David Rosenberg

Breaking Down The Bull Market Thesis

"Considering that forward estimates are generally overstated by 33% on average, the risk is high of disappointment... The risk for investors is “willful blindness” that builds when complacency reaches extremes. It is worth remembering that the bullish mantra we hear today is much the same as it was in both 1999 and 2007."

Canadian Home Sales Crash In June

The Canadian Real Estate Association says home sales in June posted their largest monthly drop since 2010, with the Greater Toronto market leading the decline.

When Will The Fed Tighten Enough To Cause The Next Recession?

In trying to answer "When will the Fed tighten enough to cause the next recession", Deutsche Bank says that while current market expectations suggest the next recession (or at least the next Fed tightening that would be forceful enough to cause a recession) could still be many years away, the bank "thinks this is too optimistic." Here's why

"The Fed Is Once Again Making A Policy Error"

"I must admit, I am a little surprised the Fed's goal of withdrawing accommodation without having the whole financial system come crashing down has gone so smoothly. But I wonder if the Federal Reserve isn’t pushing their luck..."

David Rosenberg: "This Is A Bubble Of Historic Proportions"

"This bubble is on par with what we had in the States back in ’05, ’06, ’07. We have to actually take a look at the situation. The housing market here is in a classic price bubble. If you don’t acknowledge that, you have your head in the sand."

Yellen: "Our Brand Is Crisis"

While rising interest rates may not “initially” impact asset prices, it is a far different story to suggest that they won’t. In fact, there have been absolutely ZERO times in history that the Federal Reserve has begun an interest rate hiking campaign that has not eventually led to a negative outcome.

It's 1994 Again: Why Albert Edwards Expects An Imminent "Bond Market Bloodbath"

"Accelerated Fed rate hikes will cause tremors in the Treasury bond markets, forcing rates up, most especially in the 2 year – just like 1994. But as yet another central bank-inspired global recession unfolds, I  believe US 10y bond yields will ultimately converge with Japanese and European yields well below zero"

Charts Of The Week: 10 Reasons To Be Cautious In This Market

"First, 'record levels' of anything are records for a reason. It is where the point where previous limits were reached. Therefore, when a ‘record level’ is reached, it is not the beginning, but rather an indication of the maturity of a cycle. While the media has focused on employment, record stock market levels, etc. as a sign of an ongoing economic recovery, history suggests caution."