Société Générale: Watch Out For These Black Swans


The famous “black swan chart” published by Société Générale is out, let’s take a look at it

The most impressive thing of the black swan chart published by SG for the 4th quarter is that there are way more black swans than whie ones:

4 against 2 is a big number, we’re usually around 4 against 3 or 4 against 4.

Société Générale is afraid that the Euro Area economic crisis will get worse and possibly China will slow down again.

SG believes (and so do we) that oil prices may make a huge comeback, but this will come only when and if the OPEC agrees on cutting oil output.

We do not even need to comment that “determined growth friendly euro area policy”, that’s just nonsensical (sadly).


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