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I received an email from Rob Arnott, chairman of Research Affiliates, today about this story . It seems the Royal Bank of Scotland is even more bearish than Arnott. The firm is telling investors to brace for “a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks.”
“And BusinessWeek thinks I’m ‘the bear’?” Arnott says of the recent profile I wrote about him in BusinessWeek.
Arnott gives RBC’s scenario “very low odds, though of course anything is possible.”
“I’m just calling for another leg to the bear market, not a global market crash!” Arnott adds. “The prescription in both cases is simple: Invest conservatively until bargains abound.”
Do you agree with Arnott? Or do you think a crash is coming?