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Could this be the most delirious call on stock prices in the modern era? And when we say “delirious,” we mean in a thoroughly joyous sense. There is no suggestion that the pundit in question might have been on the mescal.

Morgan Stanley’s European strategist Teun Draaisma (who said ‘Sell, Sell, Sell’ back in June) this week issued his latest Euroletter note. Entitled Think Big, it sets out the intellectual underpinning and blue sky optimism behind the bank’s call, on August 13, for investors to go overweight equities.

The contents were previewed earlier, during FT Alphaville’s daily Market Live discussion. But such is the bullish optimism of Draaisma and his team, such is their readiness to make a career-making or breaking prediction, that we’ve decided to reproduce the Draaisma Call in full.

Here’s a taster:

We received a healthy amount of pushback on our call from mid-August to start buying equities again. Pushback is good. We know that we may well be on the right track with a call, when we get a lot of investor pushback. It means we are not consensual. Six to twelve months later, with the benefit of hindsight, we know we will look very silly or very right.
Follow the links below for the full, unabridged investment call (bar the 46 “exhibits” that would stall our otherwise smooth software).

We’ve cut it into chunks so as to aid digestion. But do settle back, because this takes a few pixels…