When I was a portfolio manager in the 90's, my Morgan Stanley salesman used to invite me into New York from Boston for meetings and lunches, which I never attended. I used to quip that I would see him in New York when their (then) strategist Stephen Roach turned bullish. Even then, Roach was the perennial grump and bear, much like David Rosenberg and Albert Edwards are today.
So it was with some surprise that I saw Roach's bullish commentary on China entitled 10 Reasons Why China is Different.
When the perennial bear turns bullish, is it time to sell?
Tuesday links: buying business with cash
4 hours ago
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