Whilst Bull is 100% convinced that the Bank of England will cut rates by 0.25% in December, Bear is particularly gloomy this week.
Other than London, he is concerned that the ongoing bid-ask spread between buyers' and sellers' expectations is stifling activity.
He fears that the banks' apparent 'pretend and extend' strategy on current valuations will ultimately backfire and he offers two unpalatable solutions:
Slash capital valuations by another 10-15% to reignite enthusiasm; or
Do nothing and endure the market drifting for the next 5 years.
He would opt for the former ... and he thinks the market may well agree with him, sometime in 2026.