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James Montier – Suckers’ rally or real deal?
Prieur du Plessis (May 9th, 2009) Writes:
The debate rages on: Is this a suckers’ rally or a new bull market? James Montier, the highly respected co-chief strategist of SocGen has weighed in on the subject in his latest Mind Matters investment newsletter. The paragraphs below have been republished from a post by Paul Murphy on the FT Alphaville blog.
The question [whether this is a suckers’ rally or a new bull market] is on quite a few lips right now. Montier says he doesn’t have a clue. So he’s buying insurance - to protect on the downside. From the strategist’s latest missive to clients:
“This strategy paid dividends in Japan which was characterised by explosive rallies (driven by the economic recovery) and the horrifying slumps as the recovery failed. Two methods of insurance stand out. Either I could buy index puts (relatively
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