Headline of the week comes from who else but Albert Edwards at SocGen in his Global Strategy Weekly with his "Basket trade suggests “Sell everything and run for your lives”........... taken from a letter last weekend to the FT from a Mr Matt long who writes,
Sir: The next financial apocalypse is imminent. I know this to be true because the (FT Weekend) House and Home section is now assuming the epic proportions last seen before the great crash. Twenty four pages chock full of adverts for mansions and wicker tea trays for $1,000. You’re all mad.
Sell everything and run for your lives.
Matt Long, Seilh, France.
I rather like Mr Long's approach but fear that he is more accurate in his assessment than perhaps he knows and certainly than most of my colleagues in the City either appreciate or will admit to.