Bubble watching, with Albert
Albert Edwards, the SocGen strategist, is pretty much beside himself. His latest Global Strategy Weekly recycles his usual spit, sweat and fury, thrown again at “bozo” policymakers.
But it also includes this fab J Paul Getty quotation, via John Hussman…
“For as long as I can remember, veteran businessmen and investors – I among them – have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips… The professional investor has no choice but to sit by quietly while the mob has its day, until the enthusiasm or panic of the speculators and non-professionals has been spent. He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. The seeds of any bust are inherent in any boom that outstrips the pace of whatever solid factors gave it its impetus in the first place. There are no safeguards that can protect the emotional investor from himself.”With that in mind, here are the latest Edwards charts...MORE