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Exclusive: Rosenberg Responds
Yesterday a publicity-hungry Jeffrey Saut takes an unjustified jab at David Rosenberg. Today, it is Rosie's turn to retort. Zero Hedge presents David's response.
I went back to my notes of November 17th (I wrote my piece on this on November 18th). Here is what I said:
“In terms of reading material, what I found was most fascinating was this Bloomberg News article titled U.S. Stocks Advance as Commodities Gain. In the article, a CIO from an investment house is quoted as saying “we feel like this market still has some room to move higher. We’re still at levels that are lower than we were before Lehman Brothers. We are vastly better off than we were then.”
I stand by that quote that I put into my piece. The word “vastly” is right there in the Bloomberg article. You and the viewers on zerohedge can go access it quite easily too.
I chose not to publish the person’s name who gave this quote to Bloomberg News. But he was the CIO of a Boston-based investment house. The person I quoted was not Jeffrey Saut, who I’ve never heard of, until now.
So his outrage (and rant), at least in this particular case, is rather out of line.
But it is highly amusing that he thought I was referring to him – he should probably take the bulls-eye off his forehead, and not be so insecure -- it might help him in the future (he’s entitled to his opinions like everyone, but he’s not entitled to his own facts and he should check and search out the facts before he publishes. My piece of advice for the day).
It says something about the herd mentality that someone thinks I was referring to his thought process when I was actually quoting from someone else. There’s probably a few thousand other pundits out there who write market commentaries every day or week that thought I was talking about them … only they didn’t bother to spend the time complaining about it.
Best wishes,
Rosie
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Sorry - off topic, or maybe not - I would like to post a recent opinion piece from a hedge fund that I invest with. Don't have a clue as to how to copy content over to ZH. help?
Only contributors can post. You'll have to get it to tyler first I think.
"...I bet you think this song is about you ..."
+1
"The person I quoted was not Jeffrey Saut, who I’ve never heard of, until now."
Bwhahahaha!
Me heart Rosie.
Here's the link to the Bloomberg piece. The CIO referenced is now named in the article as Burt White of LPL.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJz5MmTkfilA
God bless Rosenberg, Zero Hedge, and the few other advancers of truth left in this Bizarro economy.
+1
Damn.... as if I could respect him any more.
Rosenberg has laid down truth, lol.
You're so vain, you probably think this blog is about you...
Hats off to Mr. Rosenberg. A true technician's strategist.
If only the world had more rosies and less saut's. What a great line sayin he had never heard of him!
For obvious reasons, Rosie is and will always be a huge brain crush.
Amused by the ARS tag.
Sorry Lizzy, it is spelled ARSE, not ARS. I think Tyler has the tag wrong. And it stands for Asshole Rating Self Exam. For anybody interested in taking the exam to evaluate themselves, or would like one of their annoying friends to take the exam, here is the link to the web site.
http://electricpulp.com/guykawasaki/arse/
Drama keeps the place sticky.
Saut looks like a moron now....even if he makes a ton of money, everyone will know him as the kid who cried wolf.
CD will like this (and he, as we, love these 2 quotes, the latter from CD). Here we go (referring to both the likes of Dick Bove as well as this Saut character). "...stupid is, as stupid does..." and (from CD) "...stupid is, as stupid is told what to do..."
Waiting for Saut's apology. Not holding my breath.
Rosie for fed head. opps. best not to sully a clear thinker.
Rosie for the National Economic Council!!! I can't believe that Jeffrey Saut was just at the height of mythomania and megalomania.....
I took anonymous freedom in pounding on Rosenburg yesterday when the Saut guy got outraged at his using the word "vastly" in his (Rosenburg's) rebuttal when the word was never spoken.
I said, not that anyone cares, but I said that in this day and age of quoting passages in order to rebut them, there is more or less NOTHING worse than not quoting the passage word for word. And so it appeared Saut had a compelling point.
Rosenburg, CLEARLY, was hyper sensitive to the very same thing. His response here is crushing. Saut . . . somehow must have given quotes out about the same sort of thing on the same day.
Orrrrrr, his firm's 2/20 is going to be down in 2009 and if they don't attract some attention, and dollars, it will be resume time. But let's give the guy the benefit of the doubt and presume this is humiliating rather than malicious deception.
Well done, Rosenburg. My apologies.
I'm only paranoid because everyone is always out to get me
Jeffrey Saut = Mr. Irrelevant. The perceived insult from Rosenburg was meaningless because no one knew who Jeffrey Saut was until yesterday.
He's got a nice drama llama though.
http://www.myspaceantics.com/images/myspace-graphics/funny-pictures/the-...
Jeffery Saut attention.
Here ya go.
I'm kind of a big deal.
Jeffrey "take it with a grain of" Saut. LOL, what a moron. I knew these guys had huge egos, but this is over the top. Uh, Jeff (can I call you Jeff), since I'm sure you are taking in the humiliation here (cause we all know you like to see your name in "lights") listen, your buddies and enemies are all reading this shit laughing their asses off. Just thought you needed to hear that.
Oh, and every time you go to a restaurant for lunch or dinner and you hear someone snickering - yeah, they are laughing at you, not with you. Welcome, your fame has arrived!
Touche.
Rosie is THE BEST.
"Why don't you tell me what you think of me, Mr. Roark?"
Roark replies, "But I don't think of you."
--The Fountainhead
Ssssssssss.....the air just went out of the heretofore unknown hot air balloon named Jeffrey Saut, thanks to the well-placed jab by Rosie's truth-seeking dart. Hey, it may not always be profitable, but it's always very cool to be right.
Jeff, where were your editors? Do they hate you? Think about it, they let you publish that. Do you suppose someone who read your text saw that error and just, ya know, let it go?
For the record, if you look, ZH got it wrong too...
This from Tyler, at the link:
"As a reminder, in his November 18, Lunch with Dave piece, Rosenberg took a stab at permabull Jeffrey Saut:"
DOWN GOES SAUT!
DOWN GOES SAUT!
Dunno. Saut has been around for a while and made some good calls. It is possible that Rosenberg didn't know although I would not rule out condescension. Also, let's talk about reputation and customer service at Raymond James vs. Merrill. O, and which one is still in business?
Rosenberg is an intersting read, but most of it is not actionable. At least Saut is making market calls - that takes balls.
(A bunch of anonymous blog posters beating up on the man. Nice. Carry on.)
Rosenberg is my favorite market strategist, period. I read his stuff every day, and if I can't, then I read it at bedtime. He hasn't stopped me from making a lot of money in the last year; he's just kept me well-informed along the way.
Good for him to defend himself against people who can't remember anything that happened before last month.