ultimo
Recycles dryer sheets
That's correct. They present three scenarios, so you can take your pick. If you're bearish, like I am, you'll be very interested in the bear scenario, as I was, after weighing the alternative views.1) Societe Generale clearly states that this is not a forecast, but a mere exercise aimed at exploring the possible dangers we are facing.
BTW, I just learned that Sir John Templeton passed away back in July. A big loss. He was very instrumental in my thinking about investments, and I admire him greatly. Mostly, I learned not to shy away from bad news--it's extremely valuable from an investment perspective, as there's money to be made under any circumstances. Here's a nice summary of the lessons we can learn from John Templeton.