‘I’ve seen this show before’: A renowned market bear who called the dot-com bubble warns a recession is still barreling toward the US economy — and stocks are due to suffer as misguided optimism fuels the rally

• Albert Edwards is doubling down on his recession call despite recent investor optimism.
• The S&P 500 is up 15.2% year-to-date, fueled by gains in the tech sector.
• Edwards said downgrades to analysts’ forward EPS estimates are likely coming.

There’s a fairly simple way to characterize Societe Generale strategist Albert Edwards‘ latest note to clients.