We assume this is a spoof, or something.
Someone’s nicked all the SocGen pixels that go in to making up Albert Edward’s regular Global Strategy Weekly, complete with date and contact details. But the sub-title gives it away:
Are economic green shoots signalling the long-awaited equity bottom?
Mashing up what are plainly false statements with genuine über-bear commentary from the Great Man Himself, the strategy note declares:
Europe could be considered cheap…
But then the real Edwards emerges:
We remain at the bearish extreme of the market. It is not a pleasant place. It is cold, dark and damp. People either don’t speak to you or send you abusive e-mails. Members of your own family pretend not to know you. Actually, I made that bit up, although when I was going through my hippy phase at school my mother did actually cross the street and walk past pretending she didn’t know me. Maybe that childhood experience of parental rejection made me the thick-skinned bear I am today? I haven’t talked this through with a therapist yet. There was so much else to talk about last time I went.
We also think this chart is the real thing:
Related link:
Edwards: Prepare for the Great Unwind – FT Alphaville