A Bear Throws In His Towel

In a note to Morgan Stanley clients a few days ago, Stephen Roach said “I must confess that I am now feeling better about the prognosis for the world economy for the first time in ages.”

For those of you who know Roach, he is/was a perma-bear. And now he is throwing in the towel? I.e. capitulating and turning bullish on the margin? Humm… Ruf, ruf, ruf.

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