Magnus du jour

George Magnus, respecté et respectable, bien qu'au service d'un méprisable employeur:

The rally in equity markets has spread a little optimism around a global economy that is still in deep funk. Some argue this is precisely how new bull markets begin. Others, including your scribe, assert it is an impressive bear market rally. The latter case has been made consistently since it began, and maybe that is a reason why it may continue for a while. It is certainly the pain trade par excellence, that is, the risk of not being involved is becoming increasingly painful. However, this rally will stall eventually and then reverse for three important reasons.

A lire dans son intégralité, édition FT. Convaincant (pour Budi, un convaincu de toujours).