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JP Morgan goes bear hunting

Summary:
In the summer of 2018, Alphaville observed that there seemed to be a paradoxical bull market in being bearish.Since the financial crisis and the ensuing rise to fame of the investors who called -- and profited significantly from -- it (Bass, Burry, Eisman, Paulson, Gross et al.) there have been almost constant calls for a repeat of Armageddon. As you may have observed reading the fine, dusty pink pixels of this blog and paper, and the white sheets of others, the media loves a negative headline. So these calls tend to get a rather asymmetric amount of airtime versus, say, a an equity strategist who thinks the S&P 500 may end the year up 5 per cent.We’re not the only ones to spot this trend. JP Morgan’s Michael Cembalest, chairman of market and investment strategy at the firm’s Asset

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FT Alphaville
FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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