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’Albert the (financial) Populist
Albert Edwards is with Terry Smith on this one. If Shredded Fred must lose his knighthood, then certain other players in this game of bubble and crunch need to forego an honour or two.
But while Smith has focused on Sir Alan Greenspan,
Central bankers: pursued by a bear
That is US and UK central bankers pursued by über bear Albert Edwards of Société Générale.
Edwards is rather peeved that researchers at the Federal Reserve seem to have concluded that the Fed wasn’t responsible for the housing boom that has turned into the biggest bust since the 1930s.
A vote on the €300+bn Papandreou put
As we watch the snaps from the Greek PM cross the tape on Thursday afternoon…
RTRS-GREEK PM SAYS WE ARE BEARING A CROSS AND WE ARE BEING STONED
RTRS -GREEK PM SAYS GOING TO ELECTIONS NOW WOULD BE CATASTROPHIC
RTRS – GREEK PM SAYS VOTE OF CONFIDENCE IS A GUARANTEE ON HOW WE WILL CONTINUE AND NEGOTIATE WITH OPPOSITION PARTIES
…
Edwards: Going bust and ECB QE
What’s come over über bear Albert Edwards? The day after Europe’s leaders reached a deal (of sorts) to tackle the region’s sovereign debt crisis the SG strategist is relatively chipper:
I have minimal confidence that governments can turn this around within the confines of the eurozone project.
Albert Edwards: Hold on for a hard landing in China
What are chances of a soft landing for the Chinese economy? Pretty slim if you ask über bear Albert Edwards.
The Société Générale strategist reckons “blind faith” in the competence of the Chinese authorities to guide the economy to a soft landing is misguided.
We are in a secular bear market
For someone who hasn’t got much to add about the current state of the market, Bob Janjuah still manages to crank out 1,500 words in his latest piece for Nomura.
Bob firmly believes we are in a third stage of a secular bear market,
The S&P at 400 is almost inevitable
After his brief experiment with technical analysis (well, Killer Waves) uber bear Albert Edwards returns to more familiar ground in his latest Global Strategy Weekly.
Jeremy Grantham of GMO says this is “no market for young men”.
Albert Edwards and the killer wave
Not sure what to make of this.
Über bear Albert Edwards has abandoned his empirical approach for (shock horror) the mystical world of technical analysis.
Behold the killer wave.
For those of you not familiar with the Coppock indicator here’s a quick primer,
Finance, more progressive than policy?
“At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within this framework of which they have operated hitherto”.
The Grantham manifesto
Albert Edwards has a soul mate — GMO’s Jeremy Grantham.
Like the SocGen strategist, he too is worried about the massive transfer of income to the very rich that has occurred and has been tolerated only because Central Bankers have created housing booms.
Edwards says this has nothing to do with that downgrade
Thought the current turmoil was down to the downgrade of US debt? Wrong!
According to Societe Generale’s uber bear, Albert Edwards, this has absolutely nothing to do with S&P, the White House, Tea Party etc.
The new trend in corporate earnings
Ouch.
That’s the price action in electronics parts distributor Premier Farnell on Thursday morning.
The adverse reaction was triggered by this statement.
As a result of the rapid change in the global business environment since our last statement,
Postcard from the Pyrenees
Bears are endangered and misunderstood. Here in the French Pyrenees, with only some 20 left in the wild, the authorities have been trying to introduce some Slovakian bears to the mountains to beef up the population.
The Ice Age – in pictures
He might have been knocked off his Extel perch by sidekick Dylan Grice, but SocGen’s dancing bear Albert Edwards is still our favourite ‘strategiste global’.
And is he loving the recent batch of weak economic data.
Albert Edwards and an afternoon tea-party with the Vestal Virgins
Breaking news.
Albert Edwards is bullish.
Bullish on US Treasuries that is, which the SocGen strategist expects to hit record levels before before government profligacy and the Fed’s printing presses take the world back to both double-digit inflation and bond yields.
