"We had promised more on the latest missive from Societe Generale’s Albert Edwards - so here it is.
This is evidence, we think, that only Edwards can out-Edwards when it comes to alarmist market strategy report. It’s just marvellous".
First, some context:
The entrenched bias towards bullishness infects virtually all parts of our business and means investing on the basis of forecasts is a waste of time…Yet there is no big conspiracy about this. It is simply that an equity/economic bear standing out from the crowd runs the risk of being very wrong (so too obviously do the bulls, but funnily enough no-one seems to mind that). Being bearish and being wrong attracts the derision of the salesforce (though not necessarily the clients) which pressurises management to remove the offender....MORE
Thursday, June 26, 2008
Société Générale: “We see a y-shaped global recession. We are going down before looping backwards”
From FT Alphaville: