London hosts Societe Generale Global Strategy presentations
Albert Edwards and Andrew Lapthorne maintained their trademark bearish outlook
Over 500 delegates attended Societe Generale’s Global Strategy Presentation 2017 to hear the views of UK economists Albert Edwards and Andrew Lapthorne, along with guest speaker Raoul Pal.
The event at The Grosvenor Square Marriott Hotel in Mayfair, London brought together delegates from a diverse range of organisations, covering assert management firms, banks, private banks, hedge funds, sovereign wealth funds and pension funds.
Delegates drawn by Albert Edwards’ characteristic pessimism were not disappointed as the self-styled permabear delivered a typically gloomy outlook for 2017, titled ‘Bruised Bears’. His presentation covered a plethora of topics, including the impact of a Trump presidency, consequences of unemployment across the eurozone and the broader threats facing the EU, before finishing with what he described as a “rant” about the UK housing market.
Albert’s colleague Andrew Lapthorne provided excellent support, delving deep into data to arrive at the contrarian conclusion that, against a backdrop of overpriced global equities, it is time to return to Japanese equity as a source of income.
Former hedge fund manager and macro-investor Raoul Pal closed the conference, maintaining the over-riding bearish sentiment by concluding that the likelihood of recession in the US during 2017 was 100%. He argued that this had been the outcome following every previous incident of a two-term president giving way to a successor from the other party throughout history.
Delegates were quick to praise the event, with feedback on the presentations ranging from ‘superb’ and ‘interesting’ to ‘insightful’.