The Meb Faber Show
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SocGen’s Albert Edwards on 10% Yields and a 50% to 60% Drop | #656
Today's guest is Albert Edwards, Global Strategist at Societe Generale. In today’s episode, Albert lays out why he sees US 10 year yields heading to 10% and the S&P may fall 50% to 60%. He explains how fiscal dominance will push central banks to print, why consumers are paying nearly $150 for oil, and why China’s credit impulse is flashing red. To close, Albert shares what the IPO boom signals about this cycle.
Key Points
- Liquidity, not just earnings, is the force that can keep a speculative narrative alive or quickly expose how fragile it really is.
- Higher bond yields and persistent inflation can flip stocks and bonds from diversifiers to simultaneous sources of pain for traditional portfolios.
- The biggest risks highlighted are renewed greedflation, fiscal dominance, and overextended AI optimism, all of which could end in a sharp equity drawdown.
Follow Albert: [LinkedIn](https://www.linkedin.com/in/albert-edwards-4b062854/); [X](https://x.com/albertedwards99)
Chapters
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Transcript
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