The economy will not experience a V-shaped recovery; there will be a stock market setback in the next month, and the high price of oil isn't about demand, rather a way to hedge against the overprinting of paper currency, Robin Griffiths from Cazenove Capital told CNBC.
"We've now learned the truth about the V-shaped recovery; we're not in one and there isn't going to be one," he said. Rather there will be "lots of little V's" with both rallies and setbacks in the market which will be "basically sideways for quite a long time."
Oil is one industry seeing strength despite the weak market, but "the latest V-shaped run on the price of oil is nothing to do with the need and the desire to actually burn more oil; it's a financial investment going on here," he said adding that oil is being used as a hedge against the high printing of paper currencies in particular the British pound and US dollar.
Markets showing growth won't continue to for long, he said, as he expects a market setback within the next month, a delay of his original forecast of a setback in October.There is no need to watch for a crash, rather this setback will get stocks back to "more sensible levels," he added.
- To watch the full interview, see video above