From FT Alphaville:
The Albert Edwards Show (with friends)
LIVE from the Marriot on Grosvenor Square…
You know the message already. The annual SocGen bear-fest is…well, a bear-fest. And a popular one at that. There must be something north of 500 buy-side clients here; there are no empty chairs.
Andrew Lapthorne warmed up the crowd.
Session title: Reaping the whirlwind.
Slide One title: The death of investment – central banks not solving the problem.
Thesis: Holding cash erodes real wealth, but there’s a problem since everything else is too expensive. Deep value has disappeared out of sight. So maybe look instead for “quality income.” Things like global consumer staples. Maybe....MORE
