Albert Edwards, known as an unrelenting market bear, has reversed course and is now bullish on European stocks – but mostly for investors with binoculars aimed at the far horizon.
Edwards, the chief global strategist for Societe Generale who the Financial Times described as "the most dogged 'bear' in the City of London," created waves with his remarks at the bank's annual strategy conference.
Edwards said European stocks are "unambiguously cheap" and recommended them for investors who would hold them for 10 years, the Times reported.
In fact, he went so far as to say the current environment represents a "once in a lifetime opportunity" to buy European equities.
However, Edwards also predicted eventual global stock gains to be tempered by considerable short-term pain.
He forecast that European stocks are at risk of a steep fall within the next...
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