After his ignominious departure from Bank of America in September of 2011 [5], 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 [6]" 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 [7]: sometimes they can be cruel: "At UBS, Bianco was head of U.S. equity strategy. His forecast in 2008 that the S&P 500 [8] 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"
[9]
Report in its hilarious entirety: