In the latest update from Nomura’s Bob Janjuah, the traditionally bearish strategist justified his nickname, and when previewing his exposure to the market, says that “I generally want to be long bonds, especially long US duration, I want generally to be long the USD (as the least bad), and I generally want to be flat/short equities as equity valuations are not in my view supported by growth or earnings but rather only through heavily distorted markets/policy and financial engineering of EPS.”