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Exclusive: Rosenberg Responds

Tyler Durden's picture




 

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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Tue, 12/01/2009 - 13:06 | 147788 zoonooz
zoonooz's picture

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?  

Tue, 12/01/2009 - 13:07 | 147794 Whizbang
Whizbang's picture

Only contributors can post. You'll have to get it to tyler first I think.

Tue, 12/01/2009 - 13:07 | 147795 Actual
Actual's picture

"...I bet you think this song is about you ..."

Tue, 12/01/2009 - 15:40 | 148115 Anonymous
Anonymous's picture

+1

Tue, 12/01/2009 - 15:41 | 148121 Cursive
Cursive's picture

"The person I quoted was not Jeffrey Saut, who I’ve never heard of, until now."

Bwhahahaha!

Tue, 12/01/2009 - 13:10 | 147799 AnonymousMonetarist
AnonymousMonetarist's picture

Me heart Rosie.

Tue, 12/01/2009 - 13:13 | 147809 louisash
louisash's picture

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.

Tue, 12/01/2009 - 13:33 | 147828 spekulatn
spekulatn's picture

+1

Tue, 12/01/2009 - 13:16 | 147815 phaesed
phaesed's picture

Damn.... as if I could respect him any more.

Rosenberg has laid down truth, lol.

Tue, 12/01/2009 - 13:34 | 147831 Anonymous
Anonymous's picture

You're so vain, you probably think this blog is about you...

Tue, 12/01/2009 - 13:44 | 147852 Fibozachi
Fibozachi's picture

Hats off to Mr. Rosenberg.  A true technician's strategist.

Tue, 12/01/2009 - 13:46 | 147858 Anonymous
Anonymous's picture

If only the world had more rosies and less saut's. What a great line sayin he had never heard of him!

Tue, 12/01/2009 - 14:45 | 147875 lizzy36
lizzy36's picture

For obvious reasons, Rosie is and will always be a huge brain crush.

Amused by the ARS tag.

Tue, 12/01/2009 - 15:47 | 148135 Sisyphus
Sisyphus's picture

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/

 

Tue, 12/01/2009 - 13:55 | 147883 Anonymous
Anonymous's picture

Drama keeps the place sticky.

Tue, 12/01/2009 - 13:58 | 147890 Divided States ...
Divided States of America's picture

Saut looks like a moron now....even if he makes a ton of money, everyone will know him as the kid who cried wolf.

Tue, 12/01/2009 - 14:06 | 147894 AR
AR's picture

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..." 

Tue, 12/01/2009 - 14:31 | 147941 Art Vandelay
Art Vandelay's picture

Waiting for Saut's apology. Not holding my breath.

Tue, 12/01/2009 - 14:36 | 147954 crzyhun
crzyhun's picture

Rosie for fed head. opps. best not to sully a clear thinker.

Tue, 12/01/2009 - 14:46 | 147982 hedgeyourmind.b...
hedgeyourmind.blogspot.com's picture

Rosie for the National Economic Council!!!   I can't believe that Jeffrey Saut was just at the height of mythomania and megalomania.....

 

 

 

 

Tue, 12/01/2009 - 14:55 | 148006 Anonymous
Anonymous's picture

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.

Tue, 12/01/2009 - 14:55 | 148007 stoverny
stoverny's picture

I'm only paranoid because everyone is always out to get me

Tue, 12/01/2009 - 15:30 | 148055 Astute Investor
Astute Investor's picture

Jeffrey Saut = Mr. Irrelevant.  The perceived insult from Rosenburg was meaningless because no one knew who Jeffrey Saut was until yesterday.

Tue, 12/01/2009 - 15:49 | 148143 Hephasteus
Tue, 12/01/2009 - 15:25 | 148075 MsCreant
MsCreant's picture

Jeffery Saut attention.

Here ya go.

Tue, 12/01/2009 - 15:47 | 148136 Stupid Donkey
Stupid Donkey's picture

I'm kind of a big deal.

Tue, 12/01/2009 - 17:07 | 148294 ShankyS
ShankyS's picture

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. 

Tue, 12/01/2009 - 17:09 | 148299 ShankyS
ShankyS's picture

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!

Tue, 12/01/2009 - 17:47 | 148386 Anonymous
Anonymous's picture

Touche.

Tue, 12/01/2009 - 17:55 | 148401 Anonymous
Anonymous's picture

Rosie is THE BEST.

Tue, 12/01/2009 - 18:09 | 148427 rational
rational's picture

 "Why don't you tell me what you think of me, Mr. Roark?"

Roark replies, "But I don't think of you." 

--The Fountainhead

Tue, 12/01/2009 - 18:40 | 148494 Ned Zeppelin
Ned Zeppelin's picture

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.

Tue, 12/01/2009 - 18:53 | 148517 MsCreant
MsCreant's picture

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:"

Tue, 12/01/2009 - 22:03 | 148757 Hysterisis
Hysterisis's picture

DOWN GOES SAUT!

DOWN GOES SAUT!

Wed, 12/02/2009 - 06:01 | 149045 bobby02
bobby02's picture

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.)

Wed, 12/02/2009 - 21:51 | 150046 long-shorty
long-shorty's picture

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.

 

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