David Bianco Is Back, Realizes That The Market Is Not The Economy
After his ignominious departure from Bank of America in September of 2011, many were wondering if everyone's favorite permabull was lost to the world forever (speaking of, where is Jim Caron these days?). Rejoice, for we come bearing great news: last night Deutsche Bank's latest addition, who in conjunction with Joe LaVorgna and Binki Chadha, has formed the terrifying "Trinity of of Perma Bull" issued his first report. And dare we say it, Bianco appears to be almost.... bearish? "We expect a 5-10% dip this summer..." Unpossible: what have you done to the Bianco and his tender 18,000 Hz overtones we all love so dearly. Oh wait, there is a second half to the sentence: "...but a dip that most likely should be bought." Ah, that's more like it. Of course, one has to give it to Bloomberg: sometimes they can be cruel: "At UBS, Bianco was head of U.S. equity strategy. His forecast in 2008 that the S&P 500 would rally to 1,700 was off by almost 800 points"
We'll give Joe one thing though: after a career on Wall Street, he has finally figured out that the "S&P 500 EPS is not US GDP"
Report in its hilarious entirety: