‘Sell everything’ and brace for a ‘cataclysmic year’, that’s the advice of RBS’s credit team as published in a research note issued to clients at the end of last week. According to the bank, the global financial markets are already showing signs of significant stress and the conditions are similar to those of the months before the Lehman crisis in 2008: “Rather than fade, we say follow–and be cautious in 2016. We have been warning in past weeklies that this all looks similar to 2008. We dust off our old mantra: this is about ‘return of capital, not return on capital’….
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