BEAR PIT: Albert Edwards And Marc Faber Tear Into The State Of The Global Economy In This Presentation

by Mike Bird, Business Insider

Bear 1Societe GeneraleThe first slide of the presentation.

Societe Generale’s Albert Edwards and Andy Lapthorne are presenting their Global Strategy briefing today. They’re joined by Marc Faber, who publishes the Gloom Boom Doom newsletter.

There are about 1,000 people in the room, and I can’t see Goldilocks but there are three very prominent bears at the front of the room.

It’s fair to say that Faber in particular has some very interesting ideas.


US stocks are actually looking pretty expensive by historical standards

US stocks are actually looking pretty expensive by historical standards

Societe Generale

And even European stocks, where there’s been little recovery to speak of, are looking pricey

And even European stocks, where there's been little recovery to speak of, are looking pricey

Societe Generale

The eurozone’s terrible performance has been weighing heavily against global profits

The eurozone's terrible performance has been weighing heavily against global profits

Societe Generale

And a lack of demand, even in the United States, is still obvious

And a lack of demand, even in the United States, is still obvious

Societe Generale

The euro is at its lowest level in around a decade against the dollar, but it’s not falling on a trade-weighted basis

The euro is at its lowest level in around a decade against the dollar, but it's not falling on a trade-weighted basis

Societe Generale

Albert Edwards is not sitting on the fence

Albert Edwards is not sitting on the fence

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And he’s not particularly positive about emerging markets

And he's not particularly positive about emerging markets

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It’s not looking like there’s going to be much inflation either in the eurozone or US

It's not looking like there's going to be much inflation either in the eurozone or US

Societe Generale

And the Chinese economy seems to be entering a slowdown phase

And the Chinese economy seems to be entering a slowdown phase

Societe Generale

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