Not Albert, the 'Ice Age'.
From FT Alphaville:
He might have been knocked off his Extel perch by sidekick Dylan Grice, but SocGen’s dancing bear Albert Edwards is still our favourite ‘strategiste global’.
And is he loving the recent batch of weak economic data.
So much so, that’s he republishing some of his favourite Ice Age charts.
As a reminder Edwards’ Ice Age is a world of very low inflation and near deflation where equities de-rate both absolutely and relative to government bonds, which also re-rate in absolute terms. This long-term valuation bear market doesn’t end until the S&P 500 hits 400 and bond yields are below 2 per cent and there’s been a deep recession and blow-up in China....MORE, including pics.For Albert's visage see:
May 4, 2011: Société Générale's Albert Edwards Sees Blue Skies, Nothing But Blue Skies, From Now OnFor the truly deranged among Albert's fans, here he is dancing at his 50th birthday party.
Société Générale's Albert Edwards: "Many Think I am Mad..." (sub 2% Treasuries, S&P at 400 etc.) May 25, 2011