Société Générales negativa kommentar

Länk till Albert Edwards kommentar om aktiemarknaden.

några utdrag:

Regular readers will know that in the main, my market timing is unerringly inaccurate, normally months if not years too early. But for those who might write off this move down to 30% as the yet more rantings of a lunatic, the last time I reduced my equity weighting to 30% was 8 May 2008 when the S&P was stlll standing at 1400. [innan index föll till 666]


Först deflation, sedan inflation:

Conversely I expect US inflation expectations as measured by the bond market to decline and fall into line with 5-year consumer expectations as measured in the Michigan Survey


For I have long held to the view that the primary determinant of US implied inflation expectations is the economic cycle. The recent divergence is highly unusual. The last time this occurred was…… wait for it…… the first quarter of 2008, just before we last reduced our equity weighting to 30%! Bath time anyone?

Société Générales Edwards är inte positiv...

Latest piece from ALBERT EDWARDS (Soc Gen)


Lowering equity weighting to minimum - “The Fed will destroy the world”
  In 2005 when Alan Greenspan was being hailed as a “maestro” I wrote that his policies would ruin the world and history would judge him to be “an economic war criminal”. I now think Ben Bernanke’s policies will prove even more ruinous than Sir Alan’s (yes unbelievably he still retains his honorary knighthood). Hence we are lowering our equity weighting to 30%, the minimum possible. The last time I did this was 8 May 2008.