Albert Edwards of Société Générale thinks everything is overvalued – even popular acronyms. A look at the performance of the past few years suggests he has a point.
He has renamed the Brics a “Bloody Ridiculous Investment Concept”. Admittedly, anyone who put their dollars into the index of Brazil, Russia, India and China shares when it bottomed in late-2008 could have initially ignored such criticism: in two years, they made 180 per cent, including dividends, against 65 per cent in the developed world.
But the relative gains have now entirely unwound. Last week, returns on developed equities since the 2008 low overtook the Brics, where share prices have been falling.
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