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Jakobsen: Why Black Monday means traders should throw out the playbook

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Back In April, Saxo Bank’s Chief Economist Steen Jakobsen made what was widely reported to be a controversial call: sell up, he said, take a holiday from the markets while warning that there was a USD debt margin call on the way.
 
Now, following Black Monday, he's saying it’s time to get back to work, to "throw out the playbook"  and, in what may be seen as another controversial call, he's looking at EM, energy and commodity assets in the hunt for true value, that's if we see the recent lows re-tested and confirmed.