback into crypto rewards, Go Back in Time \xae, create Smart Rules, and more. Apply now through https://link.curve.com/forward_guidance, you\u2019ll earn $20 in Curve Cash after your first transaction. So sign up today! Terms and conditions apply.\n__\nGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter:\nhttps://rb.gy/5weeyw\nMarket commentary, charts, degen trade ideas, governance updates, token performance, can\u2019t-miss-tweets and more. Subscribe to the Blockworks Research \u201cDaily Debrief\u201d Newsletter: https://rb.gy/feusos\nDisclaimer: 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.\n__\nTimestamps:\n(00:00) Intro\n(01:36) Base Case For 2023\n(04:14) Where's The Recession?\n(08:11) Liquidity\n(18:25) Housing and Manufacturing Are Weak\n(24:21) Interest Rates\n(28:05) Cruve Ad\n(29:08) China\n(33:36) Underweight Equities (Asset Allocation Part 1)\n(43:03) The Checklist For A Market Bottom\n(47:19) Incredibly Rare Set-up in Gold"\n(48:43) Overweight Bonds (Asset Allocation Part 2)\n(55:19) Neutral On Commodities (Asset Allocation Part 3)\n(01:02:26) The U.S. Dollar\n(01:05:13) The Most Crowded Trade In Macro Right Now\n(01:11:22) The VIX in 2023