Albert Edwards, a global strategist at Societe Generale well known for his bearish stance, said late Monday he has got it wrong and that he has been too bullish.
“I have long believed that a lost economic decade was an inevitable consequence of the gross mismanagement of central banks," Edwards wrote in note to clients.
"Our Ice Age thesis called for a long secular equity valuation bear market, just like Japan. Most reject the comparison with Japan, especially with regard to the US having better demographics. Indeed I felt that beyond the lost decade and secular bear market, the US outlook was much more upbeat that Japan's," he explained.
“But now, I am thinking I might have been too bullish,” Edwards added.