Language games, with Albert
Another missive on the US recovery from the SocGen bear-king Albert Edwards and, uh-oh, paging Ludwig Wittgenstein:
Words fail me
What’s up Albert?
Dylan’s latest weekly extolled the virtues of holding cash when expected returns on equities look as poor as they do now…
And the award for extreme optimism in the face of reality goes to
…. someone other than SocGen’s Albert Edwards, who is in fine pessimistic form in his latest strategy note.
This week sees the perma bear take Reuters to task for a recent report on US home sales.
The global economy is critically ill
It’s a SocGen double header on FT Alphaville this Friday morning.
You’ve had the apprentice (Dylan Grice) and now it’s time for the Dark Sith Lord (Albert Edwards).
The global economy is critically ill.
Prepare for a major market over-reaction
Albert Edwards is back – back, that is, from his annual search for January sun to counter the effects of Seasonal Affective Disorder (SAD).
And the sojourn looks to have been partly successful. Obviously the Soc Gen strategist remains bearish — he reckons the long-term downtrend in 10-year bond yields is under serious threat.
Waltzing towards the next, inevitable implosion
Much head scratching in the latest note from Albert Edwards.
The SocGen perma bear says he hasn’t got a clue what is going in financial markets at the moment or why investors believe the economic recovery is sustainable.
Indicator wars
Ignore those slumping Chinese leading indicators at your peril! Or — a dose of bearishness on looking at the OECD’s leading indicators, courtesy of SocGen’s Albert Edwards.
Look away for now from that headline China PMI figure showing a seventh month of manufacturing expansion.
The mathematics of inventories
While the eurozone plays out its tortuous journey to disintegration, much more concerning developments are occurring. We are convinced that the US economy will slow surprisingly sharply in the months ahead.
The liquidity and momentum trade de rigueur
We’ll skip the stuff on the Ice Age, looming recession, competitive devaluation, protectionism and the 60 per cent off equities forecast (all of which is getting a little bit repetitive) and get straight to the freshest bit of the latest Global Strategy Weekly from SocGen’s Albert Edwards.
Dylan Grice vs Emerging Markets
Société Générale strategist Dylan Grice is back on the Rudolf von Havenstein trail.
Grice first brought up von Havenstein back in March, noting the Prussian central banker’s penchant for monetising Germany’s debt during the First World War — leading to massive bouts of hyperinflation.
And now for something extremely bearish…
… from John Taylor, the chairman of FX Concepts, one of the world’s biggest currency hedge funds.
Some of this stuff would make even Albert Edwards blanch, but given Taylor’s track record, he’s more than qualified to pontificate on the FX market.
Gathering storm: hedgies assess the future
It’s always nice to see hedgies on a philanthropic bent. Such are the self-proclaimed motives of a few enterprising industry types behind the publication – for charity – this month of “The Gathering Storm” ,
The end game approaches
Regular FT Alphaville readers will be familiar with Albert Edwards’ post bubble Ice Age thesis of Japanese style deflation writ large across the globe.
In this week’s Strategy Weekly, Edwards looks at the end game for his theory and it’s pretty apocalyptic stuff (again).
Let the equity bear market resume
If you are wondering what this was all about…
… don’t worry, Société Générale strategist Albert Edwards has the answer. And it’s really rather simple.
The rally that started in July and continued into September was just “the market working off an extreme oversold position as it carves out a long-term top before entering the third lef of a multi-decade valuation bear market”.
The descent into global C-H-A-O-S
It’s Monday and time for another helping of doom and gloom from Albert Edwards.
This week SocGen’s ‘strategiste global’ is in particularly bearish mood, arguing that all of the ingredients are now available for a meal of global chaos.
These are the voyages of the starship QE2
This is a Vulcan death grip:
And according to SocGen’s über-bear Albert Edwards, that’s exactly the state in which equity investors find themselves in now.
Or as he puts it (our emphasis):
The current situation reminds me of mid 2007.