This time, it was doubly so because it summarized the bank's "alternative base case" (the "less than optimistic" one, not carted around by Savita Sumbranaian for CNBC purposes), which notes that while the bank remains bullish on the remainder of 2019, is confident that the wheels off this market finally fall off in 2020.

This is how Hartnett explains his current investment philosophy. First the good news:

We are bullish on risk assets in 2019 as bearish investor sentiment & the irrationality of central banks and bond markets allow an "overshoot" in credit & equity prices this autumn (note trade war thus far bullish via lower rates rather than recession).

Now the not so good:

We are bearish on risk assets in 2020 as recession/policy impotence/bond bubble risks induce Big Top in credit (spreads trough) & equities (multiples peak).