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Market Extra: Meet the affable bear who expects the S&P to tumble to 20-year lows

If you’re buying stocks today, says noted permabear Albert Edwards, you need a psychiatric evaluation.

Edwards, global strategist at Société Générale GLE, +0.42% told MarketWatch in an early September interview that the stock market, bolstered by easy money, has valuations at “nosebleed” levels even as labor costs are rising and corporate profits are falling. That, he says, points toward a U.S. economy on the brink of recession — and an S&P 500 SPX, +0.00% set to plummet to 550, a level not seen in more than two decades, in response.

FactSet/MarketWatch

“I want to come out into the light.

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