WPP chief Martin Sorrell told Reuters he expects to see an economic recovery in 2010. Sorrell has a history of economic prognostications in the form of bizarre metaphors, and this one is no exception:
"It will be a recovery of shorts. It will be L shaped, maybe an italic L, that is flipping up."You can read a bit more about Sorrell's predictive metaphors -- saucers, bathtubs, and U-shaped recoveries among them -- in Rowena Mason's Telegraph blog.
It's worth noting that Sorrell doesn't always get it right. In November, Sorrell was saying that he thought 2009 would be positive in terms of revenue growth for WPP. But by March he trimmed that down to a 2% drop in revenues. Sorrell has held his "2010 recovery" position since about March, according to the Guardian:
The company has also become more cautious in its view of the prospects of 2010 marking a real return to growth.
"Although the economic gloom has heightened recently, with further earnings disappointments, surprise dividend cuts, continued financial restructurings and rights issues, we still believe there will be a recovery of sorts in 2010," it said.It's harsh to blame Sorrell for being wrong -- no else has predicted the course of the recession accurately. But he does seem to have a habit of giving an opinion whenever he's asked. Regular readers will remember that Sorrell harbors a not-so-secret inner economics professor; that character is still abroad, it would seem.