Tuesday, Jul 21, 2009
Neil Woodford - "Green shoots with no roots"
Citywire: Woodford: Green shoots already look 'illusory'
Invesco Perpetual's Neil Woodford has said the green shoots are already starting to look illusory and is not forecasting an economic recovery for the next three to four years. 'In my view, when considering economic recovery it is essential to look at how we reached the position we are in today.' he said. The consumer boom, built on easy access to credit, the housing market bubble and the excessive risk and leverage adopted by banks all grew over a number of years. These massive imbalances built through the extended boom phase of the economic cycle and just as they took a long time to build, they will also take some time to address.'
Posted by jack c @ 12:59 PM (472 views) Add Comment
1 Comment
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1. The Masked Tulip said...
On one hand you might argue that he has, perhaps, missed out on the stock markets bounce since March - but that is an argument used against everyone who now says that worse is yet to come.
I think with Woodford, one of the most successful fund managers saying this, more people will stop and consider what is going on. Odd really, what he is saying is logical to anyone with an ounce of sense but it is going to take the likes of him and others before people understand what is yet to happen.