That's right, we're the awkward squad

CONTRARIAN INVESTOR

Over the last couple of weeks I have been running a series of interviews with the City's resident awkward squad - the likes of Albert Edwards (Société Générale), James Montier (GMO), Andrew Lapthorne and Dylan Grice (Société Générale again).

I had hoped these notoriously unruly types would be a little less bearish than normal and quite possibly even show hints of optimism – sadly the news is grim indeed. Albert Edwards best advice is that private investors should accumulate cash. “Having been through two catastrophic cycles where they have been caught out twice, people should realise now they have no idea what the future will hold. The lesson from Japan is while the economy is de-leveraging, hold cash and bonds.” But its Dylan Grice at Société Générale who made the most powerful point. Many bullish types, myself included,...