David Rosenberg

World's Top Investors "Ring Alarm" At All Time Market Highs

The big rally in stocks and bonds has some of the world’s top money managers putting up warning signs. Laurence Fink and Howard Marks joined the likes of Bill Gross and Jeffrey Gundlach cautioning that buyers may be getting ahead of themselves... by about 25%.

David Rosenberg: "This Is The Pain Trade"

"This is the pain trade.... When I look at valuations and I see PE multiples north of 20…I'm not going to say that the markets are in bubble territory but it's just a little too expensive for me right now."

Fear The No Fear

Don’t put on the “party hats” just yet...

The Bearish David Rosenberg Reemerges: "What If I Told You Employment Actually Declined 119,000 In June"

"When the Household survey is put on the same comparable footing as the payroll series (the payroll and population-concept adjusted number), employment fell 119,000 in June — again calling into question the veracity of the actual payroll report — and is down 517,000 through this span. The six-month trend has dipped below the zero-line and this has happened but two other times during this seven-year expansion."

The Italian Job: "How Did Things Go So Bad?"

How on earth did things go so wrong? Could it be as simple as power-mongering and greed? To rob a line from the 2003 Italian Job, “There are two kinds of thieves in this world: The ones who steal to enrich their lives, and those who steal to define their lives.” Could it be that average working Italians, especially those who have been around for a good long while, feel as if they’ve been victims of both of the two kinds of theft, doubly wronged? “Basta!” their voices scream in defiance. Enough is enough!

Soros – A Rudimentary Theory Of Bubbles

"...financial markets, far from accurately reflecting all the available knowledge, always provide a distorted view of reality. The degree of distortion may vary from time to time. Sometimes it’s quite insignificant, at other times, it is quite pronounced. When there is a significant divergence between market prices and the underlying reality, there is a lack of equilibrium conditions. I have developed a rudimentary theory of bubbles along these lines..."

Former Fed President: "All My Very Rich Friends Are Hoarding Cash"

Fisher’s most telling comment came during the Q&A session when he was asked how his personal portfolio was positioned. Fisher’s response: “In the fetal position.” Moreover, he also said that “all my very rich friends are hoarding cash.” 

Weekend Reading: Breaking Markets - Season II

Fed Chair Janet Yellen will be forced to either acknowledge labor market tightening as reason to continue with the four-hike schedule for 2016 or risk her credibility, belittle job market stability and sound a warning about the risks of lower oil prices and cheap gasoline (sacrilege to regular Americans) by slowing the hiking pace after a single 0.25 percent increase last month. If she gets it wrong, things could get ugly fast."

Wall Street's Most Prominent Former Permabull Is Worried About Just One Number

In the world of fiction, the most famous threshold may be that of 88 miles per hour. In the non-fictional world of economics and finance, however, an even more important threshold is that of 5% unemployment. At that moment everything changes. Wall Street's most prominent former converted permabull, Jim Paulsen, explains.