It might not rank as a Damascene conversion, but one of the more notorious market bears has tempered his trademark gloomy predictions boosting the hopes of bulls for a broader shift in investor sentiment.
Albert Edwards, the chief global strategist for Societe Generale, triggered a flurry of speculation over a shift in his famously bearish views when he spoke of a "once in a lifetime opportunity" to buy European stocks.
Mr Edwards is regarded as the most dogged "bear" in the City of London, persistently taking a downbeat view of the outlook for equities and arguing for his theory that markets are in an "Ice Age" of low bond yields.
With many investors starting to believe that a new "bull market" rally in stocks is under way, the capitulation of a so-called "perma-bear" would be a major event.
Addressing his bank's annual strategy conference in a London hotel, Mr Edwards said European stocks were "unambiguously cheap" and recommended them for any investor who was prepared to hold them for 10 years.
He also attacked UK pension funds, which have bought bonds and sold stocks in the last few years to the point where their holdings are virtually equal. "Even as a trenchant equity bear, I have to say that this is ridiculous," he said. "It allows the rest of us to pick up stocks at cheaper and cheaper prices."