Don't be fooled by the stock market's monster rally in April: history is rife with examples of false recoveries, says Societe Generale's quant chief.
Stocks need profit growth to rise on a sustained basis — but the coronavirus crisis is drying up cash flows.
Stock market investors are confronting an "incredible valuation problem" that can stop the rally in its tracks, according to SocGen's quant experts.
This phenomenon has already hit European markets, and Albert Edwards warns investors would be foolish to think it can't occur in the US, too.