Société Générale downbeat on major asset classes in 2011
Equities and bonds are overvalued while commodities and emerging markets look equally unattractive, according to Société Générale's 2011 Outlook presentation
Equities and bonds are overpriced and emerging markets could be the next big bubble, investors were warned at Société Générale's (SG) presentation of its 2011 Outlook in London yesterday.
Albert Edwards, global strategist at SG in London, estimated that the US stock market is 50-60% overvalued compared to the average. But other asset classes are also looking unfavourable, he said. "Bond prices are at a historic low, that doesn't mean they can't go lower but they are overvalued. Emerging markets
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