“It’s Time To Panic”: Albert Edwards Warns Recession Is Imminent

• “It’s Time To Panic” – Albert Edwards Warns Recession Is Imminent
  by Tyler Durden, www.zerohedge.com  
  “Everyone has a plan until they are punched in the face.” This famous Mike Tyson quote spells out the outlook for investors in the years ahead according to SocGen’s Albert Edwards, who warns that investors will not only be punched in the face, they will also get knocked to the floor and kicked repeatedly in the ribs. In the event it is best to roll up into a ball. This won?t prevent all injury, but it will help avoid the most damaging blows. The same applies to investors in the Ice Age.
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  The answer is that it was I who was incredibly stupid. I?m used to looking stupid most of time as within this secular bear market, cyclical rallies last many years longer than each short-lived cyclical bear phase. But each gut-wrenching downturn takes equity indices to new lower lows. That moment is imminent. 
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  As SocGen’s Albert Edwards explains… We remain at the bearish extreme of the market.
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  Others have climbed aboard with similar ideas of Secular Stagnation. But the Ice Age was not only about economics and the drift towards deflation; it was also a description of how financial markets would react.
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  In the Ice Age, government bonds re-rate in absolute and relative terms against equities which de-rate in absolute terms. Equity investors endure a secular valuation bear market lasting many economic cycles, punctuated by cyclical rallies that beguile investors into thinking, like now, that the horrors of the Ice Age are over.
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