Has The Last Bear Capitulated?

The quantitative easing asset bubble that has driven valuations to historically high levels, driving volatility into the cellar, is going to eventually crash, institutional investors to whom Albert Edwards converses say. It’s not a matter of if, but when, the notoriously bearish Societe Generale analyst says. For most clients he talks to, they see more runway ahead for bulls and don’t want to miss out on the gains, for now.

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Investors don't think the bull market will end for another 12 to 18 months

While there is talk about equity valuations being expensive and whispers that a failed tax reform package could kill stock market strength, most people don’t want to hear...