Albert Edwards, the bearish strategist for SocGen, writes his first note today since losing to the buy-side his long-time colleague Dylan Grice, someone who we’ve been following for a while.
“Clearly there is only so much Ice Age gloom my Global Strategy colleagues can tolerate before they are broken on the frosty anvil of Ice,” writes Edwards.
He then goes on to recount a recent incident where a money manager was kidnapped and tortured by his clients, and then wishes that such an incident doesn’t befall Grice.
A farewell Edwards-style. From his note:
In that context we must remind readers of the strange story of James Amburn. Back in 2009, the 56 year old German-American financial advisor was kidnapped and tortured by a group of wealthy German pensioners. It appears two couples had entrusted Mr Amburns investment company with 2.4m, which he ploughed into Floridas boom-and-bust property market. As the properties became forfeit, the couples wanted their money back.
Amburn states that as I was letting myself into my front door I was assaulted from behind and hit hard. Two of his kidnappers are said to have hit him with a Zimmer frame before they bound me with masking tape until I looked like a mummy. I thought I was a dead man. He was then bundled into the boot of a car.
During his semi-naked confinement in an unheated cellar Mr Amburn alleges he was chained like an animal, burned with cigarettes and had two of his ribs broken while being beaten with a chair leg. They threatened again and again to kill me, Mr Amburn said. He told his attackers he could not return their money as due to market conditions, unfortunately it was gone.
Eventually 40 armed police rescued Mr Amburn who was found naked apart from his underwear. A physician had to be on hand to help his attackers into their police vans because of their various infirmities. The pensioners got five to six years in jail for illegal hostage-taking, torture and grievous bodily harm (see UK Guardian article link)
Clearly its far more dangerous being a money manager than any of us imagined. Hopefully no such fate will befall our former colleagues Dylan and James, or indeed any of our dear friends on the buy-side.