- Herbert Spaul
- 4 days, 8 hours ago
That SocGen's Andrew Lapthorne has long held a cynical view of the stock market's relentless grind higher, similar to that of his colleague Albert Edwards, is not a secret: he made as much clear in the first sentence of his latest note to client "time to sell equities to buy bonds?" in which he said that "to the apparent surprise of many, last week the S&P 500 actually fell, losing 1.82% on Wednesday alone, the worst daily return since September last year. That such a song and dance was made about it was probably more a function of the subdued nature of equity markets recently than the actual performance impact itself - after all the S&P 500 ended the week only down 0.4%."