Tuesday, December 1, 2009

Société Générale's Albert Edwards: ‘Deep down, even the fiercest equity bulls must be doubting themselves’

Update: "Société Générale's Albert Edwards: "Here Comes The Next Leg Of The Bear-Market""
Original post:
Mr Edwards actually turned bullish for a while* but then reverted to his ursine nature. Here's the latest via FT Alphaville:

The latest missive from the dynamic SocGen strategy duo, Albert Edwards and Dylan Grice, landed in the FT Alphaville inbox on Tuesday, and it’s a stunner.

Some of the top lines from the presentation — titled: “The investment opportunity of a generation or the start of another lost decade?” — include (emphasis theirs):

We have just had the worst decade’s performance for equity investors on record. Relative to government bonds, equities have been an even bigger disaster. Surely after such a terrible decade for equity investors things can only get better?

On a ten year view, equities may indeed prove to be a good investment. On a 1-2 year view, however, we still see much pain to come. After what we have been though so far, where the bulls’ optimism has been crushed in 2001/2 and in 2007/8 surely there must be a heavy weight of self-doubt yoked onto the shoulders of the bulls - but apparently not!>>>MORE

Jun. 2009
Société Générale's Albert Edwards, über Bull
Jan. 2009
People I Listen To: "Albert Edwards: Back in the bear camp"
Oct. 24, 2008
Albert Edwards: Turning More Bullish
Here's our complete list of links on Mr. Edwards and his calls, some of which were fortune makers.