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John Authers

A Self-Described Uber-Bear Takes a Victory Lap

Albert Edwards of Societe Generale points out that he has been right to be underweight stocks since 1996.

The bear isn’t going anywhere.

The bear isn’t going anywhere.

Photographer: Hulton Archive/Getty Images

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Albert Edwards, investment strategist at Societe Generale, has famously been recommending an underweight position in equities since 1996. Many now call him a permabear. In his regular letter to investors this week, he objected to the term.